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WASDE Feb. 8 2013: Overview

WASDE Feb. 8 2013: Overview

USDA: Summary of World Agriculture Supply and Demand Estimates

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On Friday, the USDA released the World Agriculture Supply and Demands Estimates (WASDE) – the following is a brief summary of some of the highlights of the report.

U.S wheat ending stalks are projected 25 million bushels lower this month. All wheat exports are unchanged. The projected season average for farm price for wheat is narrowed 5 cents to $7.70 to $8.10 per bushel.

Corn export estimates are at 50 million bushels lower due to slower pace in sales and shipments. Corn that is used for ethanol production remains unchanged. Corn used for sweeteners/starch raised 20 million bushels. Corn ending stocked were raised to 30 million bushels. Season-average corn was lowered 20 cents; narrowed to $6.75 to $7.65 per bushel.

Sorghum feed is projected at 25 million bushels lower, but there was also an offset by a 20-million-bushel increase in food, seed and industrial use. Projected barley exports are lowered to 1 million bushes. The barley farm price range is narrowed by 5 cents to $6.15 to $4.65 per bushel.

Global coarse grain supplies are projected at 2.1 million tons higher. Global corn production is raised 2.1 million tons with increases from the following countries – Brazil, Mexico, India, and Ukraine. Global production is higher for sorghum, barley, oats, and rye.

The full report can be read at the USDA website.