World corn production was projected at 956.67 million tonnes, down slightly from August but up 96.61 million tonnes, or 11 percent, from 860.06 million tonnes in 2012-13. Global corn consumption was projected at 927.84 million tonnes in 2013-14, down 2.25 million tonnes from August but up 58.53 million tonnes, or 10 percent, from 869.31 million tonnes this year. World corn exports were projected at 102.72 million tonnes, down 1.48 million tonnes from August but up 8.37 million tonnes, or 9 percent, from 94.35 million tonnes in 2012-13.
“Global 2013-14 corn consumption is lowered with reductions in corn feeding in Argentina, Canada, and Serbia more than offsetting an increase for South Korea where wheat feeding is reduced this month,” the USDA said. “South Korea corn imports are raised accordingly. Corn exports for 2013-14 are lowered for Argentina, Paraguay, and Serbia. Global corn ending stocks for 2013-14 are projected 1.3 million tonnes higher with larger stocks in Brazil and the United States.”
World soybean ending stocks for the 2013-14 marketing year were projected at 71.54 million tonnes, down slightly from August but up 9.99 million tonnes, or 16 percent, from 61.55 million tonnes in 2012-13.
World soybean production for 2013-14 was projected at 281.66 million tonnes, down slightly from August but up 14.18 million tonnes, or 5 percent, from 267.48 million tonnes in 2012-13. Global soybean consumption was projected at 268.89 million tonnes in 2013-14, up slightly from August and up 10.98 million tonnes, or 4 percent, from 257.91 million tonnes this year. World soybean exports were projected at 107.29 million tonnes, down slightly from August but up 9.55 million tonnes, or 10 percent, from 97.74 million tonnes in 2012-13.
Brazilian soybean production in 2013-14 was projected at a record 88 million, up 3 million tonnes from the August forecast and up 6 million tonnes from 2012-13.