The July WASDE Data offers a comprehensive insight into the U.S. and global agricultural markets. Here’s a detailed breakdown of the key highlights from the report.
Wheat:
- The July WASDE Data for the 2023/24 U.S. wheat outlook indicates decreased supplies, a slight drop in domestic use, reduced exports, and increased stocks.
- Wheat production is forecasted at 1,734 million bushels, a decrease of 5 million from the previous month based on the July WASDE Data.
- Domestic use has been lowered by 3 million bushels, primarily in food use.
- Exports have been reduced by 25 million bushels, totaling 700 million.
- The 2023/24 season-average farm price remains at $7.50 per bushel.
Global Wheat:
- The global wheat outlook for 2023/24 predicts reduced supplies, decreased consumption, trade, and stocks.
- Supplies are expected to decline by 4.3 million tons, reaching 1,061.7 million.
- Global consumption is reduced by 3.4 million tons, totaling 796.1 million.
Coarse Grains:
- The July WASDE Data for the 2023/24 U.S. corn outlook forecasts reduced supplies, decreased domestic use, smaller exports, and tighter ending stocks.
- Corn production for 2023/24 is forecasted at 15.1 billion bushels, a decrease of 209 million from the July projection.
- The season-average corn price received by producers is raised by 10 cents, amounting to $4.90 per bushel.
Rice:
- The U.S. rice outlook for 2023/24 predicts increased supplies and ending stocks.
- The initial production forecast for the 2023/24 crop is 203.6 million, an increase of 2.6 million cwt.
Oilseeds:
- U.S. soybean supply and use changes for 2023/24 include higher beginning stocks, lower production, and exports.
- Soybean production for 2023/24 is forecasted at 4.2 billion bushels, a decrease of 95 million.
- The U.S. season-average soybean price for 2023/24 is forecasted at $12.70 per bushel, an increase of $0.30 from the previous month.
Sugar:
- Mexico’s sugar supply for 2022/23 has increased by 125,000 metric tons (MT) to 6,388,512 due to increased imports.
- U.S. sugar supply for 2022/23 is raised by 148,289 short tons, raw value (STRV) based on increased imports.
Livestock, Poultry, and Dairy:
- The 2023 red meat and poultry production forecast is reduced due to lowered beef, pork, and broiler forecasts.
- The milk production forecasts for 2023 and 2024 are lowered from the previous month.
Cotton:
- The 2023/24 U.S. cotton projections indicate more extensive beginning stocks, and a decrease in production, resulting in lower exports, domestic use, and ending stocks.
- The U.S. season-average price for upland cotton is forecasted 3 cents higher this month at 79 cents per pound.
This report provides a comprehensive overview of the agricultural outlook based on the latest July WASDE Data. The data reflects the current trends and projections in the U.S. and global agricultural markets.
To read the complete WASDE report, click here.
Photo by Pierre Bamin on Unsplash
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