Skip to content
800-884-8290

|

Client Login

|

Open an Account
  • About Us
  • Services
    • Futures & Options Brokerage
    • Organic Grain Swaps
    • Margin Management
    • Commodity Marketing Education
    • Consulting & Insurance
  • Research
    • Dairy
    • Livestock
    • Grain & Oilseeds
    • Ethanol & Biodiesel
  • Account
  • Quotes
  • Contact Us

July ’12 USDA World Agriculture Supply and Demand Estimates

  • July 11, 2012
  • by wbabler
July ’12 USDA World Agriculture Supply and Demand Estimates
  • ’11/’12 Corn –Neutral
    • Exports were reduced 50 million bushels.
    • Ending stocks was estimated at 903 million bushels or 26.1 days of usage which was slightly above the 844 million bushel private estimate.
  • ’12/’13 Corn– Bullish
    • Total production was revised sharply lower by 1.82 billion bushels on a 20 bushel/acre reduction in yield along with slightly lower harvested acres. This was well below what was expected to be reported by the USDA but in line with private estimates for yields and production.
    • Feed and residual usage was revised down sharply by 650 million bushels based on higher prices rationing demand.
    • Ethanol grind was also 100 million bushels lower as declining production is expected to continue given very poor margins on the curve.
    • Exports were off a sizeable 300 million bushels leaving them on par with current year exports.
    • Ending stocks were left at 1,183 million bushels or 33.9 days of use which was on the low end of expectations.
  • ’11/’12 Soybeans– Neutral
    • Exports and crush were revised higher by a total of 20 million bushels which was offset by 15 million bushels of reductions in residual usage.
    • Ending stocks was estimated at 170 million bushels or near expectations.
  • ’12/’13 Soybeans– Bullish
    • Yield was reduced to 40.5 bushels per acre more than offsetting increased acreage leaving production down 150 million bushels.
    • Exports were reduced 115 million bushels and crush is projected 35 million bushels lower.
    • Ending stocks came in at a very tight 130 million bushels or 15.3 days of use which was in line with trade estimates.
  • Other Markets – Slightly Bearish              
    • EU & South American corn production was revised higher again this month by about 2.3 million tons but very minimal compared to the 47.6 million ton reduction in US production.
    • Livestock projections are lower as higher feed costs for grains and protein are curtailing herd expansion in all areas as well as incenting lighter finish weights.
http://usda01.library.cornell.edu/usda/current/wasde/wasde-07-11-2012.pdf  
June ’12 USDA Grain Stocks Report
CME Grain Calendar Swaps Offer Port in USDA Data Storm
Dairy
Ethanol
Livestock
Grain

Recent Uncategorized Research

  • Food Service Sales Update – Dec ’22
  • Global Dairy Trade Update 11-15-22
  • USDA Weekly Crop Export Sales – October 20th
  • Weekly Petroleum Stocks Update – 10/14/22
  • U.S. Hog Production: Rising Output and Changing Trends in Productivity Growth
Atten Babler Commodities LLC
11406 US Route 20 W
Galena, IL 61036
800-884-8290
Privacy Policy
Futures, options and swaps brokerage is provided through Atten Babler Commodities LLC. The risk of loss in trading commodity futures and options and swaps is substantial. Swaps trading should only be undertaken by investors who are Eligible Contract Participants (ECPs) within the meaning of Section 1a(18) of the Commodity Exchange Act. Before trading, you should carefully consider your financial position to determine if futures, options or swaps trading is appropriate. When trading futures, options or swaps, it is possible to lose more than the full value of your account. All funds committed should be risk capital. Past performance is not necessarily indicative of future results. Atten Babler Commodities LLC use sources that they believe to be reliable, but they cannot warrant the accuracy of any of the data included in this site. Opinions and market data are subject to change at any time. Unless otherwise stated the information contained herein is meant for informational purposes only and is not a solicitation to buy futures or options or swaps.
© Copyright 2023 Atten Babler Commodities LLC