USDA releases March agricultural supply and demand report

The U.S. Department of Agriculture (USDA) Economic Research Service recently released its World Agricultural Supply and Demand Estimates (WASDE) report for March, revealing key figures for corn, soybeans, wheat, cotton, rice, livestock and dairy.
 
For corn, ethanol use increased to 5.4 billion bushels, and global coarse grain production for 2016-17 was raised to 1.341 billion, with exports expected to grow from Brazil, Argentina and South Africa. The March report revealed higher ending stock figures, lower exports and higher crush for U.S. supply and use of soybeans, with global supply estimates raised to 646.9 million tons.
 
The report has decreased its wheat import estimates for the U.S. to 155 million total bushels with global ending stocks increased to 249.9 million. In cotton, U.S. production projected to hit 17.2 million and exports could hit 37 percent of the world trade. In rice, supply and demand remains unchanged from the February report, with global production to increase based on a Brazilian production surge.
 
U.S. meat production is raised from February, with increased beef estimates making up for lower pork and turkey forecasts.

Although milk-per-cow estimates dropped from January, the milk production estimates have increased, and the year’s exports on a fat basis remained unchanged.