WASHINGTON — Projected document common yields for the U.S. pushed ending shares larger when plugged into the agricultural provide and demand estimates report launched Aug. 12.
Listed here are the highlights of the U.S. Division of Agriculture report.
CORN: THE SEASON-AVERAGE PRICE RECEIVED BY PRODUCERS IN THE 2020-2021 MARKETING YEAR WAS LOWERED 25 CENTS TO $3.10 PER BUSHEL.
• Corn manufacturing is forecast at 15.Three billion bushels, up 278 million from the July projection.
• The U.S. yield forecast, at a document 181.Eight bushels per acre, is 3.Three bushels larger than final month’s trend-based projection.
• With provide rising greater than use, ending shares have been elevated by 108 million bushels to 2.Eight billion.
• Feed and residual use was elevated from 5.85 billion bushels final month to five.925 billion this month based mostly totally on a bigger crop and decrease anticipated costs.
• Exports are 73 million larger reflecting U.S. export competitiveness and comparatively low world market costs.
• Overseas corn ending shares are barely decrease relative to final month, reflecting a rise for Indonesia that’s greater than offset by declines for Canada and India.
SOYBEANS: THE U.S. SEASON-AVERAGE PRICE FOR 2020-2021 IS FORECAST AT $8.35 PER BUSHSEL, DOWN 15 CENTS FROM LAST MONTH.
• Soybean manufacturing is forecast at 4.425 billion bushels, up 290 million from the July forecast on larger yields.
• Harvested space is forecast at 83 million acres, unchanged from the July projection.
• U.S. soybean common yield forecast of 53.Three bushels per acre, up 3.5 bushels from final month and is 5.9 bushels above final 12 months’s degree.
• Soybean provides for 2020-2021 are projected at a document 5.1 billion bushels, up 13% from final 12 months.
• U.S. soybean exports have been elevated by 75 million bushels to 2.13 billion on elevated international import demand, elevated provides and decrease costs.
• Soybean crush was elevated from 2.16 billion final month to 2.18 billion this month, primarily reflecting elevated soybean meal exports.
• Starting shares have been lowered by 5 million bushels on a small enhance in 2019-2020 soybean crush.
• Soybean ending shares are projected at 610 million bushels, up 185 million from final month.
• The 2020-2021 international oilseed provide and demand forecasts embody larger manufacturing, larger use and decrease ending shares.
• Brazil and Argentina soybean manufacturing estimates for 2020-2021 have been unchanged at 131 million tons and 53.5 million tons, respectively. Brazil’s 2019-2020 manufacturing is estimated at 126 million tons and Argentina’s 49.7 million tons.
• With larger international soybean manufacturing largely offset by larger use, primarily in China, international ending shares have been elevated by 0.Three million tons to 95.Four million.
WHEAT: USDA LOWERED THE PROJECTED SEASON-AVERAGE FARM PRICE BY 10 CENTS PER BUSHEL TO $4.50 PER BUSHEL.
• U.S. wheat manufacturing was elevated by 14 million bushels to 1.838 billion as elevated laborious pink spring and durum manufacturing greater than offsets decrease winter wheat manufacturing as indicated by the August crop manufacturing report.
• Imports have been lowered 10 million bushels this month to 130 million on the bigger laborious pink spring wheat provides.
• Estimated meals use for 2019-2020 was diminished fractionally to 962 million bushels, based mostly on the newest USDA Nationwide Agricultural Statistics Service flour milling merchandise report.
• Meals use for the 2020-2021 advertising 12 months was lowered Four million bushels to 960 million as meals consumed away from dwelling is anticipated to stay decrease than final 12 months as a result of affect of COVID-19.
• Projected 2020-2021 exports have been raised 25 million bushels to 975 million on decrease manufacturing for a number of key opponents, most notably the European Union.
• With offsetting provide modifications and elevated use, ending shares have been lowered 17 million bushels to 925 million.
• Overseas 2020-2021 wheat manufacturing was diminished by 3.7 million tons led by a 4-million-ton discount for the EU and 1-million-ton reductions every for Kazakhstan and Turkey. These modifications are partially offset by a 1.5-million-ton manufacturing enhance for Russia and a 1.1-million-ton enhance for Brazil.
• With international use down greater than provides, world ending shares are revised 2-million-tons larger to a document 316.Eight million tons.
Provide And Demand
Corn (2020-2021 advertising 12 months):
Whole corn provide: 17.531 billion bushels
Exports: 2.225 billion bushels
Feed, residual use: 5.925 billion bushels
Meals, seed, industrial use: 6.625 billion bushels
Ethanol and byproducts: 5.2 billion bushels
Ending U.S. corn shares: 2.756 billion bushels
Soybeans (2020-2021 advertising 12 months):
Whole soybean provide: 5.055 billion bushels
Seed, residual: 140 million bushels
Exports: 2.125 billion bushels
Crush: 2.18 billion bushels
Ending U.S. soybean shares: 610 million bushels