February 12 Weekly Update

2/12 – In last week’s WASDE report, the USDA reduced both domestic and global 2017/18 corn ending stocks due to improved U.S. price competitiveness and lower exports/availability from Argentina and Ukraine. The USDA’s 2017/18 corn price forecast was increased from $3.30 to $3.35/bu, a level that should still encourage increases in 2018 broiler output. The USDA raised U.S. wheat stocks, reduced global supplies and made no changes to its 2017/18 wheat forecast at $4.60 per bushel. In proteins, USDA raised its forecast for total meat production, with higher broiler output more than offsetting lower beef, pork, and turkey production. The USDA lowered its 2018 beef output forecast from 27.76B to 27.72B pounds, but that’s still 5.9% above 2017 levels. USDA raised its 2018 cattle forecast from $118.00 to $119.50/. That compares to $121.52/cwt in 2017.