World Agricultural Supply and Demand Estimates Released
Washington-- The Federal Government just released the latest World Agricultural Supply and Demand Estimates. Crop highlights of the report include lowered U.S. wheat ending stocks for 2010/2011, global wheat supplies for 2010/2011 are reduced sharply with world production lowered 15.3 million tons, U.S. oilseed production for 2010/2011 is projected at 103.3 tons, up 2.6 million tons from last month, U.S. total rice supplies for 2010/2011 are projected at a record 299.8 million hundredweight, down 9.6 million from last month but up 29.9 million from the previous year.
Total U.S. meat production forecasts for 2010 and 2011 are reduced slightly from last month. Beef production for 2010 is reduced on slightly slower estimated second quarter output and forecast lighter average carcass weights in the third quarter that more than offset slightly higher slaughter. For 2011, beef production is unchanged, but is shifted between quarters as more cattle are expected to be marketed in the first part of the year. Pork production in late 2010 and 2011 is reduced on lower expected imports of live swine from Canada. Forecast poultry meat production for the remainder of 2010 and 2011 is unchanged. Cattle, hog and poultry prices are little changed from last month.