November 2013 USDA World Agriculture Supply and Demand Estimates

’12/’13 Corn
- Based on the Sep 1^st USDA stocks survey, feed and residual usage was reduced by 140 million bushels leaving ending stocks at 824 million bushels or 27.1 days of use.
’13/’14 Corn
- Total production was increased by 145 million bushels on higher yield offset some by lower acreage.
- Exports were increased 175 million on higher sales to date and feed and residual usage was increase 100 million bushels on the record crop size.
- Ending stocks were projected at 1.887 billion bushels or 53.2 days of use which was on the lower end of private estimates.
’12/’13 Soybeans
- Based on the Sep 1^st USDA stocks survey, production was revised up leaving ending stocks at 141 million bushels or 16.7 days of use.
’13/’14 Soybeans
- Total production was increased a greater than expected 108 million bushels on higher yields but offset slightly by less acres.
- Subsequently, exports and domestic crush were both increased 80 and 30 million bushels respectively.
- Ending stocks were projected at 170 million bushels or 19.2 days of use. This was in line with trade estimates.

Other Markets
- US wheat stocks are projected at 565 million bushels or 84.7 days of use which was on the high end of expectations.
- Domestic meat production was revised lower for remainder of 2013 and 2014 on slower expansion in numbers in cattle, hogs, and poultry.
- US milk output was projected higher in 2014 on increases numbers and more milk per cow given strong milk income over feed margins.