Expectations for wheat riseThe U.S. Department of Agriculture has released its August World Agricultural Supply and Demand Estimates report.
WASHINGTON — Projected U.S. wheat supplies in 2013 to ’14 are raised slightly in August 2013 as small increases for soft red winter wheat and durum are mostly offset by decreases for white, hard red spring and hard red winter wheat, according to the U.S. Department of Agriculture’s World Agricultural Supply and Demand Estimates report for August.
U.S. wheat exports for 2013 to ’14 are raised 25 million bushels, reflecting continued strong early season sales and an increased outlook for China imports.
Despite larger expected crops in several major exporting countries, strong early season demand and higher projected world imports and consumption also boost prospects for U.S. shipments.
Projected 2013 to ’14 U.S. feed grain supplies are reduced with lower forecast production for corn and sorghum. Corn production for 2013 to ’14 is lowered 187 million bushels to 13.8 billion. The first survey-based corn yield forecast, at 154.4 bushels per acre, is down 2.1 bushels from July’s projection.
Sorghum production is forecast 36 million bushels lower with the forecast yield 5.9 bushels per acre below July’s projection.
Global 2013 to ’14 corn trade is raised with increased imports projected for Mexico, South Korea, the European Union and Egypt. Corn exports are projected higher for Ukraine, but partly offset by declines for Russia, the European Union and the United States. Global corn consumption for 2013 to ’14 is projected 2.3 million tons lower. Reduced U.S. feed and residual use is only partly offset by increases for South Korea, Ukraine and Egypt. Global corn ending stocks for 2013 to ’14 are projected 800,000 million tons lower with the increases for Ukraine, India and Brazil, mostly offsetting the reduction projected for the United States.
Reduced global soybean production is only partly offset by lower crush leaving 2013 to ’14 global soybean ending stocks down 1.9 million tons at 72.3 million. Global soybean stocks remain record high despite this month’s reduction.