Farm News

September – USDA Report

USDA released its Crop Production Forecast and World Agriculture Supply and Demand Estimates for September.  USDA is expecting a record sized corn and soybean harvest this fall with an increase in usage of the crops as well. 


Corn
USDA estimated corn production at 14.4 billion bushels, up 3 percent from last month’s forecast. Total usage is forecasted at a record 13.6 billion bushels. Total usage is forecast at a record 13.6 bb, USDA noted though large foreign stocks will prevent a large increase in exports. USDA foresees feed and residual use increasing in 2014-15 by 75 million bushels, food, seed and industrial use increasing by 70 million bushels’, ethanol use increasing by 50 million bushels and exports increasing by 25 million bushels.  Global ending stocks were estimated at 189.9 million metric tons, up 2 million metric tons from the August report.

Soybeans
USDA estimated total soybean production at a record 2.91 billion bushels, up 3 percent from last month. USDA increased soybean use estimates by 42 million bushels in response to its higher production estimates. It increased crush demand by 15 million bushels and export demand by 25 million bushels. Globally, ending stocks are 90.2 million metric tons one of the largest on record, according to USDA. USDA also increased Brazilian production by 3 million metric tons and Argentine production by 1 million metric tons.

Wheat
The wheat production forecast was not included in Thursdays report as it will part of the Small Grains Report coming out at the end of this month. Globaly, USDA increased wheat ending stocks for 2014-15 to 196.4 million metric tons. USDA increased European Union wheat production be 3 million metric tons from last month.

Livestock, Poultry and Dairy
The forecasts for total meat production in 2014 and 2015 were reduced from last month. For 2014, beef production is down as supplies of cattle coming out of feedlots have been below expectations. Pork production is marginally lower as higher dressed weights are more than offset by a reduction in slaughter. Turkey production is slightly higher based on production data to date. Egg production reflects actual data for the second quarter, but no changes are made to the forecasts.

Grain and Livestock Overview

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