June 2013 USDA World Agriculture Supply and Demand Estimates
June 13 USDA World Agriculture Supply and Demand Estimates
- ’12/’13 Corn
- Ethanol use was adjusted up 50 million while exports were reduced 50 million leaving ending stocks at a tight but manageable 769 million bushels or 25.2 days of use.
- ’13/’14 Corn
- Feed use estimates were reduced by 125 million but are still up significantly versus the current year.
- Ending stocks were projected at 1.949 billion bushels or 55.3 days of use which was above most private estimates and one of the highest projections for domestic supplies since 2004/2005.
- ’12/’13 Soybeans
- Exports were reduced by 20 million bushels on expectations of higher than usual cancelations of sales while domestic crush was increase 30 million bushels.
- Ending stocks were unchanged at a very tight 125 million bushels or 14.8 days of use.
- ’13/’14 Soybeans
- New crop balance sheet was unchanged leaving ending stocks projected to more than double to 265 million bushels or 29.6 days of use.
- Other Markets
- Foreign wheat production was estimated 6 million metric tons lower due to lower output expected in Russia and the Ukraine. This boosted US export potential.