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World Agricultural Supply and Demand Estimates Report (WASDE)
The World Agricultural Outlook Board (WAOB) serves as USDA’s focal point for economic intelligence and the commodity outlook for U.S. and world agriculture. The Board coordinates, reviews, and approves the monthly World Agricultural Supply and Demand Estimates (WASDE) report, houses OCE's Joint Agricultural Weather Facility, and coordinates USDA's Agricultural Outlook Forum. |
Summary of the USDA Report Highlights
The USDA’s first field based estimates of 2015 U.S. corn and soybean production were larger than what analysts were expecting. Overall, the numbers indicate less damage than expected from the inclement weather during portions of the growing season.
As of August 1st, the USDA projects corn at 13.686 billion bushels with an average yield of 168.8 bushels per acre. If realized, that’d be the second highest average yield and third largest crop on record. The USDA reports the objective yield data indicates the second highest number of ears on record in the surveyed states. Before the report, analysts were expecting corn to be 13.332 billion bushels with an average yield of 164.7 bushels per acre. Harvested area for 2015 is seen at 81.101 million acres. In 2014, U.S. corn production was 14.216 billion bushels with an average yield of 171.0 bushels per acre and harvested area of 83.136 million acres.
Soybeans are seen at 3.916 billion bushels with an average yield of 46.9 bushels per acre. The USDA is expecting record average yields in a number of states, including Michigan, Minnesota, Nebraska, and South Dakota. Analysts, on average, were projecting soybeans at 3.742 billion bushels with an average yield of 44.8 bushels per acre. Harvested area for 2015 is estimated at 83.549 million acres with planted area at 84.3 million. The USDA resurveyed soybean producers in Arkansas, Kansas, and Missouri. In 2014, U.S. soybean production was 3.969 billion bushels with an average yield of 47.8 bushels per acre and harvested area of 83.061 million acres.
All wheat production is expected to be 2.136 billion bushels with an average yield of 44.1 bushels per acre. In 2014, all wheat production was 2.026 billion bushels with an average yield of 43.7 bushels per acre.
Winter wheat is estimated at 1.438 billion bushels with an average yield of 43.2 bushels per acre and harvested area of 33.329 million acres. Michigan is expected to post a record average yield. All of those are above the 2014 totals of 1.378 billion bushels with an average yield of 42.6 bushels per acre and harvested area of 32.304 million acres. By type, this year’s hard red winter crop is seen at 856 million bushels, with soft red at 388.910 million and white winter wheat at 193.368 million.
Spring wheat is projected at 620.981 million bushels with an average yield of 47 bushels per acre and harvested area of 13.217 million acres. If realized, Minnesota’s average yield would be a new all-time high. In 2014, spring wheat totaled 595.038 million bushels with an average yield of 46.7 bushels per acre and harvested area of 12.740 million acres. By type, hard red spring is seen at 575.977 million bushels, with white spring at 45.004 million.