USDA’s World Agricultural Supply and Demand Estimates for January project a slightly smaller U.S. corn crop, and increased production for rice, soybeans and cotton. Here’s more:
Lower use for wheat
In wheat, USDA lowered expected use which raised projected ending stocks 33 million bushels. Wheat exports are projected 25 million bushels higher. Global wheat ending stocks are projected 2.6 million tons higher mostly on increases for China and the United States.
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Corn yield reduced
USDA lowered estimated corn yield 1.6 bushels per acre to 158.8 bushels reducing production 64 million bushels to 13.9 billion bushels. Sorghum yield was lowered 2.6 bushels per acre, reducing production by 27 million bushels.
Projected corn use for 2013-14 was raised with feed and residual use projected up 100 million bushels. Corn for ethanol was raised 50 million bushels reflecting continued strong weekly ethanol production, a reduction in expected sorghum use for ethanol and higher forecast 2014 gasoline consumption.
Corn ending stocks for 2013-14 are projected 161 million bushels lower at 1.6 billion.
Rice crop bigger
The U.S. 2013-14 rice crop is estimated at 189.9 million hundredweight, up 1.2 million from the previous estimate. Average yield is estimated at a record 7,694 pounds per acre, up 34 pounds per acre. Long-grain rice production is estimated at 131.9 million hundredweight, up 2.9 million from last month, and combined medium- and short-grain production is lowered 1.7 million to 58 million.
Global rice production is projected at 471.2 million tons, still a record, and up 500,000 tons from last month. Global consumption for 2013-14 is forecast at a record 473.1 million tons. Global rice ending stocks for 2013-14 are projected at 105.2 million tons, up 900,000 tons from last month.
Soybean crop grows
U.S. soybean production is estimated at 3.289 billion bushels, up 31 million bushels based on increased yields and harvested area. The soybean yield is estimated at 43.3 bushels per acre, up 0.3 bushels from the previous estimate. Soybean exports were increased 20 million bushels to 1.495 billion. Soybean ending stocks for 2013-14 are projected at 150 million bushels, unchanged for last month.
Global soybean production is projected at 286.8 million tons, up 1.9 million tons.
Cotton production higher
U.S. cotton production was raised 118,000 bales from last month, due mainly to an increase for Texas. Domestic mill use is unchanged, but exports are raised to 10.5 million bales, leaving ending stocks unchanged at 3 million bales.
World cotton stocks are now projected at 97.6 million bales, with China accounting for 60 percent of the total.