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November 2013 USDA World Agriculture Supply and Demand Estimates

  • November 8, 2013
  • by wbabler
November ’13 USDA World Agriculture Supply and Demand Estimates
  • ’12/’13 Corn
    • Based on the Sep 1st 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 1st 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.
http://usda01.library.cornell.edu/usda/waob/wasde//2010s/2013/wasde-11-08-2013.pdf  
September ’13 USDA Grain Stocks Report
December 2013 USDA World Agriculture Supply and Demand Estimates
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11406 US Route 20 W
Galena, IL 61036
800-884-8290
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