January 2014 USDA World Agriculture Supply and Demand Estimates
January ’14 USDA World Agriculture Supply and Demand Estimates
- ’12/’13 Corn
- No change from previous month’s forecast.
- ’13/’14 Corn
- Corn production and yield came in below expectations at 13.925 billion and 158.8 bushels/acre
- Corn for ethanol production and feed use were revised higher by 50 and 100 million bushels respectively
- Ending stocks were projected at 1.631 billion bushels or 45.3 days of use which was on the very low end of private estimates.
- ’12/’13 Soybeans
- No change from previous month’s forecast.
- ’13/’14 Soybeans
- Soybean production and yield came in below expectations at 3.289 billion and 43.3 bushels/acre
- Exports were increased 20 million bushels along with a 10 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 grain production was revised higher despite lower US output on significantly higher Chinese estimates.
- World soybean production is projected record high with increasing production in South America pushing ending stocks to a large 72.3 million tons (up 20% from last year’s ending stocks).