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Source: MEATINGPLACE, 6/12/13
USDA on Wednesday predicted record grain harvests this year, trimming its forecasts for the U.S. corn and soybean crops by less than traders and analysts had expected.
In its monthly World Supply and Demand Estimates report, USDA projected a corn crop of 14 billion bushels, down 1 percent from its estimate last month for a 14.14 billion bushel crop. Last year’s drought-reduced corn crop was estimated at 10.78 billion bushels.
USDA estimated 2013-14 corn ending stocks at 1.95 billion bushels, below last month’s estimate of 2 billion and last year’s 769 million.
Projected corn use for ethanol production was pegged at 4.9 billion, up from an estimated 4.85 billion last month and 4.65 billion projected for last year.
The estimated soybean crop of 3.39 billion bushels, also a record, was unchanged from last month’s forecast. Last year, the U.S. harvest was 3.02 billion, USDA estimated.
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