Corn: This month’s 2016/17 U.S. corn outlook is for larger production, increased food, seed and industrial (FSI) use and slightly higher prices. Corn production is forecast at 15.226 billion bushels, up 168 million from last month on a 1.9-bushel per acre increase in yield to 175.3 bushels per acre. Global coarse grain production for 2016/17 is forecast 4.9 million tons higher to 1,319.7 million.
Soybeans: Soybean production is forecast at 4,361 million bushels, up 92 million on higher yields. The soybean yield is projected at a record 52.5 bushels per acre, up 1.1 bushels mainly on production gains for Minnesota, North Dakota, and Kansas. Despite increased supplies, soybean crush is reduced 20 million bushels to 1,930 million mostly due to reduced soybean meal export prospects.
Wheat: Projected 2016/17 U.S. ending stocks are raised 5 million bushels to 1,143 million on a reduction in food use. The food use change reflects the latest NASS Flour Milling Products report and expectations for the remainder of the market year. By class, Hard Red Winter (HRW) use is raised 10 million bushels, Hard Red Spring (HRS) is lowered 10 million, and Durum is lowered 5 million.
For 2017, higher forecast beef production more than offsets lower pork and broiler production. Turkey production is unchanged. The increase in beef production reflects slaughter of cattle placed in late-2016 and early-2017 as well as slightly higher carcass weights. Pork production is lowered on slower expected gains in carcass weights. Broiler production for 2017 is lowered from last month on slower second-half growth. Table egg production is slightly reduced for both 2016 and 2017.
Milk production forecasts for 2016 and 2017 are lowered from last month as recent data indicated that the U.S. cow inventory increased less rapidly than previously expected. However, output per cow is raised from last month.