Friday, February 25, 2022

U.S. outlook for less corn, more soybeans and wheat

The United States Department of Agriculture’s outlook for this year features an increase in soybean and wheat, but a decline in corn plantings. Total plantings will be the highest since 2014

Grain prices are likely to decline as supplies increase.

The beef breeding herd declined by two per cent last year and three per cent fewer heifers have been retained so production will be down by about two per cent this year.

Hog production declined for the second year last year, but will likely hold steady this year. Hog slaughter will decline by one to two per cent in the second half of the year, but labour shortages and logistical constraints will keep prices bouncing up and down.

Broiler production will increase by about one per cent. Low hatching rates are challenging hatcheries, but so far the industry has not responded by increasing broiler breeder flocks.