Tuesday, April 12, 2016

USDA: World Agricultural Supply Demand Estimate

Wheat  455 +7'6
Corn    364'4 +7'6

From the USDA WASDE site:
WHEAT: U.S. wheat endings stocks for 2015/16 are projected 10 million bushels higher on reduced feed and residual use. At 976 million bushels, these would be the largest ending stocks since 1987. The reduced feed and residual use reflects lower disappearance during the December-February and September-November quarters as indicated by March 1 stocks and revised December 1 stocks, both from the March 31 Grain Stocks report. The projected season-average farm price is lowered $0.10 on the high end to $4.90 to $5.00.... 
COARSE GRAINS: U.S. feed grain ending stocks for 2015/16 are projected higher with increases for corn, barley, and oats based on indicated disappearance as reported in the March 31 Grain Stocks and adjustments to seed use based on intended acreage from Prospective Plantings. Corn feed and residual use is projected 50 million bushels lower reflecting indicated disappearance through the first half of the marketing year. Corn use in ethanol production is projected 25 million bushels higher on a stronger-than-expected pace of weekly ethanol production through March as reported by the Energy Information Administration. Projected corn ending stocks are raised 25 million bushels. The projected season-average farm price for corn is lowered 5 cents at the midpoint to $3.55 per bushel, with the range lowered 10 cents on the high end....

And more to come in a bit.