Corn carryover to decline in 2013: USDA

by Ron Sterk
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WASHINGTON – US corn carryover on Sept. 1, 2013, was projected at 647 million bushels, unchanged from November but down 341 million bushels, or about 35 percent, from 988 million bushels in 2012, the US Department of Agriculture said in its World Agricultural Supply and Demand Estimates.

The USDA 2013 corn carryover number was below the average of trade expectations of 666 million bushels.

All 2012-13 US corn projections were unchanged from November except average price, which was lowered to $6.80-8 a bushel from $6.95-8.25 a bushel projected in November and compared with $6.22 a bushel in 2011-12.

Carryover of US soybeans on Sept. 1, 2013, was projected at 130 million bushels, down 10 million bushels, or 7 percent, from 140 million bushels in November and down 39 million bushels, or 23 percent, from 169 million bushels in 2012.

The USDA 2013 soybean carryover was below the average of trade estimates that was near 135 million bushels.

Projected 2012-13 US soybean crush was raised 10 million bushels from November to 1,570 million bushels, but still was down 133 million bushels, or 8 percent, from 1,703 million bushels crushed in 2011-12. Total use was projected at 3,031 million bushels, up 10 million bushels from November, reflecting the increased crush projection, but down 17 million bushels from 1,362 million bushels as the estimated use in 2011-12.

The average price paid to farmers for soybeans in 2012-13 was projected to range from $13.55-15.55 a bushels, down from $13.90-15.90 a bushel projected in November but up from $12.50 a bushel in 2011-12.

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