August 15, 2013
World corn ending supply declines in 2013-14
The August 12 World Agricultural Supply and Demand Estimates (WASDE) of the USDA projected 2013-14 corn global ending stocks at 150.17 million tonnes, down 800,000 tonnes from 150.97 million tonnes in July but up 27.04 million tonnes, or 22%, from the 123.11 million tonnes forecast for 2012-13.
World corn production was projected at 957.15 million tonnes, down 2.69 million tonnes from July but up 98.37 million tonnes, or 11%, from 858.78 million tonnes in 2012-13. Global corn consumption was projected at 930.09 million tonnes in 2013-14, down 2.34 million tonnes from July but up 62.02 million tonnes, or 7%, from 868.07 million tonnes this year. World corn exports were projected at 104.02 million tonnes, up 170,000 tonnes from July and up 10.33 million tonnes, or 11%, from 93.69 million tonnes in 2012-13.
"Global 2013-14 corn production is lowered 2.7 million tonnes (from July). In addition to the US, corn production is lowered for Mexico, the EU, Russia and Serbia," the USDA said. "Partly offsetting are increases for Ukraine, India, and Turkey… Global corn consumption for 2013-4 is projected 2.3 million tonnes lower. Reduced US feed and residual use is only partly offset by increases for South Korea, Ukraine, and Egypt."
