WASDE Corn: U.S. Ending Stocks Reduced by 161M Bushels

    COARSE GRAINS: U.S. feed grain supplies for 2013/14 are projected lower with reduced production estimated for corn and sorghum. Harvested area for corn is raised 436,000 acres, but the estimated yield is lowered 1.6 bushels per acre to 158.8, reducing production 64 million bushels to 13.9 billion. Sorghum harvested area is lowered 148,000 acres and the yield is lowered 2.6 bushels per acre, reducing production 27 million bushels.

    Projected corn use for 2013/14 is raised with feed and residual use projected up 100 million bushels based on September-November disappearance as indicated by the December 1 stocks estimate. Corn used to produce ethanol is raised 50 million bushels reflecting continued strong weekly ethanol production, a reduction in expected sorghum use for ethanol, and higher forecast 2014 gasoline consumption in the latest projections from the Energy Information Administration.

    A 50-million-bushel reduction in other food, seed, and industrial use offsets the increase in use for ethanol. Corn ending stocks for 2013/14 are projected 161 million bushels lower at 1.6 billion. The projected 2013/14 season-average farm price for corn is unchanged at the midpoint with the range narrowed to $4.10 to $4.70 per bushel.

    Other 2013/14 feed grain changes include increases in projected feed and residual disappearance for sorghum and oats, but a reduction for barley as indicated by December 1 stocks. Sorghum exports are projected 20 million bushels lower as higher indicated September-November disappearance limits exportable supplies. Sorghum food, seed, and industrial use is also lowered 20 million bushels.

    Global coarse grain supplies for 2013/14 are projected 1.2 million tons higher despite this month’s reduction in U.S. production and a 1.9-million-ton decrease in global beginning stocks. Higher 2012/13 corn exports for Brazil reduce beginning stocks for 2013/14. Global barley production for 2013/14 is raised 1.6 million tons with increases for the European Union, Argentina, and Russia.

    Foreign corn production is raised 4.3 million tons with higher China production. China corn production is raised 6.0 million tons reflecting the latest upward revision by the China National Grain and Oil Information Center, indications from the National Bureau of Statistics for total 2013/14 grain production, and review of growing-season weather.

    Favorable weather suggests year-to-year yield increases in most of China’s major corn producing areas. In the northeastern region, above normal rainfall and favorable temperatures were experienced in nearly all of the corn areas. Harvested area is also raised for China.

    Partly offsetting the China corn increase are reductions in 2013/14 corn output for Argentina, Russia, and the European Union. Production is lowered 1.0 million tons for Argentina with lower expected area and reduced prospects for yields following December heat and dryness. Production is lowered 0.5 million tons for Russia based on the latest government data. European Union production is lowered 0.3 million tons with a reduction for France.

    Global 2013/14 coarse grain consumption is raised 4.2 million tons with the higher corn use in the United States and higher barley feeding in the European Union and Russia. World corn trade for 2013/14 is lowered with a 2.0-million-ton reduction in imports expected for China. Recent rejections of U.S. corn shipments by China and larger domestic corn supplies in China are expected to limit imports during the 2013/14 marketing year.

    China sorghum imports, however, are raised 0.5 million tons. Corresponding reductions in Mexico sorghum imports and feeding raise corn import needs for Mexico. Corn imports are raised for Mexico and the Philippines, up 0.5 million tons and 0.3 million tons, respectively. Corn exports for Argentina are lowered 1.0 million tons also supporting this month’s unchanged U.S. corn export projection.

    Global corn ending stocks are projected 2.2 million tons lower with an increase for China more than offset by reductions for the United States and Brazil.

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