June WASDE Report Corn 2011-2012 STOCKS
Wheat U.S.
ENDING
Ending stocks for corn remained unchanged in June at 851 million bushels despite trade expectations stocks would decrease slightly from May. USDA bumped corn use for ethanol by 50 million bushels for the marketing year, but then also offset corn exports with a 50 mb decline. Tight domestic supplies and increased competition, particularly from Brazil, are also expected to reduce U.S. export prospects for corn during the summer. While keeping ending stocks the same, USDA also kept the average price for corn unchanged for the year with a range from $5.95 to $6.25 a bushel. 2012-2013 STOCKS
U.S.
ENDING
U.S. corn ending stocks for 2012-13 did not change from the May report, sticking at 1.881 billion bushels. The range estimate for was wide, but overall was projected a 140-millionbushel lower. WORLD PRODUCTION AND ENDING STOCKS World corn ending stocks for 2011-2012 were increased slightly to 129.19 million metric tons from the 127.56 from mmt reported in May. WASDE also increased the 2012-13 word corn stocks to 155.74 mmt, up from May numbers by 3.4 mmt. 26
2011-2012 STOCKS
U.S.
ENDING
Projected U.S. wheat ending stocks were lowered by 40 million bushels, which is 29 mb lower than the average trade estimates. Along with lower stocks, WASDE also projected a 10 mb increase in food use and a 30 mb increase in exports for 2011- 12. The increase in food use stems from higher milling reports earlier this year from the North American Millers’ Association. Overall, WASDE projected all U.S. wheat production at 2.234 billion bushels, down 10 mb with lower forecast winter wheat production. 2012-2013 STOCKS
U.S.
ENDING
Ending stocks are projected at 694 million bushels, down 41 mb from the May estimate. This too is lower than pre-report estimates which had only pegged a 7 million bushel dip from the May numbers. Large production declines are expected in hard-red winter wheat states such as Nebraska and Colorado. With reduced supplies and expected higher prices, feed residual use is lowered by 10 million bushels. WORLD PRODUCTION AND ENDING STOCKS Old-crop wheat were lowered by 1.44 million metric tons from May figures to 195.56 mmt for June. New crop wheat ending stocks were also low-
Idaho Farm Bureau producer / JuLY 2012
ered by 2.37 million metric tons to 185.76 mmt. New crop decreases primarily came from former Soviet Union countries, including Russia. US Wheat Production Winter Wheat production is forecast at 1.68 billion bushels, down 1 percent from the May 1 forecast but 13 percent above 2011. Based on June 1 conditions, the United States yield is forecast at 47.3 bushels per acre, down 0.3 bushel from last month but 1.1 bushels more than last year. Expected area for har-
vest as grain or seed totals 35.6 million acres, unchanged from May 1. Hard Red Winter, at 1.02 billion bushels, is down 1 percent from a month ago. Soft Red Winter production is up slightly from last month and now totals 428 million bushels. White Winter production totals 231 million bushels, down 1 percent from last month. Of this total, 14.1 million bushels are Hard White and 217 million bushels are Soft White.
e e y r r F ta o N
At all county Farm Bureau offices for Idaho Farm Bureau Family of Member Services members.
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