The October USDA World Supply and Demand Estimates (WASDE) report forecasts what many livestock producers have been expecting: a declining corn yield and lower U.S. feed grain supplies. Overall, global corn feeding is down 1.4 million tons.
More WASDE predictions:
– 2012/2013 average soybean price lowered by $0.75
– U.S. corn exports are lowered due to slow sales and competition from Brazil
– Global sorghum production is raised 0.7 million tons with small increases for Australia, the United States, and several African countries
– 1.8-million-ton reduction in world barley output mostly on smaller crops in Australia and Canada, and a 0.5-million-ton reduction for oats with a smaller crop in Australia
– Global rice consumption is raised 0.9 million tons to a record 468.6 million, with most of the increase in China, India, and Nigeria, partially offset by decreases for Bangladesh, Egypt, and Tanzania
– Global rye production is raised 0.5 million tons with an increase for EU-27
– For 2012, the total meat production forecast is reduced on lower beef and broiler production forecasts, although pork and turkey are forecast higher.
– Price forecasts for butter, cheese, nonfat dry milk, and whey are raised from last month
Read the full WASDE report: http://www.usda.gov/oce/commodity/wasde/
Read expert analysis on AgWeb.com: http://www.agweb.com/blog/Farmland_Forecast_148/
Watch ASAS web chat in “Grain pricing and effects on animal agriculture:” http://asas.org/publications/web-programming/webchats