November 2012 USDA World Agriculture Supply and Demand Estimates

’11/’12 Corn
- No changes.
- Production and use were in line with private estimates.
’12/’13 Corn
- Total production was revised higher by about 20 million bushels on higher yield which was a little above private estimates.
- Total use was left mostly unchanged.
- Ending stocks were 647 million bushels or 21.1 days of use which was just above private estimates.
’11/’12 Soybeans
- No changes.
- Production and use were in line with private estimates.
’12/’13 Soybeans
- Yield was increased to 39.3 bushels per acre leaving total production up 111 million bushels at 2.97 billion bushels. This was well above private estimates.
- Exports were increased by 80 million bushels and crush is projected slightly higher by 20 million bushels.
- Ending stocks remain very tight at 140 million bushels or 16.9 days of use which again is the bare minimum level to carry over from one crop cycle to the next.

Other Markets
- World corn ending stocks estimates came in at 118 million metric tons which was modestly higher than expectations. There was very little reduction in South American production despite weather challenges.
- World soybean production was up predominately from higher US estimates leaving world stocks at tight but historically manageable levels for the current market year. Any improvement or deterioration in South American production will certainly be a focus in the months ahead.