U.S. on track for record corn production
Ending stocks for 2013-2014 are projected 32 million bushels higher at 1,887 million.
The projected season-average farm price range for corn is lowered 30 cents at both ends to $4.10 to $4.90 per bushel. Cash and futures prices have responded to rising yield prospects over the past 2 months, sharply reducing the outlook for 2013-2014 farm prices.
The USDA also raised global corn consumption for 2013-2014 to 5.5 million tons, with foreign consumption up 3.0 million tons.
Corn feeding is raised for Mexico, Russia, Ukraine, Egypt, India, Colombia, and Turkey. Industrial use is raised for Brazil, but a larger reduction for China leaves foreign food, seed, and industrial use lower, partly offsetting the global increase in feed use.
World corn exports for 2013/14 are raised 7.7 million tons as lower prices are expected to boost demand. Corn imports are raised for Mexico as sorghum imports are reduced.
Corn imports are also raised for Egypt, the European Union, Colombia, and Turkey; all driven by higher expected feeding.
Corn imports are lowered for South Korea with an increase in wheat feeding. In addition to the increase in U.S. corn exports, 2013/14 exports are also raised for Brazil, the European Union, and Russia. Global corn ending stocks for 2013/14 are projected 12.9 million tons higher with most of the increase in China where consumption has been lowered for both 2012/13 and 2013/14. Corn stock changes elsewhere are mostly offsetting.
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