July 2013 USDA World Agriculture Supply and Demand Estimates

’12/’13 Corn
- Feed and residual use was adjusted up 50 million while imports were up 10 million leaving ending stocks at a tight 729 million bushels or 23.7 days of use.
’13/’14 Corn
- Total production was down by 55 million bushels on lower harvested area.
- Feed use and exports estimates were both reduced by 50 million but are still up significantly versus the current year.
- Ending stocks were projected at 1.959 billion bushels or 56.1 days of use which was above most private estimates and one of the highest projections for domestic supplies since 2004/2005.
’12/’13 Soybeans
- Ending stocks were unchanged at a very tight 125 million bushels or 14.8 days of use.
’13/’14 Soybeans
- Total production was increase by 30 million bushels on higher planted and harvested area.
- Ending stocks were projected at 295 million bushels or 33.0 days of use.

Other Markets
- World wheat demand & US exports were revised significantly higher this month due primarily to greater use in China boosting demand for US supplies.
- Dairy skim-milk product exports are expected to remain strong for the remainder of 2013 on healthy demand for NFDM or equivalent products as competitor supplies remain tight.