The USDA released its World Agricultural Supply and Demand Estimates (WASDE) report on March 10. U.S. corn ending stocks are lowered 25 million bushels and the average price is narrowed to $4.25-4.75 per bushel. U.S. soybean stocks were lowered 5 million bushels from last month, and prices increased 25¢ on each end to $12.20-13.70.

Corn

Projected U.S. feed grain ending stocks for 2013-14 are reduced with higher corn exports and lower oats imports. Corn exports are projected 25 million bushels higher on stronger world imports and the rising pace of shipments in recent weeks. Continued strong export sales also support the higher figure. Projected corn ending stocks are lowered 25 million bushels.

The season-average farm price for corn is narrowed 5¢ on both ends of the projected range to $4.25-4.75 per bushel. Global coarse grain supplies for 2013-14 are projected 1.4 million tons higher with larger corn beginning stocks for Indonesia, higher corn production for China, and higher barley production for Australia. Partly offsetting is a reduction in expected sorghum output for Australia as a continuation of hot, dry conditions have sharply eroded prospects for this year’s sorghum crop.

 

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Global coarse grain imports for 2013-14 are raised 1.3 million tons with higher corn imports for Indonesia and the European Union and higher barley imports for China. Higher expected corn and barley feeding in these countries drive the import increases. European Union corn exports are lowered, but more than offset by this month’s increase for the United States.

Global coarse grain ending stocks for 2013-14 are raised slightly with higher corn stocks in China and Indonesia more than offsetting lower barley stocks in the European Union and the reductions in corn and oats stocks in the United States.