Wheat
The WASDE report estimates that 735.8 million tons of corn will be produced in 2015/16, representing a 0.1 percent increase from the January WASDE.
The United States is estimated to produce 55.8 million tons, while it’s suggested Canada will produce about 27.6 million tons – a 6.2 percent decrease from 2014/15.
The average market price for wheat could be between $4.90 and $5.10 per bushel – a 16.5 percent drop from 2014/15.
Corn
Global production for corn is estimated to be about 970.1 million tons, which is a 3.9 percent decrease from 2014/15.
The United States is forecast to produce about 345.5 million tons – down 4.3 percent from 2014/15. On the other hand, Canada’s corn production is forecast to increase by 18.4 percent from 11.5 million tons in 2014/15 to 13.5 million tons in 2015/16.
The average market price for corn would range from $3.35 to $3.85 per bushel – a drop of 2.7 percent from 2014/15.
Soybean
World soybean production is estimated at 320.5 million tons for 2015/16, an increase of 0.5 percent from 2014/15.
The United States is forecast to account for 107 million tons while Canada didn’t factor into the WASDE’s soybean statistics.
The average price per bushel of soybean could range from $8.05 to $9.55 – a drop of nearly 13 percent from 2014/15.
Farms.com Risk Management’s Managing Commodity Strategist Moe Agostino hosted a detailed WASDE webinar breakdown and provided tips for farmers to consider this year.
The next WASDE report is due out on March 9.