World 2013-14 wheat ending stocks up slightly

by Laura Lloyd
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WASHINGTON – The U.S. Department of Agriculture in its Aug. 12 World Agricultural Supply and Demand Estimates projected 2013-14 global ending stocks of wheat at 172.99 million tonnes, up slightly from the July projection of 172.38 million tonnes but down about 1% from 174.42 million tonnes estimated for 2012-13.

World wheat production for 2013-14 was projected at a record 705.38 million tonnes, up 7.58 million tonnes from July and up 50.11 million tonnes, or 8%, from 655.27 million tonnes in 2012-13. Global wheat consumption was projected at 706.81 million tonnes, up 6.92 million tonnes from July and up 26.39 million tonnes, or 4%, from 680.42 million tonnes in 2012-13. World wheat exports were projected at 154.01 million tonnes, up 4.88 million tonnes from July and up 15.3 million tonnes, or 11%, from 138.71 million tonnes in 2012-13.

“Global wheat supplies for 2013-14 are raised 7.5 million tonnes with increases in production for several of the world’s largest exporters pushing world production to a record 705.4 million tonnes. Production is raised 2.8 million tonnes for the European Union with the biggest increases for Spain, France and Germany, and smaller increases for Romania, Bulgaria and Hungary. Production is raised 2.5 million tonnes for Kazakhstan where abundant spring and summer rainfall is supporting prospects for strong yields, much as in the adjoining spring wheat areas of Russia,” the U.S.D.A. said.

World corn ending stocks in 2013-14 were projected 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 United States, corn production is lowered for Mexico, the European Union, Russia and Serbia,” the U.S.D.A. said. “Partly offsetting are increases for Ukraine, India, and Turkey… Global corn consumption for 2013-4 is projected 2.3 million tonnes lower. Reduced U.S. feed and residual use is only partly offset by increases for South Korea, Ukraine, and Egypt.”

World soybean ending stocks for the next marketing year were projected at 72.27 million tonnes, down 1.85 million tonnes from July but up 10.1 million tonnes, or 16%, from 62.22 million tonnes in 2012-13.
World soybean production for 2013-14 was projected at 281.72 million tonnes, down 4.17 million tonnes from July but up 14.14 million tonnes, or 4%, from 267.58 million tonnes in 2012-13. Global soybean consumption was projected at 268.72 million tonnes in 2013-14, down 1.81 million tonnes from July but up 11.05 million tonnes, or 5%, from 257.70 million tonnes this year. World soybean exports were projected at 107.40 million tonnes, up 190,000 tonnes from July and up 10.36 million tonnes, or 11%, from 96.64 million tonnes in 2012-13.

Soybean production in 2013-14 was projected at a record 85 million tonnes in Brazil, unchanged from July and up 3 million tonnes from 2012-13.

Global rice carryover was projected at 107.47 million tonnes in 2013-14, up 2.65 million tonnes from 104.82 million tonnes in 2012-13. World rice production was projected at 477.93 million tonnes, up 8.98 million tonnes from 468.95 million tonnes in 2012-13. Total use was projected at 475.28 million tonnes, up 6.33 million tonnes from 468.95 million tonnes in the current year.

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