May USDA WASDE Review :
Full Coverage OF USDA WASDE Report
USDA: The Corn Outlook for 2013/14 U.S. Feed Grain Supplies is Lowered
WASDE: As a Result of Increased Soybean Meal Exports
WASDE: Projected Wheat Stocks of 659 Million Bushels Remain at a 5-Year Low.
WASDE: Projected U.S. Production for 2013/14 is Reduced
USDA has lowered its projection for new crop corn production and ending stocks due to widespread planting delays and general uncertainty about domestic production.
USDA sees this year’s corn crop at 14.005 billion bushels with an average yield of 156.5 bushels per acre, compared to May’s guess of 14.140 billion bushels with an average yield of 158.0 bushels per acre. There were no changes to the acreage estimates, but those could come in USDA’s June 28 report.
New crop corn ending stocks are pegged at 1.949 billion bushels, compared to 2.004 billion in May. The average farm price for old crop is estimated at $6.75 to $7.15 per bushel with new crop at $4.40 to $5.20 per bushel.
USDA didn’t make any adjustments to the balance sheet for beans, but did raise the average new crop farm price estimate $.25 on both ends to $9.75 to $11.75 per bushel. Old crop soybeans are estimated at $14.35 per bushel.
Quarterly grain stocks are out June 28, along with new acreage figures, and the next set of supply and demand projections is out July 11.
USDA Crop Progress Report
USDA Release Crop Production Report