U.S. ENDING STOCKS (Million Bushels) 2011-2012

 

July

Avg

High

Low

June

2010-11

Corn

903

840

905

750

851

1,128

Soybeans

170

170

200

145

175

215

Grain sorghum

27

25

28

22

27

27

Wheat

743

728

862

     

U.S. ENDING STOCKS (Million Bushels) 2012-13

 

July

Avg

High

Low

June

 

Corn

1,183

1,232

1,690

750

1,881

 

Soybeans

130

134

176

95

140

 

Grain sorghum

37

35

39

31

42

 

Wheat

664

725

822

639

694

 

 

CORN

U.S. feed grain supplies for 2012/13 are projected sharply lower with corn production prospects reduced 1.8 billion bushels from last month. The projected U.S. corn yield is lowered 20 bushels per acre to 146 bushels reflecting the rapid decline in crop conditions since early June and the latest weather data. Persistent and extreme June dryness across the central and eastern Corn Belt and extreme late June and early July heat from the central Plains to the Ohio River Valley have substantially lowered yield prospects across most of the major growing regions.

 

Reduced supplies and higher prices are expected to sharply lower 2012/13 corn usage with the biggest reduction for feed and residual disappearance, projected down 650 million bushels. Food, seed, and industrial use is also projected lower, down 105 million bushels, mostly reflecting a 100-million-bushel reduction in corn used to produce ethanol.

 

Ending stocks for 2012/13 are projected at 1.2 billion bushels, down 698 million from last month’s projection.

 

SOYBEANS

Soybean production is projected at 3.050 billion bushels, down 155 million as increased harvested area is more than offset by reduced yields. The soybean yield is projected at 40.5 bushels per acre, down 3.4 bushels from last month. The drop reflects sharply declining crop conditions resulting from limited rainfall since early April coupled with excessive heat across much of the producing area in late June and early July.

 

WHEAT

Projected U.S. wheat supplies for 2012/13 are raised 5 million bushels with higher estimated beginning stocks more than offsetting lower forecast production.  Production for 2012/13 is reduced 10 million bushels as a 14-million-bushel reduction in winter wheat is only partly offset by higher forecast spring wheat. Among the Hard Red Winter wheat states, lower production for Texas, Colorado, Oklahoma, and Montana is only partly offset by increases for Kansas and Nebraska. For the Soft Red Winter (SRW) wheat states, increases for Ohio, Illinois, and Indiana are mostly offset by reductions in the southern SRW-producing states.  Ending stocks for 2012/13 are projected 30 million bushels lower.