The United States Department of Agriculture's World Agriculture Outlook Board (WAOB) recently released their monthly World Agricultural Supply and Demand Estimates report (WASDE). The crop information below compares projections year-to-year. The livestock, dairy and poultry information compares projections from this month to last month.
The corn estimate was probably the most discussed part of the report. Corn production is now projected at 13.6 billion bushels, down 586 million from the record 2014/15 crop with a lower forecast area and yield. Soybeans were also projected down at 3.85 billion bushels, down 119 million from the 2014 crop with record harvested area more than offset by lower yields.
While soybeans were projected down 3%, wheat was projected up 3% at 2.087 billion bushels. Cotton dropped the most percentage wise, down 11% from the year before. Barley increased the most percentage wise, up nearly 12% from the year before.
The most important projection for livestock producers this month is probably the estimate for total red meat and poultry production. The WAOB is projecting total red meat and poultry production at 95.583 billion pounds, up 299 million pounds. If realized, this will be the highest in history. This will keep a ceiling on higher prices.
Beef production is projected at 24.274 billion pounds, up 64 million pounds from last month based on heavier dressed weights. Pork production is projected at 24.396 billion pounds, up 156 million pounds based on heavy slaughter pace and ample hog supplies. If realized, this will be the highest pork production on record. Furthermore, pork production is projected to exceed beef production for the first time in history in the U.S.
Broiler production is projected at 40.161 billion pounds, up 136 million pounds. Production is raised as producers continue to expand egg sets and chicks placed. If realized, this will be the highest broiler production in history.
Milk production is projected at 208.6 billion pounds, down 1.4 billion pounds from last month. The lower forecast comes as drought in the West impacts milk per cow and growth in the cow herd is expected to be slower.
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