Corn and soy complex futures prices traded lower in the wake of the report.
“Based on an analysis of end-of-marketing year stock estimates, disappearance for exports and crushings, and farm program administrative data, the 2013 soybean production is revised to 3.36 billion bushels, up 69.2 million bushels from the previous estimate,” the USDA said.
On-farm stocks of old crop corn totaled 462,000,000 bus on Sept. 1, up 68 percent from 275,000,000 bushels a year earlier, while off-farm supplies were 773,688,000 bushels, up 42 percent from 546,185,000 bushels. Indicated disappearance of corn during the June-August period was 2.62 billion bushels, up 34 percent from 1.95 billion bushels in the same period last year, the USDA said.
Old crop on-farm soybean stocks were 21,325,000 bushels, down 46 percent from 39,550,000 bushels on Sept. 1, 2013, while off-farm stocks totaled 70,635,000 bushels, down 30 percent from 101,007,000 bushels. Indicated disappearance during June-August was 313 million bushels, up 6 percent from the same period a year earlier.