September WASDE Report
Tue, 15 Sep 2020 16:33:25 CDT
WHEAT: The 2020/21 U.S. wheat supply and demand outlook is unchanged this month but there are offsetting by-class changes for wheat exports. The projected season-average farm price remains at $4.50 per bushel.
CORN: This month’s 2020/21 U.S. corn outlook is for reduced production, lower corn used for ethanol, larger exports, and smaller ending stocks. Corn production is forecast at 14.9 billion bushels, down 378 million from last month on a lower yield forecast and reduction in harvested area. Corn supplies are reduced from last month, as a smaller crop more than offsets greater beginning stocks mostly due to lower estimated exports for
2019/20. Corn used for ethanol for 2020/21 is lowered 100 million bushels based on the continued slow recovery in motor gasoline demand as a result of COVID-19. Exports are raised 100 million bushels reflecting reduced supplies in competitor countries. With supply falling more than use, corn ending stocks are lowered 253 million bushels from last month. The corn price is raised 40 cents to $3.50 per bushel. This month’s 2020/21 foreign coarse grain outlook is for larger production, with fractionally higher trade and lower stocks relative to last month. EU corn production is lowered, mostly
reflecting a reduction for Romania. Ukraine corn production is down, as acute short-term drought across much of the primary growing areas lowered corn yield prospects after a favorable start to the summer growing season. Corn production is raised for Brazil, as high domestic prices are expected to support an expansion in area. Corn production is also increased for India and Nigeria. Barley production is raised for Russia, the EU, and Australia.
SOYBEANS: U.S. soybean supply and use changes for 2020/21 include lower beginning stocks, production, and ending stocks. Lower beginning stocks reflect increases in exports and crush for 2019/20. Soybean production is projected at 4.3 billion bushels, down 112 million on a lower yield forecast of 51.9 bushels per acre. Yield is down 1.4 bushels per acre from the August forecast. With soybean crush and exports unchanged, ending stocks are projected at 460 million bushels, down 150 million from last month. Other changes this month include higher peanut and lower cottonseed production. Soybean and product prices are all projected higher for 2020/21. The U.S. season-average soybean price is forecast at $9.25 per bushel, up 90 cents from last month. The soybean meal price is projected at $315 per short ton, up 25 dollars. The soybean oil price forecast is 32.0 cents per pound, up 2 cents.
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