World 2013-14 corn ending stocks up 23%

by Ron Sterk
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WASHINGTON – The US Department of Agriculture in its May 10 World Agricultural Supply and Demand Estimates projected 2013-14 global ending stocks of corn at 154.63 million tonnes, up 29.2 million tonnes, or 23 percent, from the 125.43 million tonnes forecast for 2012-13. The 2013-14 corn ending stocks projection was above the average trade estimate of 125.8 million tonnes.

World corn production for the next marketing year was projected at 965.94 million tonnes, up 108.82 million tonnes, or 13 percent, from 857.12 million tonnes in 2012-13. Global corn consumption was projected at 936.74 million tonnes in 2013-14, up 72.82 million tonnes, or 8 percent, from 863.92 million tonnes this year. World corn exports were projected at 104.62 million tonnes, up 15.59 million tonnes, or 18 percent, from 89.03 million tonnes in 2012-13.

“World corn consumption is projected at a record 936.7 million tonnes, up 72.8 million from 2012-13 with foreign consumption up 41.5 million. Global corn ending stocks for 2013-14 are projected up 29.2 million tonnes on the year. At 154.6 million tonnes, stocks would be a 13-year high,” the USDA said.

World soybean ending stocks for the next marketing year were projected at 74.96 million tonnes, up 12.5 million tonnes, or 20 percent, from 62.46 million tonnes in 2012-13. The 2013-14 projection was above the average trade expectation of 62.3 million tonnes.

World soybean production for 2013-14 was projected at 285.50 million tonnes, up 16.39 million tonnes, or 6 percent, from 269.11 million tonnes in 2012-13. Global soybean consumption was projected at 270.18 million tonnes in 2013-14, up 11.44 million tonnes, or 4 percent, from 258.74 million tonnes this year. World soybean exports were projected at 107.12 million tonnes, up 10.91 million tonnes, or 11 percent, from 96.21 million tonnes in 2012-13.

Soybean production in 2013-14 was projected at a record 85 million tonnes in Brazil, up 1.5 million tonnes from 83.5 million tonnes estimated in 2012-13.

“Global soybean production is projected at 285.5 million tons, up 6 percent … The Brazil soybean crop is projected at a record 85 million tonnes as higher harvested area more than offsets lower yields,” the USDA said.

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