May 2014 USDA World Agriculture Supply and Demand Estimates

’13/’14 Corn
- Corn exports were increased 150 million bushels on strong demand.
- Ending stocks were projected at 1.15 billion bushels or 30.7 days of use which was below private estimates.
’14/’15 Corn
- Corn yield was well above private estimates at 165.3 pushing total production above last year despite nearly 4 million less acres at 13.94 billion bushels.
- Demand was cut by 250 million from the current market year primarily on expectations of greater foreign coarse grain supplies reducing export demand by 200 million bushels.
- Ending stocks were projected at 1.73 billion bushels or 47.1 days of use which was on the high side of average private estimates.
’13/’14 Soybeans
- Imports were increased by 25 million bushels to a record 90 million as current price spreads between the East Coast and South America incentivize trade into the US for this summer.
- Ending stocks were projected at 130 million bushels or 14 days of use and in line with estimates.
’14/’15 Soybeans
- Production was estimated a record 3.635 billion bushels or nearly 400 million more than last year’s production on record yields.
- Demand was projected slightly higher on stronger exports and domestic crush demand.
- Ending stocks were projected at 330 million bushels or 34.9 days of use. This was above average private estimates.

Other Markets
- World corn and grain production was projected at another record level for 14/15 led by higher production in China, Argentina, Russia, and Mexico. Global ending stocks are estimated to reach a 15 year high.
- Pork, poultry, and dairy protein production are all projected higher for 2015 on expanding production per animal (higher weights and milk per cow). Beef output is estimated lower on declining placements from flat cow/calf numbers and potentially higher heifer retention.