Cotton Crop Remains at 13 Million Bales- Wheat Stocks Grow- Corn and Soybean Stocks ShrinkTue, 10 Dec 2013 11:33:00 CST
It's a Federal "Snow Day" in our nation's Capitol, but the key players within the USDA that put out the monthly Crop Production and Supply Demand Numbers are at work today, releasing the December reports as scheduled on this tenth of December. In the Supply Demand numbers- the US Wheat stockpile increased more than expected by the trade while corn and soybean stocks were decreased. Futures markets reacted with pressure on wheat futures, neutral for corn and slightly bullish for soybeans.
Corn stockpiles at the end of the 2013-14 marketing year on Aug. 31 are expected to total 1.792 billion bushels, the USDA said, down from its November forecast of 1.887 billion bushels. Analysts expected stocks of 1.861 billion bushels. Soybean inventories are expected to total 150 million bushels, the USDA said, which was lower than the government's estimate of 170 million bushels lastmonth. That compares with 154 million bushels forecast by analysts.
Wheat stockpiles will be 575 million bushels at the end of the grain's marketing year on May 31, the USDA said, up from 565 million bushels the agency predicted last month. The estimate surpassed analysts' expectations of 553 million bushels.
The U.S. is the world's largest exporter of corn and wheat and second-largest shipper of soybeans.
The USDA estimated corn exports will total 1.450 billion bushels, up from the 1.400 billion bushels it forecast in November. The higher estimate is based on the pace of sales to date and higher expected global consumption, the USDA said in the report.
The agency expects wheat exports will be 1.100 billion bushels, unchanged from its estimate last month. And the USDA said soybean exports would total 1.475 billion bushels, higher than the 1.450 billion bushels it forecast last month.
Elsewhere in Tuesday's report, the USDA said it expects global corn stockpiles to fall to 162.46 million metric tons from 164.33 million it forecast in November. Analysts expected 163.9 million metric tons.
The USDA projects global soybean stocks will total 70.62 million metric tons, slightly higher than its November estimate of 70.23 million metric tons but below analysts' forecast of 71.1 million.
Finally, global wheat stocks are expected to total 182.78 million metric tons, higher than the USDA's November forecast of 178.48 million metric tons and analysts' expectations of 178.8 million.
Click here for the complete WASDE report, as Released by the World Outlook Board.
Information from the December Crop Production report included estimates regarding the size of the US Cotton Crop, which was slightly lowered from 13.1 million bales in November to 13.068 million bales for the December report. Oklahoma's cotton crop was left at 200,000 bales this year, up from the drought hit 155,000 bales produced in 2012. The large Texas cotton crop was alos the same size in December as projected in November at 4.1 million bales- which is down from 5 million bales grown in Texas in 2012.
The only other crop estimated in the December report was the US Orange crop. To view the full Crop Production report for December from the National Ag Statistics Service, click here.
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