October 2012 USDA World Agriculture Supply and Demand Estimates
October 12 USDA World Agriculture Supply and Demand Estimates
- ’11/’12 Corn –Neutral
- Feed and residual usage was increased by 162 million bushels.
- Ending stocks was estimated at 988 million bushels or 28.8 days of usage.
- ’12/’13 Corn– Neutral
- Total production was revised down 20 million bushels on lower yield and harvested area. Yield was below but harvested acreage was above private estimates leaving total production a little above expectations
- Exports are off 100 million bushels.
- Ending stocks were 619 million bushels or 20.2 days of use which was just below private estimates.
- ’11/’12 Soybeans– Neutral
- Production was revised 40 million bushels higher on slightly better yield and harvested area.
- Ending stocks was estimated at a tight 169 million bushels or 19.6 days of use
- ’12/’13 Soybeans– Bullish on Demand Increase
- Yield was increased to 37.8 bushels per acre and area harvested was up 1.1 million acres leaving total production sharply higher at 2.86 billion bushels.
- Exports were increased sharply by 210 million bushels and crush is projected slightly higher by 40 million bushels.
- Ending stocks came in at a very tight 130 million bushels or 16.3 days of use which again is the bare minimum level to carry over from one crop cycle to the next.
- Other Markets – Bullish
- World corn inventories were reduced to the lowest level in six years on lower inventories in Brazil and lower production in Europe.
- World wheat production was reduced by 5 million metric tons on lower Australian and Russian output. This was near most private estimates.