Key facts from USDA’s WASDE report

The U.S. Department of Agriculture released its newest World Agricultural Supply and Demand Estimates on August 12.

Key figures for wheat, coarse grains, oilseeds, and livestock, poultry and dairy include:

Wheat

• Projected U.S. wheat imports are lowered 5 million bushels on larger supplies of U.S. spring wheat.
• All wheat exports for 2016-17 are projected 25 million bushels higher to 950 million on expectations of an improved competitive situation and a sharp reduction of EU wheat production, which is expected to benefit North American suppliers.
• Feed and residual use is raised 30 million bushels on the larger domestic crop. The increased use offsets the higher supplies and ending stocks are slightly lower.
• Global wheat supplies for 2016-17 are raised 2.3 million tons on a 4.9-million production increase that is partially offset by a decrease in beginning stocks.
• Global trade is raised 2.3 million tons on larger global supplies.
• Russia exports are raised 4.5 million tons to a record 30.0 million on the sharp production increase. Russia is projected to be the world’s largest wheat exporter for the first time.
• Argentina exports are also lowered 1.0 million tons on reduced production and lower beginning stocks.
• Global use is up 3.2 million tons led by a 1.0 million-ton increase in Russia feed use, a 0.8 million-ton increase in U.S. feed use, and a 0.4 million-ton increase in Afghanistan food use.

Coarse grains

• Corn production is forecast at a record 15.2 billion bushels, up 613 million from the July projection.
• U.S. corn supplies for 2016-17 are projected at a record 16.9 billion bushels, up 1.5 billion from the prior year with the larger crop and small increases in beginning stocks and imports.
• Corn use for ethanol production in 2015-16 is lowered 25 million bushels, based on the latest indications from the Grain Crushings and Co-Products Production report.
• Total U.S. corn use for 2016-17 is projected 300 million bushels higher at a record 14.5 billion.
• Feed and residual use is raised 175 million bushels with the larger crop and lower expected prices.
• Exports are projected 125 million bushels higher, reflecting the relative competitiveness of U.S. corn on the world market and large new-crop outstanding sales.
• Corn ending stocks for 2016-17 are projected 328 million bushels higher and, if realized, would be the highest since 1987-88.
• Foreign coarse grain supplies for 2016-17 are projected 5.1 million tons higher this month with a 2.3 million-ton increase in beginning stocks and a 3.0 million-ton increase in production.
• Foreign corn production for 2016-17 is raised 2.1 million tons with increases for Argentina, India and Mexico more than offsetting reductions for the EU and Canada.
• Global 2016-17 coarse grain ending stocks are projected 13.4 million tons higher reflecting larger corn and barley stocks.
• Global corn stocks are projected 12.4 million tons higher with the United States accounting for two-thirds of the increase.

Oilseeds

• U.S. oilseed production for 2016-17 is projected at 120.2 million tons, up 4.8 million from last month due to a higher soybean production forecast.
• Soybean production for 2016-17 is forecast at 4,060 million bushels, up 180 million due to increased yields.
• Soybean crush is raised 15 million bushels based on expected higher domestic use and exports of soybean meal.
• Soybean exports are raised 30 million bushels to 1,950 million.
• The soybean oil price forecast is unchanged at 29.5 to 32.5 cents per pound.
• Soybean exports are raised 85 million bushels to 1,880 million as unusually large outstanding old-crop sales are confirmed by the latest shipment data.
• 2015-16 ending stocks are projected at 255 million bushels, down 95 million from last month.
• Global oilseed production for 2016-17 is projected at 543.5 million tons, up 7.0 million from last month.
• Global soybean production is projected at a record 330.4 million tons, up 4.5 million.
• Global oilseed supplies for 2016-17 are raised 8.1 million tons with increased production and higher beginning stocks.
• 2016-17 global oilseed stocks are projected at 80.6 million tons, up 4.5 million from last month.

Livestock, poultry and dairy

• Broiler production is lowered on slower expected growth in the fourth quarter.
• Turkey production is raised for 2016, largely on June production data.
• Table egg production is raised for 2016 on June production data; the 2017 forecast is unchanged.
• Pork production for 2016 is lowered on expectations of slightly lighter carcass weights for the remainder of the year.
• Beef production is forecast higher on higher expected third quarter steer and heifer slaughter.
• The milk production forecast for 2016 is lowered from last month as growth in milk per cow is reduced.
• The production forecast for 2017 is raised as higher forecast milk prices and lower feed costs in late 2016 and 2017 are expected to lead to a modest expansion in the cow inventory and more rapid growth in milk per cow.