Broiler production forecasts are reduced on expectations of a relatively slow response to improving margins, says USDA’s October edition of the World Agricultural Supply and Demand Estimates (WASDE) report.
Broiler export forecast for 2021 is raised slightly. No change is made to the 2022 forecast.
Corn production is forecast at 15.019 billion bushels, up 23 million on a marginal increase in yield to 176.5 bushels per acre, according to USDA. Corn supplies are forecast up 72 million bushels from last month on slightly higher production and increased beginning stocks based on September’s report. Exports are raised 25 million bushels reflecting larger supplies and expectations of reduced competition from other major exporters. Projected feed and residual use is lowered 50 million bushels based on indicated disappearance during 2020/21. With supply rising and use falling, corn ending stocks for 2021/22 are raised 92 million bushels.
The report estimated 90.7 million acres of corn planted through December 2020 and is projecting 93.3 million acres for 2021. 2020 yield is 171.4 bushels per acre and 2021 is projected to be 176.5 bushels per acre.
Soybean production is forecast at 4.4 billion bushels, up 74 million on higher yields. Harvest area is unchanged at 86.4 million acres. Yield is projected at 51.5 bushels per acre. Supplies for 2021/22 are projected at 4.7 billion bushels, up 145 million on higher production and beginning stocks. With higher crush and unchanged exports, 2021/22 ending stocks are projected at 320 million bushels, up 135 million from last month. Prices were down on higher than expected supplies.
USDA estimated 83.4 million acres of soybeans planted through December 2020 and is projecting 87.2 million acres for 2021. 2020 yield is 51.0 bushels per acre and 2021 is projected to be 51.5 bushels per acre.
The full report can be viewed here.
