December 2013 USDA World Agriculture Supply and Demand Estimates
December ’13 USDA World Agriculture Supply and Demand Estimates
- ’12/’13 Corn
- No change from previous month’s forecast.
- ’13/’14 Corn
- Corn for ethanol production and exports were revised higher by 50 million bushels each
- Ending stocks were projected at 1.792 billion bushels or 50.1 days of use which was on the lower end of private estimates.
- ’12/’13 Soybeans
- No change from previous month’s forecast.
- ’13/’14 Soybeans
- Exports were increased 25 million bushels along with a 5 million bushel increase in crush estimates.
- Ending stocks were projected at 150 million bushels or 16.7 days of use. This was in line with trade estimates.
- Other Markets
- World soybean ending stocks came in below estimates given unchanged production in Brazil at 70.6 million (up nearly 20% from last year’s ending stocks).
- World wheat output was sharply higher on strong Canadian and Austrialian production pushing ending stocks up 4.3 million metric tons vs. previous month’s estimate.
- US milk output was projected higher for 2013 and 2014 on rising cow numbers.