MILWAUKEE — As we near the end of the year, November's World Agricultural Supply and Demand Estimates (WASDE) Report paints a pretty good picture of how we're shaping up for the 2021/22 outlook.
According to the U.S. Department of Agriculture, the World Agricultural Supply and Demand Estimates (WASDE) report, "provides annual forecasts for supply and use of U.S. and world wheat, rice, coarse grains, oilseeds and cotton" along with, "U.S. supply and use of sugar, meat, poultry eggs and milk."
These reports are beneficial for the agricultural community because it provides a baseline for supply and demand of various crop and livestock commodities.
Every month, the World Agricultural Outlook Board (WAOB) releases a WASDE report.
Let's take a closer look at some of the highlights of the November 2021 WASDE report:
Coarse Grains (corn): U.S. corn outlook is for greater production, increased corn used for ethanol and marginally lower ending stocks.
Corn production is up 43 million from last month on a 0.5-bushel increase in a yield to a record 177.0 bushels per acre.
The season-average corn price received by producers is unchanged at $5.45 per bushel.
November's 2021/22 foreign corn production is forecast higher.
Oilseeds (soybean): U.S. soybean outlook for 2021/22 is for lower production and exports and higher ending stocks. Lower yields in Indiana, Iowa, Ohio and Kansas account for most of the change in production.
Exports are reduced for November due to lower-than-expected shipments through October.
The U.S. season-average soybean price for 2020/21 is forecast at $12.10 per bushel, down 25 cents.
Global 2021/22 soybean production is reduced 1.1 million tons to 384.0 million.
Global soybean exports are lowered 1 million tons to 172.1 million.
Dairy: The milk production forecasts for 2021 and 2022 are reduced from October due to lower than expected dairy cow numbers and slower growth in milk per cow.
Fat basis export forecasts are raised on higher expected exports of cheese and butterfat products.
Butter, nonfat dry milk and whey for 2021 are raised from last month due to strength in demand and lower expected production. Cheese price forecast for 2021 is reduced on current prices and continued large supplies.
As for 2022, cheese, butter, nonfat dry milk and why price forecasts are raised on strength in demand and lower expected milk supplies.
The all milk price for 2022 is raised to $20.25 per cwt.
You can read the full November 2021 WASDE Report here.