July ’14 USDA World Agriculture Supply and Demand Estimates
- ’13/’14 Corn
- Feed and residual usage was reduced 125 million bushels on higher than expected June 1st stocks.
- Ethanol usage was increased by 25 million bushels on higher grind rates.
- Ending stocks were projected at 1.25 billion bushels or 33.6 days of use which was near private estimates.
- ’14/’15 Corn
- Acreage was revised slightly lower reducing total production by 75 million bushels.
- Feed and residual usage was reduced 50 million bushels to match with current market year use.
- Ending stocks were projected at 1.80 billion bushels or 49.3 days of use which was near private estimates.
- ’13/’14 Soybeans
- Higher than expected June 1st stocks reduced feed and residual usage by 65 million bushels.
- Crush and exports were increased by 25 and 20 million bushels respectively
- Ending stocks were projected at 140 million bushels or 15.1 days of use and slightly above estimates.
- ’14/’15 Soybeans
- Acreage was increased sharply based on June surveying pushing production up 166 million bushels to record US levels.
- Crush and exports were increased by 40 and 50 million bushels respectively
- Ending stocks were projected at 415 million bushels or 42.8 days of use. This was in line with private estimates but also the fourth highest ending stocks on record.
- Other Markets
- World corn and grain production was projected higher in China and Brazil pushing global ending stocks up 7 million tons or a 15 year high. The 220 million ton ending stocks is 75 million tons higher than just two years prior equivalent to nearly 3 million bushels of additional feed!