February 2013 USDA World Agriculture Supply and Demand Estimates
February 13 USDA World Agriculture Supply and Demand Estimates
- ’11/’12 Corn
- No changes.
- ’12/’13 Corn
- Industrial and seed use was up 20 million bushels.
- Exports were reduced by 50 million bushels.
- Ending stocks were projected at 632 million bushels or 20.5 days of use which was near private estimates.
- ’11/’12 Soybeans
- No changes.
- ’12/’13 Soybeans
- Crush was increased 10 million bushels reflecting strong demand for soybean meal.
- Ending stocks remain very tight at 125 million bushels or 14.8 days of use.
- Other Markets
- World corn production was estimated 2 million tons higher led by better output in Brazil.
- World soybean ending stocks are estimated at 60 million tons up 5 million over 2011/2012 on strong South American production.