December 2012 USDA World Agriculture Supply and Demand Estimates

’11/’12 Corn
- No changes.
’12/’13 Corn
- No changes.
- Ending stocks were 647 million bushels or 21.1 days of use which was near private estimates.
’11/’12 Soybeans
- No changes.
’12/’13 Soybeans
- Crush estimates were increased by 10 million bushels.
- Ending stocks remain very tight at 130 million bushels or 15.6 days of use which again is the bare minimum level to carry over from one crop cycle to the next.
Other Markets
- World corn production was revised higher by 7 million tons mostly from higher reported production in China.