April 2013 USDA World Agriculture Supply and Demand Estimates
April 13 USDA World Agriculture Supply and Demand Estimates
- ’11/’12 Corn
- No changes.
- ’12/’13 Corn
- Feed use estimates declined by 150 million bushels while ethanol grind was increased 50 million.
- Exports were reduced by 25 million bushels to the lowest level in 40 years.
- Ending stocks were projected at 757 million bushels or 24.8 days of use which was below private estimates.
- ’11/’12 Soybeans
- No changes.
- ’12/’13 Soybeans
- Residual usage declined by 25 million bushels offsetting a 20 million bushel increase in crush and 5 million bushel increase in export projections.
- Ending stocks remain very tight at 125 million bushels or 14.8 days of use.
- Other Markets
- Foreign corn production was estimated above private estimates led by higher production in Brazil and South America.
- World soybean production and ending stocks increased sharply on a combination of higher production and lower usage.