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USDA Released the World Agricultural Supply and Demand Estimates Report at 12 pm EST today.
USDA’s lowered 2012/13 domestic ending stocks estimates for corn and wheat, anticipating solid demand.
U.S. wheat ending stocks are seen at 716 million bushels, compared to 754 million a month ago and 743 million a year ago, raising projections for seed, and feed and residual use. Estimates ranged from 637 million to 792 million bushels, for an average of 743 million. The average farm price is estimated at $7.65 to $8.15 per bushel, compared to December’s range of $7.70 to $8.30.
Domestic corn ending stocks are expected to be 602 million bushels, compared to 647 million last month and 989 million last year, due to an increased feed and residual use guess cancelling out a larger crop estimate and a lowered export projection. Before the report, the average guess was 667 million bushels, in a range of 489 million to 764 million. The average farm price is estimated at $6.80 to $8.00 per bushel, unchanged from December.
U.S. soybean ending stocks came out at 135 million bushels, up from the 130 million in December but down from the 169 million from this time last year. Analysts’ projections ran from 107 million to 178 million bushels, for an average of 135 million. That’s with USDA raising last year’s production total, cancelling out increased expectations for crush and residual use. The average farm price is estimated at $13.50 to $15.00 per bushel, compared to December’s range of $13.55 to $15.55.
USDA’s next set of supply and demand estimates are out February 8.
Here is a Full Coverage OF USDA WASDE Report
WASDE: Corn yield Production increase 55 Million Bushels
WASDE: Projected U.S. wheat ending stocks are lowered 38 million bushels
WASDE: U.S. Cotton Estimates Include Lower Production And Higher Offtake
WASDE: U.S. Oilseed Production For 2012/13 Is Estimated Up 1.4 Million Tons
WASDE: 2012/13 Rice Crop Is Estimated Up 0.9 Million
WASDE: The 2013 Forecast Reflecting Greater Beef, Pork, Broiler, & Turkey Production.
USDA's Other reports
USDA: Crop Production Report
USDA: Grain Stocks Report
USDA: Export Sales Report