The USDA has released its September World Agricultural Supply and Demand Estimates.
Highlights include:
WHEAT: The 2020/21 U.S. wheat supply and demand outlook is unchanged this month but there are offsetting by-class changes for wheat exports. The projected season-average farm price remains at $4.50 per bushel.
COARSE GRAINS: This month’s 2020/21 U.S. corn outlook is for reduced production, lower corn used for ethanol, larger exports and smaller ending stocks. Corn production is forecast at 14.9 billion bushels, down 378 million from last month on a lower yield forecast and reduction in harvested area.
RICE:The outlook for 2020/21 U.S. rice this month is for lower beginning stocks, with increased production, imports, and total use. The August 21 NASS Rice Stocks report reduced 2020/21 beginning stocks by 2.0 million cwt. Imports for 2020/21 are raised 0.8 million cwt to 36.8 million on expectations of continued strong demand for combined medium- and short-grain varieties.
OILSEEDS: U.S. soybean supply and use changes for 2020/21 include lower beginning stocks, production, and ending stocks. Lower beginning stocks reflect increases in exports and crush for 2019/20. Soybean production is projected at 4.3 billion bushels, down 112 million on a lower yield forecast of 51.9 bushels per acre. Yield is down 1.4 bushels per acre from the August forecast.
COTTON: The 2020/21 U.S. cotton estimates include slightly higher beginning stocks relative to last month but lower production, mill use, exports, and ending stocks. Production is lowered 1.0 million bales to 17.1 million, with a lower projection for every region.
Click here to view the full report.
