April 11, 2013

Global 2012-13 corn ending inventories were projected at 125.29 million tonnes, an increase of 7.8 million tonnes from 117.48 million tonnes in March but down 6.59 million tonnes, or 5%, from 131.88 million tonnes in 2011-12.

This is according to the USDA in its April 10 World Agricultural Supply and Demand Estimates.

US corn exports were projected at 20.32 million tonnes, down from 20.96 million tonnes projected in March.

The USDA projected Argentina's 2012-13 corn exports were 19 million tonnes, the same as in March but up 1.85 million tonnes, or 11%, from the previous year. Brazil's exports were projected at 19.5 million tonnes, up from 19 million tonnes in March but down 4.84 million tonnes, or 20%, from 2011-12.

Global 2012-13 soy ending stocks were projected at 62.63 million tonnes, up 4% from 60.21 million tonnes in March and up 7.5 million tonnes, or 14%, from 55.13 million tonnes in 2011-12.

US soy exports were projected at 36.74 million tonnes, up slightly from 36.61 million tonnes in March.

Brazil's projected soy production was 83.5 million tonnes, unchanged from March but up 17 million tonnes, or 26%, from the previous year, the USDA said. Exports were pegged at 36.75 million tonnes, down 4% from 38.4 million tonnes in March but up slightly from 36.32 million tonnes the previous year.

Argentina's projected soy production was 51.5 million tonnes, unchanged from March but up 11.4 million tonnes, or 28%, from 40.1 million tonnes in 2011-12. Argentina's exports were projected at 10.35 million tonnes, down 6% from 10.9 million tonnes in March but up 40% from 7.37 million tonnes in 2011-12.