September 2013 USDA World Agriculture Supply and Demand Estimates
September 13 USDA World Agriculture Supply and Demand Estimates
- ’12/’13 Corn
- Exports and industrial grind were revised higher leaving ending stocks at a tight 661 million bushels or 21.4 days of use.
- ’13/’14 Corn
- Total production was increased by 80 million bushels on higher yield.
- Demand was left unchanged
- Ending stocks were projected at 1.855 billion bushels or 53.4 days of use which was on the high end of 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 another 165 million bushels on lower yield.
- Subsequently, exports and domestic usage were both reduced 15 and 20 million bushels respectively.
- Ending stocks were projected at 150 million bushels or 17.4 days of use. This was on the low side of trade estimates.
- Other Markets
- Foreign oilseed production more than offset declines in US soybean output due primarily to higher production from the EU and South America.