USDA cuts estimates for U.S. corn, soybean supplies
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WASHINGTON, December 10, 2013-Unsold supplies of U.S. corn before the 2014 harvest will total 1.792 billion bushels, down 5 percent from the month-ago estimate, the USDA said today in a monthly report, citing increased ethanol use and a jump in exports. Ending stocks will still be more than double a year earlier, the USDA said, after this year's record crop, estimated at 13.989 billion bushels. Prices at the farm gate will average $4.40 a bushel for the marketing year, the department said, down from $4.50 forecast in November and $6.89 in the previous year.
Estimated soybean supplies before harvesting begins in 2014 were reduced to 150 million bushels, from 170 million forecast in November, because of strong overseas demand, the USDA said. Exports for the marketing year were projected at 1.475 billion bushels, up from 1.45 billion estimated a month ago and 1.32 billion in the previous year. The department put this year's crop at 3.258 billion bushels.
Ending stocks for U.S. wheat were raised 10 million bushels, to 575 million, because of increased imports, according to the report, known as the WASDE (World Agricultural Supply and Demand Estimates). Wheat production was forecast at 2.13 billion bushels, down 6 percent from the previous year.
All crop estimates were unchanged from November.
U.S. 2013 cotton production was estimated at 13.069 million bales, down slightly from the November forecast and 25 percent lower than the previous year. Yield is estimated at 806 pounds an acre, down 81 pounds from last year. A bale weighs 480 pounds.
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