Washington Report

USDA’s July World Agricultural Supply and Demand Estimates (WASDE) report showed that the total U.S. red meat and poultry production forecast for 2023 raised from last month on higher forecasts for beef, broilers, and turkey production.

Corn: Corn beginning stocks are lowered 50 million bushels, as greater feed and residual use for 2022/23 more than offsets reductions in corn used for ethanol and exports. Corn production for 2023/24 is forecast up 55 million bushels as greater planted and harvested area from the June 30 Acreage report is partially offset by a 4.0-bushel reduction in yield to 177.5 bushels per acre. With supply rising fractionally and use unchanged, ending stocks are up 5 million bushels. The season-average farm price received by producers is unchanged at $4.80 per bushel.

Soybeans: Soybean production is projected at 4.3 billion bushels, down 210 million on lower harvested area. Harvested area, forecast at 83.5 million acres in the June 30 Acreage report, is down 4.0 million from last month. The soybean yield forecast is unchanged at 52.0 bushels per acre. Soybean crush is reduced 10 million bushels reflecting a lower soybean meal domestic disappearance forecast. With lower supplies only partly offset by reduced use, ending stocks for 2023/24 are projected at 300 million bushels, down 50 million from last month. The U.S. season-average soybean price for 2023/24 is forecast at $12.40 per bushel, up $0.30 from last month. The soybean meal price is projected at $375.00 per short ton, up $10.00. The soybean oil price forecast of 60.0 cents per pound is up 2 cents.

The total U.S. red meat and poultry production forecast for 2023 is raised from last month on higher forecast beef, broiler, and turkey production. Broiler production is raised on slaughter data for the second quarter. Poultry and egg forecasts are unchanged from last month.

The full WASDE report can be found here.

Further detailed information can be found in the charts below.

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