USDA cuts estimates for corn, soybean ending stocks as exports rise
By Daniel Enoch
© Copyright Agri-Pulse Communications, Inc.
WASHINGTON, April 9, 2014 - Unsold supplies of U.S. corn before the next harvest will total 1.331 billion bushels, down 125 million bushels, or 8.6 percent, from the month-ago estimate, because of rising exports, USDA said today in a monthly report.
Overseas shipments for the marketing year ending Aug. 31 are expected to reach 1.75 billion bushels, the department said, an increase of 125 million from the March report. The European Union is projected to increase imports, as are Algeria, Iran, Egypt and Vietnam.
USDA also cut its estimate for ending stocks of U.S. soybeans to 135 million bushels, down 10 million bushels from the month-ago projection, mostly because of increased exports.
Estimated world ending stocks for wheat were pegged at 186.68 million metric tons, up from 183.81 million projected in March, mostly due to an expected decrease in wheat feeding in China, USDA said.
The department left its estimates for U.S. corn, soybean and wheat production unchanged.
For Ukraine, USDA reduced its estimate for wheat exports to 9.5 million tons from 10 million tons, noting that the latest trade data indicate a shift in export business from wheat to corn. The department left its estimate for Ukraine's wheat crop unchanged at 22.28 million tons. There has been concern that the crop may suffer because of the country's confrontation with Russia over the Crimean region.
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