WASHINGTON, D.C., July 11, 2013—The July World Agricultural Supply and Demand Estimates (WASDE) report released today by USDA shows no change in the projected corn and soybean yields from last month, maintaining record expectations. The report also raised estimates for domestic corn supplies next year.
July’s WASDE report projected the 2013 average corn yield to be 156.5 bushels per acre and the average soybean yield to be 44.5 bushels per acre.
Forecasters slightly reduced overall corn production estimates by 55 million bushels. Corn production is projected at 13.95 billion bushels, down from slightly from last month.
In a released statement, American Farm Bureau Federation (AFBF) economist Todd Davis said corn production is down from June due to lower harvested acreage expectations.
“Despite a decreased estimate, corn production is still on target for a record setting-year, if realized,” said Davis.
He added the soybean crop, projected at 3.42 billion bushels, would also be record-setting if obtained.
“Due to a late planting season, the corn crop is on the verge of entering the crucial reproductive phase of tasseling. Moderate temperatures and moisture should ensure a good crop,” said Davis. “The late planted corn and soybeans need cooperative weather throughout the rest of the growing season as well as a late frost.”
The report lowered 2013-14 corn exports by 50 million bushels from last month. The 2013-14 exports are projected at 1.25 billion, which would be an increase of 550 million bushels from the 2012-13 marketing year.
Corn ending stocks are estimated to increase from 729 million in 2012-13 to a projected 1.959 billion for 2013-14.
“Elevated corn ending stocks predictions will reflect negatively on marketing-year prices, reducing the estimated 2013 farm price to $4.80 per bushel from $6.95 per bushel in 2012,” said Davis.
U.S. soybean ending stocks are expected to more than double from the 2012-13 marketing year, projected at 295 million bushels for 2013-14, up from 265 million bushels in June’s WASDE report.
Wheat production is forecast up 34 million bushels. Production is raised 11 million bushels for Hard Red Winter and 30 million bushels for Soft Red Winter (SRW) wheat, while White Winter wheat is forecast down 7 million bushels.
For other spring wheat, a reduction in area is more than offset by a higher yield forecast in the Crop Production report, adding 4 million bushels to this month’s production forecast.
Wheat exports are projected 100 million bushels higher reflecting strong sales, particularly to China. Ending stocks are projected down 83 million bushels.
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