MILWAUKEE – As we approach the end of the year, the November World Agricultural Demand and Supply Estimates (WASDE) report paints a pretty good picture of how we are preparing for the outlook 2021/22.
What exactly is a WASDE report?
According to the US Department of Agriculture, the World Agricultural Supply and Demand Estimates (WASDE) report “provides annual forecasts for the supply and use of wheat, rice, coarse grains, oilseeds and cotton in United States and the World “as well as” the supply and use of sugar, meat, poultry eggs and milk. “
These reports are beneficial to the farming community as they provide a baseline for the supply and demand of various agricultural and livestock products.
Looking at the numbers for November
Each month, the World Agricultural Outlook Board (WAOB) publishes a WASDE report.
Let’s take a closer look at some of the highlights from the November 2021 WASDE report:
Coarse grains (corn): The US corn outlook calls for increased production, higher corn used for ethanol and slightly lower ending stocks.
Corn production was up $ 43 million from last month, increasing 0.5 bushels to a record yield of 177.0 bushels per acre.
The seasonal average price of corn received by producers is unchanged at $ 5.45 per bushel.
The November 2021/22 foreign corn production is expected to increase.
Oilseeds (soybeans): U.S. soybean outlook for 2021/22 calls for lower production and exports and higher ending stocks. Lower yields in Indiana, Iowa, Ohio and Kansas account for most of the variation in production.
Exports are reduced for November due to lower than expected shipments through October.
The season’s average soybean price in the United States for 2020/21 is forecast at $ 12.10 a bushel, down 25 cents.
Global soybean production 2021/22 is reduced from 1.1 million tonnes to 384.0 million.
World soybean exports are reduced by 1 million tonnes to 172.1 million.
Dairy: The milk production forecast for 2021 and 2022 is reduced from October due to a lower-than-expected number of dairy cows and slower growth of milk per cow.
The forecast for fat-based exports is raised due to the higher expected exports of cheese and fat-based products.
Butter, skimmed milk powder and whey for 2021 are up from last month due to strong demand and lower production expected. The cheese price forecast for 2021 is small compared to current prices and still large supplies.
As for 2022, cheese, butter, skimmed milk powder and why price forecasts are raised due to strong demand and lower milk supplies expected.
The price of all milk for 2022 is raised to $ 20.25 per cwt.
You can read the full WASDE report for November 2021 here.