September 2012 USDA World Agriculture Supply and Demand Estimates

’11/’12 Corn –Slightly Bearish
- Feed and residual usage was reduced by 150 million bushels.
- Ending stocks was estimated at 1,181 million bushels or 35.0 days of usage which was above the private estimate.
’12/’13 Corn– Slightly Bearish
- Total production was revised a modest 50 million bushels on lower yield. This was well above the average of private estimates.
- Feed and residual usage was revised higher by 75 million bushels.
- Exports are off 50 million bushels.
- Ending stocks were 733 million bushels or 23.8 days of use which was above private estimates.
’11/’12 Soybeans– Neutral
- Exports and crush were revised higher by a total of 25 million bushels which was only partially offset by a decline in residual by 10 million bushels.
- Ending stocks was estimated at an extremely tight 130 million bushels.
’12/’13 Soybeans– Bullish
- Yield was reduced to 35.3 bushels per acre leaving total production down at 2.63 billion bushels.
- Exports were reduced again to 1,055 million bushels and crush is projected slightly lower.
- Ending stocks came in at a very tight 115 million bushels or 15.7 days of use which again is the bare minimum level to carry over from one crop cycle to the next.

Other Markets – Neutral
- European corn production is estimated 5.6 million metric tons lower on drought conditions in France, Italy, Romania, Hungary, and Serbia.