January 2013 USDA World Agriculture Supply and Demand Estimates

’11/’12 Corn
- No changes.
’12/’13 Corn
- Total production was revised higher by about 55 million bushels on higher yield which was at the high end of private estimates.
- Feed and residual usage was up sharply by 350 million bushels.
- Exports were reduced an additional 200 million bushels reflecting the historically slow pace of export sales.
- Ending stocks were projected at 602 million bushels or 19.5 days of use which was near private estimates.
’11/’12 Soybeans
- No changes.
’12/’13 Soybeans
- Yield and area harvested was increased slightly leaving total production up 44 million bushels at 3.015 billion bushels. This was in line with private estimates.
- Crush was increased 35 million bushels reflecting strong demand for soybean meal.
- Ending stocks remain very tight at 135 million bushels or 16.0 days of use which again is the bare minimum level to carry over from one crop cycle to the next.

Other Markets
- World soybean production for the current market year are projected at a record 465.8 million tons carried by record output in Brazil estimated at 82.5 million tons on increased area and rising yield prospects.
- South American corn production projections are also rising on favorable weather. Paraguay and Brazil, both exporters, raised output by 2 million tons.
- US milk output was raised slightly on higher cow numbers for 2013 than previously expected.
- US pork output is also raised on a larger than expected breeding herd and litter sizes indicating finished numbers will be greater than previously anticipated.