Wheat, soybean exports higher, corn lowerAn increase is projected for U.S. wheat ending stocks for 2012 and 2013.
By: USDA, Agweek
WASHINGTON — U.S. wheat ending stocks for 2012 and ’13 are projected 15 million bushels higher in April, with a small increase in seed use more than offset by lower expected feed and residual disappearance, the U.S. Department of Agriculture says in its April World Agricultural Supply and Demand Estimates report.
Seed use for 2012 and ’13 is raised slightly based on producer planting intentions for 2013 to ’14, as reported in the March 28 prospective plantings report. Feed and residual use for 2012 to ’13 is projected 15 million bushels lower.
The projected range for the wheat season-average farm price is narrowed 5 cents on both ends to $7.70 to $7.90 per bushel. Global wheat supplies for 2012 and ’13 are raised 2.9 million tons on higher world beginning stocks.
Global wheat trade is projected higher for 2012 to ’13, with exports raised 2.6 million tons.
U.S. feed grain ending stocks for 2012 and ’13 are projected higher this month, as an increase in year-ending corn stocks more than offset reductions for sorghum, barley and oats.
Domestic corn use for 2012 to ’13 is projected 100 million bushels lower as a 50-million-bushel increase in corn used to produce ethanol partly offsets the lower projection for feed and residual disappearance.
Corn exports for 2012 and ’13 are projected 25 million bushels lower. Projected U.S. corn ending stocks for 2012 and ’13 are raised 125 million bushels.
The projected range for the season-average corn is lowered 20 cents to $6.65 to $7.15 per bushel. The projected farm price ranges for barley and oats are narrowed 5 cents on each end to $6.30 to $6.50 per bushel and $3.75 to $3.85 per bushel, respectively.
The U.S. soybean crush for 2012 to ’13 is increased 20 million bushels this month to 1.635 billion. The increase reflects strong soybean meal exports through the first half of the marketing year. Soybean exports are projected at 1.35 billion bushels, up 5 million on stronger-than-expected shipments in recent weeks.
The season-average price range for soybeans is projected at $13.80 to $14.80 per bushel, unchanged from last month. Soybean oil prices are projected at 48 to 50 cents per pound, down 1 cent at the midpoint. Soybean meal prices are projected at $415 to $435 per short ton, down $10 at the midpoint.
Global oilseed production for 2012 to ’13 is projected at 468.8 million tons, up 2 million from last month.