The May WASDE, released today by USDA-WAOB give the first supply-demand estimates for the 2016/17 marketing year. A review of these numbers, plus changes to the 2015/16 estimates follow.
2015/16 corn ending stocks were reduced 59 million bushels based on a combination of 5 million bushels more imports, 11 million bushels less industrial use (other than ethanol) and 75 million bushels more exports. Average farm price was unchanged at $3.60 per bushel. 2016/17 corn ending stocks are estimated at 2.153 billion bushels, up 353 million bushels from the previous year. The increase is from larger production greater than increased use in all categories. Average farm price for 2016/17 is estimated at $3.35 per bushel.
2015/16 soybean ending stocks are reduced 45 million bushels to 400 million bushels based on increased crush of 10 million bushels and increased exports of 35 million bushels. Average farm price is estimated at $8.85 per bushel up $0.10. 2016/17 soybean ending stocks are estimated at 305 million bushels. Production is estimated to be 129 million bushels less than the previous year while use is estimated up 175 million bushels. Average farm price for 2016/17 is estimated at $9.10 per bushel.
2015/16 sorghum estimates were unchanged from April. However the average farm price was increased $0.05 to $3.25 per bushel. For 2016/17, sorghum ending stocks are estimated at 53 million bushels, down 12 million bushels from the 2015/16 estimate. Average farm price is estimated at $3.15 for 2016/17.
2015/16 wheat ending stocks were increased 2 million bushels to 978 million bushels based on 7 million bushels less food use and 5 million bushels more exports. Average farm price was lowered $0.05 to $4.90 per bushel. 2016/17 wheat ending stocks are estimated at 1.029 billion bushels and average farm price at $4.10 per bushel.
 Bill Holbrook
The ProExporter Network
20809 NE 170th Street
Kearney, MO 64060
Telephone: 816-863-5335
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