March 13, 2013

USDA reports decline in corn ending stocks for 2012-13

Corn ending stocks for the world are projected at 117.48 million tonnes in 2012-13, a drop of 560,000 tonnes from 118.04 million tonnes in February but down 13.68 million tonnes, or 10%, from an upwardly revised 131.16 million tonnes in 2011-12, according to the USDA's World Agricultural Supply and Demand Estimates.

US corn exports were projected at 20.96 million tonnes, down from 22.86 million tonnes projected in February.

The USDA projected Argentina's 2012-13 corn exports at 19 million tonnes, which is similar as February but up 1.5 million tonnes, or 9%, from the previous year.

Brazil's exports were projected at 19 million tonnes, the same as in February, but down 5.3 million tonnes, or 22%, from 2011-12.