Global corn stocks forecast to decline

by Ron Sterk
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WASHINGTON – World 2012-13 corn ending stocks were projected at 117.48 million tonnes, down 560,000 tonnes from 118.04 million tonnes in February but down 13.68 million tonnes, or 10 percent, from an upwardly revised 131.16 million tonnes in 2011-12, the US Department of Agriculture said in its World Agricultural Supply and Demand Estimates.

US corn exports were projected at 20.96 million tonnes, down from 22.86 million tonnes projected in February.

The USDA projected Argentina’s 2012-13 corn exports was 19 million tonnes, the same as in February but up 1.5 million tonnes, or 9 percent, from the previous year. Brazil’s exports were projected at 19 million tonnes, the same as in February, but down 5.3 million tonnes, or 22 percent, from 2011-12.

Global 2012-13 soybean ending stocks were projected at 60.21 million tonnes, up slightly from 60.12 million tonnes in February and up 4.96 million tonnes, or 9 percent, from 55.25 million tonnes in 2011-12.

US soybean exports were projected at 36.61 million tonnes, unchanged from February.

Brazil’s projected production was 83.5 million tonnes, unchanged from February but up 17 million tonnes, or 26 percent, from the previous year, the USDA said. Exports were pegged at 38.4 million tonnes, the same as February but up 2.08 million tonnes, or 6 percent, from 36.32 million tonnes the previous year. Argentina’s projected soybean production was 51.50 million tonnes, down from 53 million tonnes in February but up 11.4 million tonnes, or 28 percent, from 40.1 million tonnes in 2011-12. Argentina’s exports were projected at 10.9 million tonnes, the same as in February.

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