USDA recently released the January World Agricultural Supply and Demand Estimates (WASDE) report.
Corn production is estimated to increase 25 million bushels from last month. The season-average corn price received by producers is unchanged at $6.70 per bushel.
Soybean crush is forecast at 2.23 billion bushel, down 15 million from last month on lower domestic soybean meal disappearance and a higher soybean meal extraction rate. The U.S. season-average soybean price for 2022/2023 is forecast at $14.30 per bushel, up 10 cents from last month. The soybean meal price is forecast at $450 per short ton, up $25.
Broiler production is reduced for the first three quarters based on recent hatchery data and the current slaughter pace. Broiler imports are also lowered.
| U.S. Feed Grain Use | ||||
| Feed Grains | 2020/21 | 2021/22 Est. | 2022/23 Proj. | 2022/23 Proj. |
| Jan. | Feb. | |||
| Million Acres | ||||
| Area Planted | 102.3 | 105.8 | 100.4 | 100.4 |
| Area Harvested | 90.6 | 94.4 | 87.1 | 87.1 |
| Metric Tons | ||||
| Yield per Harvested Acre | 4.11 | 4.21 | 4.11 | 4.11 |
| Million Metric Tons | ||||
| Beginning Stocks | 51.8 | 34.0 | 37.6 | 37.6 |
| Production | 372.6 | 397.5 | 358.2 | 358.2 |
| Imports | 2.2 | 2.3 | 3.1 | 3.2 |
| Supply, Total | 426.6 | 433.8 | 398.9 | 398.9 |
| Feed Residual | 146.7 | 148.6 | 137.7 | 137.7 |
| Food, Seed & Industrial | 168.8 | 177.1 | 175.6 | 175.2 |
| Domestic, Total | 315.4 | 325.8 | 313.3 | 312.9 |
| Exports | 77.2 | 70.5 | 51.6 | 51.3 |
| Use, Total | 392.6 | 396.2 | 364.9 | 364.3 |
| Ending Stocks | 34.0 | 37.6 | 34.0 | 34.6 |
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| U.S. Quartarly Animal Product Production (Broilers) |
U.S. Quarterly Prices for Aimal Products (Broilers) |
||
| Million Pounds | Cents/lb. | ||
| 2021 | Annual | 44,899 | 101.2 |
| 2022 | I | 11,170 | 135.1 |
| II | 11,279 | 167.5 | |
| III | 11,896 | 136.1 | |
| IV | 11,900 | 123.5 | |
| Jan. Est. | 46,245 | 140.5 | |
| Feb. Est. | 46,201 | 140.5 | |
| 2023 | I | 11,350 | 122 |
| II | 11,550 | 127 | |
| III | 12,000 | 128 | |
| IV | 11,800 | 129 | |
| Jan. Proj. | 46,900 | 128.5 | |
| Feb. Proj. | 46,700 | 126.5 |
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| U.S. Meats Supply and Use – Broiler | |||||||||
| Beginning Production | Total | Ending Stocks |
Total Use |
Per Capita 2/ 3/ |
|||||
| stocks | 1/ | Imports | Supply | Exports | |||||
| Million Pound /4 | |||||||||
| 2021 | 830 | 44,419 | 155 | 45,403 | 7,355 | 705 | 37,343 | 96.5 | |
| 2022 Est. |
Jan. | 705 | 45,750 | 179 | 46,634 | 7,282 | 850 | 38,502 | 99.3 |
| Feb. | 705 | 45,707 | 176 | 46,588 | 7,278 | 892 | 38,418 | 98.9 | |
| 2023 Proj. |
Jan. | 850 | 46,398 | 180 | 47,428 | 7,315 | 830 | 39,282 | 100.9 |
| Feb. | 892 | 46,200 | 160 | 47,253 | 7,315 | 840 | 39,098 | 100.2 | |
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The full report can be found here.
