USDA WASDE Report at a Glance

The current World Agricultural Supply and Demand Estimates (WASDE)

Corn: Corn production is forecast at 15.057 billion bushels, down 36 million from last month as a lower forecast yield more than offsets an increase in harvested area. Corn supplies for 2016/17 are down slightly to 16.845 billion bushels, as a lower crop more than offsets a small increase in beginning stocks based on the September 30 Grain Stocks report.

Soybeans: Soybean production is forecast at 4,269 million bushels, up 68 million mainly on higher yields. The soybean yield is projected at 51.4 bushels per acre, up 0.8 bushels from the September forecast. Soybean supplies for 2016/17 are projected 70 million bushels above last month with slightly higher beginning stocks adding to higher production.

Wheat: Projected U.S. ending stocks for 2016/17 are raised 38 million bushels as reduced supplies are more than offset by lower projected use. Production for 2016/17 is lowered 11 million bushels based on the latest estimate from the NASS September 30 Small Grains Annual Summary.

Rice: The 2016/17 U.S. rice crop is reduced 1.1 million cwt to 236.0 million on lower yields. The average yield forecast is lowered 37 pounds per acre to 7,532.

Sugar: The projection of beet sugar production from the 2016 sugarbeet crop is increased by 80,000 short tons, raw value due to higher crop yields reported in the NASS October Crop Production that are only partially offset by reduced harvested area. Fiscal year 2016/17 beet sugar production is further increased by 100,000 STRV and 2015/16 is reduced by the same amount due to slower-than-anticipated harvesting in Minnesota and North Dakota, shifting beet sugar production expected in September into the next fiscal year.

Cotton: The 2016/17 U.S. cotton supply and demand estimates show marginally lower production, larger exports, and lower ending stocks relative to last month. Production is reduced 108,000 bales, mainly in Texas. Domestic mill use is unchanged from last month, but the export forecast is raised to 12.0 million bales, due mainly to higher world import demand.

Livestock, Poultry, and Dairy: The forecast for total red meat and poultry production for 2016 is reduced from last month as slightly higher beef and pork production is more than offset by lower broiler production. No change is made to turkey production.

Beef production is raised on higher expected slaughter although carcass weights are reduced slightly. Pork production for 2016 is raised on the pace of third quarter slaughter. Broiler production is lowered as recent production data points towards continued slow growth in bird weights. The turkey production forecast was unchanged. Egg production forecasts for 2016 or 2017 were raised on continued growth in table egg laying flocks.

The milk production forecasts for 2016 and 2017 are raised from last month as the cow inventory has grown more rapidly than previously expected. The higher cow inventories appear to reflect growth in herds supplying expanding dairy product facilities. Cheese and butter price forecasts for 2016 and 2017 were lowered due to higher expected milk supplies. However, nonfat dry milk (NDM) and whey will likely benefit from increased competitiveness in export markets, and stronger exports will help support prices of those products.