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11

July USDA Supply & Demand

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Today’s USDA supply demand estimates had their biggest changes in wheat due to better than expected usage.

U.S. 2012-13 wheat stocks decreased 28 million bushels and world stocks for the crop year ended June 30th were cut by 5.5 million tons from last month. New crop 2013-14 U.S. wheat stocks were reduced 83 million bushels to 576 million and world stocks were cut by 8.3 million tons, to 172.38 million tons.

The U.S. corn 2013 corn acreage was reduced by 400,000 harvested acres. Feed usage was reduced by 50 million bushels as were exports. With corn yield left unchanged the smaller acreage and usage left ending stocks 10 million bigger than last month.

Bean numbers were a yawner with U.S. and world production, usage and stocks little changed.

Tight old crop supplies are causing bull spreads to move higher following the USDA Report. Markets will focus on weather forecast and the bull spreads for the rest of the day.

2012-13 USDA World Grain Carryout (million tons)

 

USDA Aug.
2012 - 2013

Average
Trade Est.

Range of
Trade Est.

USDA Aug.
2012 - 2013

Corn

0.729

0.725

0.537 - 0.800

0.729

Soybeans

0.125

0.121

0.104 - 0.135

0.125

Wheat

0.718

 

 

0.746

2012-13 USDA World Grain Carryout (million tons)

 

USDA Aug.
2012 - 2013

Average
Trade Est.

Range of
Trade Est.

USDA Aug.
2012 - 2013

Corn

123.57

124.2

122.6 - 127.59

124.3

Soybeans

61.52

60.9

60.2 - 61.3

61.2

Wheat

174.47

179.3

177.0 - 181.0

179.9

2013-14 USDA U.S. Grain Carryout (Bln Bu)

 

USDA Aug.
2013 - 2014

Average
Trade Est.

Range of
Trade Est.

USDA Aug.
2012 - 2013

Corn

1.959

1.896

1.618 - 2.338

1.949

Soybeans

0.295

0.263

0.164 - 0.329

0.265

Wheat

0.576

0.632

0.566 - 0.693

0.659

2013-14 USDA World Grain Carryout (million tons)

 

USDA Aug.
2013 - 2014

Average
Trade Est.

Range of
Trade Est.

USDA Aug.
2012 - 2013

Corn

150.97

152.4

149.7 - 158.9

151.8

Soybeans

74.12

73.6

69.5 - 75.0

73.7

Wheat

172.38

180.3

175.0 - 183.0

181.3

 

Categories: | Tags: USDA Report | View Count: (2090) | Return
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These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. This commentary is written as a daily marketing tool to help farmers sell the grain they raise. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. Past performance and testimonials are not necessarily indicative of future results. Commodity trading involves the risk of loss, and you should fully understand those risks before trading.