CORN: Corn feed and residual use is projected 50 million bushels lower than last month, while corn use in ethanol production is projected 25 million bushels higher on a stronger-than-expected pace of weekly ethanol production through March. Projected corn ending stocks were raised 25 million bushels. The projected season-average farm price for corn was lowered five cents at the midpoint to $3.55per bushel.
SOYBEANS: U.S. soybean supply and use changes for 2015/16 include higher exports, lower seed use, and lower ending stocks. Soybean exports were increased 15 million bushels to 1,705 million reflecting stronger global soybean imports led by China. Seed use was reduced slightly. Global soybean production is virtually unchanged at 320.2 million tons.
WHEAT: U.S. wheat endings stocks for 2015/16 are projected 10 million bushels higher on reduced feed and residual use. At 976 million bushels, these would be the largest ending stocks since 1987. The projected season-average farm price was lowered 10 cents on the high end to $4.90 to $5.00. Global 2015/16 wheat supplies were raised 1.0 million tons primarily on increased production, which is a record 733.1 million tons.
RICE: U.S. 2015/16 rice supplies are lowered 0.5 million hundredweight (cwt) on lower long-grain imports. Long-grain ending stocks were lowered 0.5 million cwt to 22.5 million. All rice ending stocks are now 43.4 million cwt. The all rice and long-grain season-average prices were each lowered 30 cents per cwt at the midpoint to $12.30 to $12.70 and $10.80 to $11.20, respectively.
SUGAR: U.S. sugar production for 2015/16 was decreased by 35,418 short tons, raw value (STRV) due to lower expected sucrose recovery from both sugarbeet slicing and from sugarcane milling in Florida. Imports are increased by 8,646 STRV, mostly due to more calendar year 2016 shipments under Free Trade Agreements occurring in the fiscal year 2015/16 than originally anticipated. Imports from Mexico were lowered slightly on the basis of a rounding adjustment.
COTTON: The U.S. cotton 2015/16 supply and demand forecasts show only marginal changes from last month. Production was decreased 73,000 bales and domestic mill use and exports are unchanged. The marketing year average price received by producers is expected to fall between 58.0 and 59.0 cents per pound, a reduction of 1.0 cent at the upper end of the range.
LIVESTOCK, POULTRY, AND DAIRY: The 2016 forecast of total red meat and poultry production was raised from last month as higher expected cattle slaughter and heavier carcass weights more than offset a lower pork production forecast. The beef import forecast is raised and exports were reduced from last month based on recent trade data. Pork imports were raised on the strength of the dollar. The broiler export forecast is unchanged from last month, but turkey exports were reduced on a slower pace of export recovery.
The milk production forecast was increased from last month on a slower reduction in the cow inventory and slightly faster growth in milk per cow. The butter and nonfat dry milk price forecast were reduced from last month. Cheese and whey prices are unchanged at the midpoint, but the range was narrowed for cheese. With no change made to cheese and whey, the Class III price was unchanged at the midpoint. The Class IV price is lowered on lower butter and NDM prices.