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June 2013 USDA World Agriculture Supply and Demand Estimates

  • June 12, 2013
  • by wbabler
June 13 USDA World Agriculture Supply and Demand Estimates
  • ’12/’13 Corn
    • Ethanol use was adjusted up 50 million while exports were reduced 50 million leaving ending stocks at a tight but manageable 769 million bushels or 25.2 days of use.
  • ’13/’14 Corn
    • Feed use estimates were reduced by 125 million but are still up significantly versus the current year.
    • Ending stocks were projected at 1.949 billion bushels or 55.3 days of use which was above most private estimates and one of the highest projections for domestic supplies since 2004/2005.
  • ’12/’13 Soybeans
    • Exports were reduced by 20 million bushels on expectations of higher than usual cancelations of sales while domestic crush was increase 30 million bushels.
    • Ending stocks were unchanged at a very tight 125 million bushels or 14.8 days of use.
  • ’13/’14 Soybeans
    • New crop balance sheet was unchanged leaving ending stocks projected to more than double to 265 million bushels or 29.6 days of use.
  • Other Markets 
    • Foreign wheat production was estimated 6 million metric tons lower due to lower output expected in Russia and the Ukraine. This boosted US export potential.
http://usda01.library.cornell.edu/usda/current/wasde/wasde-06-12-2013.pdf  
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