USDA released its World Agricultural Supply and Demand Estimates report at 11 am Central today, a first ever for the report. There are a few things that stand out in the report:
USDA pegged quarterly corn stocks in early December at just over 8 billion bushels, coming in lower than trade estimates. Corn exports were lowered for the marketing year 200 million bushels, with the U.S. expecting to export 593 million bushels less than the 2011-2012 marketing year. Corn use for ethanol was projected to be unchanged for 2012-2013 at 4.5 billion bushels. And the average farm price for corn remains unchanged with a range of $6.80 to $8 a bushel. USDA also pegged corn production at 10.78 billion bushels, up one percent from November estimates but down 13 percent from the 2011 crop.
Soybean stocks were estimated at 1.965 billion bushels, slightly below pre-report estimates and 405 million bushels lower than last year. Production for soybeans was projected at just over 3 billion bushels, comparable to trade estimates, but down three percent from 2011.
Wheat quarterly stocks came in at 1.66 billion bushels, below the trade average. Total wheat acres came in at 41.8 million, below the average trade estimate. Hard Red Winter Wheat acres were projected at 29.1 million acres, Soft Red Winter Wheat planting at 9.4 million and White Winter Wheat at 3.3 million.