Broiler production was raised slightly from the previous month on hatchery and slaughter data, while exports remain unchanged from last month, according to USDA’s World Agricultural Supply and Demand Estimate (WASDE) report.
Second half of 2021 production estimates were lowered slightly due to higher than expected feed costs.
The report estimated 89.7 million acres of corn planted through December 2020 and is projecting 90.8 million acres for 2021. 2020 yield is 167.5 bushels per acre and 2021 is projected to be 172.0 bushels per acre.
Exports were raised 50 million bushels, reflecting historically large corn purchases by China. Foreign production is up fractionally, as more acres online in Brazil are offset by yield reductions.
USDA estimated 76.1 million acres of soybeans planted through December 2020 and is projecting 83.1 million acres for 2021. 2020 yield is 47.4 bushels per acre and 2021 is projected to be 50.2 bushels per acre.
Soybean ending stocks are down significantly, according to USDA. Exports are projected at 2.25 billion bushels, up 20 million over last month. Ending stocks are reduced 20 million bushels to 120 million total. If USDA estimates are realized, “soybean ending stocks would be down 77 percent from 2019/20, and the lowest since 2013/14,” the report said.
The full report can be found here.
