Corn and wheat are up 9/10%, cattle and cotton down fractionally.
From Cattle Network:
This month’s World Agricultural Supply and Demand estimates from USDA’s Economic Research Service indicate 2012 U.S. cattle supplies will decline from last year, with the fed-steer price range higher than last year’s during every quarter. The agency projects U.S. corn supplies increasing this year and adjust prices downward somewhat.
Key points in the report include:
The full report is available online from USDA
- 2012 total red meat and poultry production is raised from last month, largely reflecting increased pork production.
- Beef production is little changed from last month with some adjustments to quarterly totals.
- USDA will release its Cattle report on January 27, providing an indication of producer intentions for heifer retention in 2012 and feeder calf availability.
- Poultry production forecasts are unchanged.
- Trade forecasts for beef, pork, broilers, and turkeys are unchanged for 2012.
- Cattle prices for 2012 are unchanged from last month.
- U.S. feed grain supplies for 2011/12 are projected higher as an increase in estimated corn production more than offsets a reduction for sorghum.
- Corn production is estimated 48 million bushels higher with a 0.5-bushel-per-acre increase in yield and a 45,000-acre increase in harvested area.
- Sorghum production is lowered 32 million bushels with yields estimated 0.9 bushels per acre lower and harvested area reduced 503,000 acres.
- Corn use for 2011/12 is raised with higher exports. Exports are projected 50 million bushels higher reflecting the strong pace of sales to date and reduced prospects for Argentina.
- Ending stocks are projected 2 million bushels lower at 846 million bushels.
- The 2011/12 season average farm price for corn is lowered 20 cents per bushel on each end of the range to $5.70 to $6.70 per bushel.