Projected U.S. wheat supplies for 2013 and '14 were raised slightly, with lower beginning stocks more than offset by higher production. Both estimates are based on the latest surveys and forecasts, the U.S. Department of Agriculture reports in its July World Agricultural Supply and Demand Estimates report.
Beginning stocks for wheat were reduced 27 million bushels and production was forecast up 34 million bushels, with a lower forecasted harvested area from the June 28 acreage report more than offset by higher yields. Wheat production is raised 11 million bushels for hard red winter wheat and 30 million bushels for soft red winter wheat. For durum, a reduction in area is only partly offset by a higher yield, with production forecast down 5 million bushels.
Total U.S. wheat use for 2013 and '14 is raised 89 million bushels, as lower expected domestic use is more than offset by higher projected exports. Exports are projected 100 million bushels higher, reflecting strong sales. Ending stocks are projected down 83 million bushels. At 576 million tons, stocks are expected to remain well above the 60-year low of 306 million in 2007 and '08.
Corn beginning stocks for 2013 and '14 are projected 40 million bushels lower. Corn production for 2013 to '14 was lowered 55 million bushels with the lower harvested area and the projected yield unchanged at 156.5 bushels per acre. Projected production remains below 14 billion bushels and would be 858 million above the record in 2009 and '10. Corn supplies for 2013 and '14 were lowered 90 million bushels as a 5-million-bushel increase in imports only partly offsets the lower beginning stocks and production.
July's changes to corn use for 2012 and '13 and 2013 and '14 largely reflect the lateness of the 2013 crop and expectations for extremely tight supplies later this summer and into early fall.
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U.S. oilseed production for 2013 to '14 is projected at 100.9 million tons, up 200,000 from June, with increased soybean production mostly offset by reductions for other oilseeds. Soybean production is projected at 3.42 billion bushels, up 30 million because of the increased harvested area. The soybean yield is projected at 44.5 bushels per acre, unchanged from June. Soybean supplies are 30 million bushels above the June forecast. With projections for exports and crush unchanged, 2013 to '14 soybean ending stocks were raised 30 million bushels to 295 million.
