August ’14 USDA World Agriculture Supply and Demand Estimates
- ’13/’14 Corn
- Ethanol usage was increased by 45 million bushels on higher grind rates.
- Ending stocks were projected at 1.18 billion bushels or 31.7 days of use, below private estimates of 1.24 billion bushels.
- ’14/’15 Corn
- Yield per harvested acre was revised higher, increasing total production by 172 million bushels.
- Feed and residual usage increased 50 million bushels, matching the Jun ’14 estimates.
- Ending stocks were projected at 1.81 billion bushels or 49.1 days of use, below private estimates of 2.01 billion bushels.
- ’13/’14 Soybeans
- Exports were increased by 20 million bushels
- Ending stocks were projected at 140 million bushels or 15.2 days of use, above expectations of 136 million bushels.
- ’14/’15 Soybeans
- Yield per harvested acre was revise slightly higher, increasing total production to a record 3.82 billion bushels.
- Ending stocks were projected at 430 million bushels or 44.3 days of use, above expectations of 414 million bushels.
- Other Markets
- World corn and grain production projections were increased, with the largest MOM gains outside of the U.S. experienced in the FSU-12, Russia and the European Union. Increased production pushed global ending stocks up 2.7 million tons, from 219.4 million ton to 222.1 million ton.