August 2013 USDA World Agriculture Supply and Demand Estimates

’12/’13 Corn
- No significant changes leaving ending stocks at a tight 719 million bushels or 23.4 days of use.
’13/’14 Corn
- Total production was down by 187 million bushels on lower yield.
- Exports were both reduced by 50 million but are still up significantly versus the current year.
- Ending stocks were projected at 1.837 billion bushels or 52.9 days of use which was below most private estimates.
’12/’13 Soybeans
- Ending stocks were unchanged at a very tight 125 million bushels or 14.8 days of use.
’13/’14 Soybeans
- Total production was reduced by a very significant 165 million bushels on lower acres and yield.
- Subsequently, exports and domestic usage were both reduced 65 and 20 million bushels respectively.
- Ending stocks were projected at 220 million bushels or 25.3 days of use. This was below trade estimates.

Other Markets
- World wheat production was revised sharply higher by 7.5 million tons (275 million bushels) on the back of ideal growing conditions in Europe and the FSU countries.
- World oilseed production was nearly unchanged as higher output of sunflower, rapeseed, and other oilseed crops offset the decline in US soybean production.