January WASDE

Here's a quick glance at the January 10, 2014 World Agricultural Supply and Demand Estimates. Stay tuned for a further breakdown with Ted Seifried of the Zaner Group Monday, January 13th at 8:10 a.m. on AM 730 KWOA

COARSE GRAINS: U.S. feed grain supplies for 2013/14 are projected lower with reduced production estimated for corn and sorghum. Harvested area for corn is raised 436,000 acres, but the estimated yield is lowered 1.6 bushels per acre to 158.8, reducing production 64 million bushels to 13.9 billion. Sorghum harvested area is lowered 148,000 acres and the yield is lowered 2.6 bushels per acre, reducing production 27 million bushels.

OILSEEDS: U.S. oilseed production for 2013/14 is estimated at 97.3 million tons, up 0.9 million tons from last month. Larger crops for soybeans, cottonseed, and peanuts are partly offset by reductions for sunflowerseed and canola. Soybean production is estimated at 3.289 billion bushels, up 31 million bushels based on increased yields and harvested area. The soybean yield is estimated at 43.3 bushels per acre, up 0.3 bushels from the previous estimate. Soybean crush is raised 10 million bushels to 1.700 billion reflecting higher projected soybean meal exports, which partly offsets a reduction for Argentina. Soybean exports are increased 20 million bushels to 1.495 billion reflecting record shipments during the first quarter of the marketing year and strong sales through December. Soybean ending stocks for 2013/14 are projected at 150 million bushels, unchanged for last month. Soybean oil balance sheet changes include increased production on a higher crush and extraction rate, reduced imports, increased projected exports, and increased ending stocks.

LIVESTOCK, POULTRY, AND DAIRY: The forecasts for total red meat and poultry production for both 2013 and 2014 are lowered from December. For 2013, beef production is raised, but pork, broiler, and turkey production are reduced. The forecast for 2014 is reduced as lower pork and turkey production more than offset an increased beef production forecast. The Quarterly Hogs and Pigs report, released on December 27, indicated that the September-November pig crop was fractionally below a year earlier which will constrain supplies of slaughter hogs in early 2014. Although producers intend to farrow more sows in the first half of 2014, the impacts of the Porcine Epidemic Diarrhea virus (PEDv) will likely slow growth in pigs per litter and keep supplies of market hogs relatively tight during 2014.

Beef production is raised for 2014 as higher-than-expected placements in the later part of 2013 and expected availability of winter pasture support increased cattle marketings and slaughter during the year. No change is made to 2014 broiler production. Egg production is reduced slightly for 2013 and 2014. Beef imports are unchanged for 2013, but are raised slightly for 2014. Beef exports are raised for both 2013 and 2014 as the pace of exports over the past several months has been strong. Pork imports and exports for both 2013 and 2014 are unchanged from last month.

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