by Ben Nuelle LISTEN: World of Agriculture 9-13-16
In this month’s World Agriculture Supply and Demand Report report, USDA lowers U.S. corn production and raises U.S. soybean production but production is still estimated higher than 2015.
The WASDE report came out Monday morning.
USDA lowered corn production down 61 million bushels to 15 million bushels. Corn supplies for 2016/17 are lowered from last month. But are still forecast at a record 16.8 billion bushels. This comes as a smaller crop more than offsets a small increase in beginning stocks due to a reduction in 2015/16 exports. Exports are unchanged from last month, reflecting the competitiveness of U.S. corn on the world market.
Soybean production is up 141 million bushels to 4.2 billion bushels. This is mostly due to a higher yield forecast. Soybean supplies are raised with higher production more than offsetting lower beginning stocks. Despite higher crush and exports, 2016/17 ending stocks are project at 365 million bushels. This is up 35 million from last month due to higher supplies.
U.S. Wheat supply and demand estimates are unchanged from last month. Global wheat production increases though. Global Wheat supplies for 2016/17 are raised .4 million tons on a 1.4-million-ton production increase. That is partially offset by decreased ending stocks. Production increases for India, Brazil, Kazakhstan, Australia, and Canada are offset by reductions for the European Union and China. Most changes are due to harvest reports and government data.