The USDA has released its September World Agricultural Supply and Demand Estimates (WASDE) report.
Some highlights include:
Wheat: The U.S. 2018/19 wheat supply and demand estimates are unchanged from last month. The season average farm price range is unchanged at the midpoint of $5.10 per bushel and the range is narrowed $0.20 per bushel to $4.70 to $5.50.
Coarse Grains: This month’s 2018/19 U.S. corn outlook is for larger production, increased domestic use, greater exports, and higher ending stocks. Corn production is forecast at 14.827 billion bushels, up 241 million from last month on an increased yield forecast. If realized, the crop would be the second highest on record. Among the major producing states, yields are forecast to be record high in Illinois, Iowa, Nebraska, Indiana, Ohio, and South Dakota.
Oilseeds: U.S. oilseed production for 2018/19 is projected at 138.4 million tons, up 2.9 million from last month with higher soybean and cottonseed production forecasts partly offset by a lower peanut forecast. Soybean production is projected at a record 4,693 million bushels, up 107 million on a record yield forecast of 52.8 bushels per acre. Soybean supplies are raised with higher production only partly offset by lower beginning stocks. The 2018/19 U.S. season-average soybean price is forecast at $7.35 to $9.85 per bushel, down $0.30 at the midpoint.
