January 17, 2020

Ag Economy (WASDE); Trade; Farm Bill; and Animal Agriculture

Agricultural Economy (WASDE)

University of Illinois Agricultural Economist Darrel Good indicated yesterday at the FarmDocDaily Blog (“USDA Report Highlights”) that, “Today, the USDA’s World Agricultural Outlook Board (WAOB) released the monthly report of World Agricultural Supply and Demand Estimates (WASDE) and the National Agricultural Statistics Service (NASS) released new wheat production forecasts. The WASDE report incorporated the information in the Grain Stocks and Acreage reports released on June 30.”

A summary of corn related variables from yesterday’s WASDE report are available here, while an overview of soybean and wheat indicators can be found here and here.

Reuters writer Charles Abbott reported yesterday that, “U.S. corn stocks will languish near 15-year lows for longer than expected as ethanol plants overtake livestock as the biggest consumers of the feed grain and China buys more American corn, according to government forecasts.

“The U.S. Agriculture Department, as expected, boosted its forecasts on Tuesday of ending stocks this year and next, largely due to weaker-than-expected consumption by the livestock sector this year. But the revisions fell short of analysts’ forecasts and supported prices that have fallen 15 percent from their peak on signs of healthier supplies.”