March 2014 USDA World Agriculture Supply and Demand Estimates

’12/’13 Corn
- No change from previous month’s forecast.
’13/’14 Corn
- Corn for export was increased 25 million bushels on strong forward sales commitments.
- Ending stocks were projected at 1.456 billion bushels or 39.9 days of use which was in line with private estimates.
’12/’13 Soybeans
- No change from previous month’s forecast.
’13/’14 Soybeans
- Domestic crush was reduced 10 million bushels.
- Exports were increased 20 million bushels to match strong forward sales commitments.
- Ending stocks were projected at 145 million bushels or 16.0 days of use. This was in line with trade estimates.

Other Markets
- World soybean ending stocks were projected lower on declining Brazilian production expectations.
- PEDv continues to reduce US pork production estimates for 2014 which are only partially offset by higher beef output.