Broiler production is raised from last month as higher-than-expected second quarter production more than offset a lowered second half-forecast, according to USDA’s August edition of the World Agricultural Supply and Demand Estimates (WASDE) report.
Broiler export forecasts for 2021 are raised on recent data. No changes are made to the 2022 forecasts.
The report estimated 90.8 million acres of corn planted through December 2020 and is projecting 92.7 million acres for 2021. 2020 yield is 172.0 bushels per acre and 2021 is projected to be 174.6 bushels per acre.
Total U.S. corn use for 2021/22 is down 190 million bushels to 14.7 billion. Feed and residual use is down 100 million bushels based mostly on a smaller crop and higher expected prices. Exports for 2021/22 are lowered 100 million bushels to 2.4 billion. With supply falling more than use, ending stocks are down 190 million bushels to 1.2 billion.
USDA estimated 83.1 million acres of soybeans planted through December 2020 and is projecting 87.6 million acres for 2021. 2020 yield is 50.2 bushels per acre and 2021 is projected to be 50.0 bushels per acre.
Beginning soybean stocks are raised on lower 2020/21 crush and exports. Soybean production for 2021/22 is forecast at 4.34 billion bushels, down 66 million on lower yields. Harvested area is forecast at 86.7 million, unchanged from July. The first survey-based soybean yield forecast of 50 bushels per acre is reduced 0.8 bushels from last month. Soybean supplies for 2020/21 are projected at 4.5 billion bushels, down three percent from last year. Soybean crush is reduced 20 million bushels on a lower domestic soybean meal disappearance forecast which is reduced in line with the prior year, and lower soybean meal exports. With soybean exports down 20 million bushels on lower supplies, ending stocks are forecast at 155 million bushels, unchanged from last month.
The full August WASDE report can be found here.
