June ’12 USDA World Agriculture Supply and Demand Estimates

’11/’12 Corn – Slightly Bearish
- Exports were reduced 50 million bushels while ethanol grind was increased 50 million bushels.
- Ending stocks was estimated at 851 million bushels or 24.5 days of usage which was slightly above the 828 million bushel private estimate.
’12/’13 Corn – Slightly Bearish
- Balance sheet was unchanged.
- Ending stocks were left at 1,881 million bushels or 49.8 days of use which was towards the high end of private expectations.
’11/’12 Soybeans – Bullish
- Exports and crush were revised higher by a total of 35 million bushels.
- Ending stocks was estimated at 175 million bushels or towards the bottom side of expectations.
’12/’13 Soybeans – Bullish
- Exports and crush were reduced by a total of 30 million bushels.
- Ending stocks came in near expectations at 140 million bushels or a very tight 15.7 days of use.

Other Markets – Slightly Bearish
- Brazilian corn production was revised higher by 2 million bushels for 11/12 as near ideal growing conditions boosted yields.
- World corn production was increased for 12/13 due to increased acreage in China coming from declining soybean acreage as well as higher production in the EU, Russia, and FSU countries.