USDA Report Results

USDA Reports Results

I’m KayDee Gilkey with the Northwest Farm and Ranch Report.?
Friday morning USDA released its World Agricultural Supply and Demand Estimates and Crop Report. USDA’s Gary Crawford shares a brief overview of the Crop Report.

Crawford: “A lot more soybeans than anyone expected, maybe a tad more corn than some had been forecasting. That is the jest of Friday’s Agricultural Department Crop Report. For corn, many private analysts expected USDA to cut that forecast, but what they did was boost it just slightly though. Adding only about 28 million bushels to it. Still at 10.7 billion bushels would be the smallest in six years. The change just enough to take the price forecast down 20 cents to 7-60 a bushel. Still 22 percent higher than this past season. No change to the wheat crop protection, still 2.2 billion bushels and price forecast steady at 8-10 a bushel.”

WASDE report eased some concerns by increasing U.S. ending stocks 50 million bushels to 704 million. Exports fell by 50 million bushels, but that was offset by domestic feed and residual use increasing 95 million bushels. Global wheat supplies for 2012/13 are projected to be 1.18 million tons higher than last month, countering trade estimates for a smaller figure in the WASDE report. USDA cut projected Australian production by 2 MMT.

Exports are projected 50 million bushels lower reflecting the slow pace of sales and shipments, and an outlook for increased foreign competition.