Farms.com Team
USDA Released the March WASDE Reports Today.
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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: Grain Reports
USDA has tightened its domestic ending stocks outlook for corn.
For the current marketing year, corn ending stocks are now seen at 1.777 billion bushels, down 50 million from February, following increased feed and export use projections. Before the report, most analysts were expecting a month to month increase.
Wheat came out at 691 million bushels, 1 million below last month, due to a larger seed use estimate. Ahead of the numbers, analysts were anticipating a month to month rise in U.S. ending stocks.
Soybean ending stocks were left unchanged at 385 million bushels, when most analysts were expecting at least some reduction.
Breakdown of selected supply and demand tables:
2014/15 U.S. wheat ending stocks were pegged at 691 million bushels, compared to 692 million in February and 590 million for the 2013/14 marketing year. USDA raised sees use 1 million bushels to 75 million, putting domestic use at 1.185 billion bushels and total use at 2.085 billion bushels. There were no other changes to the domestic balance sheet. The average 2014/15 farm price is estimated at $5.90 to $6.10 per bushel, compared to $5.85 to $6.15 last month and $6.87 last year.
2014/15 U.S. corn ending stocks are seen at 1.777 billion bushels, compared to 1.827 billion a month ago and 1.232 billion a year ago. USDA raised feed & residual use 50 million bushels to 5.3 billion, while lowering food, seed, & industrial use 50 million bushels to 6.595 billion, due to a lower ethanol projection, from 5.25 billion bushels to 5.2 billion. That puts domestic use at 1.895 billion bushels. Exports were increased 50 million bushels to 1.8 billion, for total use of 13.695 billion bushels. The average 2014/15 farm price is estimated at $3.50 to $3.90 per bushel, compared to $3.40 to $3.90 in February and $4.46 in 2013/14.
2014/15 U.S. soybean ending stocks were reported at 385 million bushels, unchanged from last month and up sharply from the 92 million bushels last year. USDA made no changes to the domestic balance sheet for soybeans. The average 2014/15 farm price is estimated at $9.45 to $10.95 per bushel, steady with a month ago and down from the average of $13.00 a year ago.
2014/15 U.S. soybean oil ending stocks came out at 1.505 billion pounds, steady with February and up from 1.165 billion in 2013/14. There were no changes to the balance sheet. The average 2014/15 farm price is estimated at $.30 to $.34 per pound, the same as last month and down from the average of $.3823 last year.
2014/15 U.S. soybean meal ending stocks are pegged at 300,000 tons, unchanged from a month ago and up from the 250,000 a year ago. USDA also made no changes to the domestic soybean meal balance sheet. The average 2014/15 farm price is estimated at $350 to $390 per ton, unchanged from February and below the $289.94 estimate in 2013/14.
2014/15 world wheat ending stocks are seen at 197.71 million tons, compared to 197.85 million last month. Global production is projected at 724.76 million tons, down from the last guess of 725.03 million tons, with lowered expectations for Brazil, some Middle Eastern nations, and India cancelling out a slight increase for the dozen smaller former Soviet states. Domestic feed use is pegged at 140.08 million tons, compared to 139.70 million in February, and exports are estimated at 160.57 million tons, compared to 160.11 million a month ago.
2014/15 world corn ending stocks came out at 185.28 million tons, compared to 189.64 million in February. This year’s world crop is estimated at 989.66 million tons, down from the prior projection of 991.29 million tons, with lowered outlooks for South Africa and the dozen smaller former Soviet states offsetting a higher guess for Argentina. Domestic feed use is seen at 597.16 million tons, compared to 595.54 million a month ago, and exports are expected to be 116.84 million tons, compared to 115.14 million last month.
2014/15 world soybean ending stocks are projected at 89.53 million tons, compared to 89.26 million a month ago. Global production was unchanged at 315.06 million tons. Domestic crush use is pegged at 254.19 million tons, compared to 254.52 million last month, and exports are seen at 117.42 million tons, compared to 117.18 million in February.