The U.S. Department of Agriculture released its February World Ag Supply and Demand Estimate (WASDE) report this week. The 2016/17 U.S. corn outlook is for increasing food, seed, and industrial use, leading to reduced ending stocks, which are 35 million bushels lower than last month. Global coarse grain production is expected to rise 1.4 million tons. U.S. soybean supply and use projections are unchanged from last month, leaving ending stocks at 420 million bushels. Global oilseed estimates include lower production and ending stocks. U.S. wheat exports are expected to rise 50 million bushels while global wheat supplies are expected to drop 4.2 million tons due to decreased production in India and Kazakhstan. U.S. cotton supply and demand estimates show slightly higher exports and lower ending stocks relative to last month. The world cotton forecast includes slightly higher consumption and lower ending stocks. Total red meat production for 2017 is lower, largely from decreased pork and poultry forecasts, but beef production is expected to rise. The milk production forecast for 2017 is higher than it was last month, as milk output per cow is expected to keep rising.
From the National Association of Farm Broadcasting news service.