U.S. wheat carryover unchanged from August
WASHINGTON — The carryover of U.S. wheat on June 1, 2013, was projected at 698 million bus, unchanged from the August projection and down 45 million bus, or 6%, from 743 bus in 2012, the U.S. Department of Agriculture said in World Agricultural Supply and Demand Estimates this morning.
In its September Crop Production report, the U.S.D.A. forecast U.S. 2012 corn production at 10,727 million bus, down 52 million bus from 10,779 million bus forecast in August and down 1,631 million bus, or 13%, from 12,358 million bus in 2011.
In its WASDE, the U.S.D.A. projected the carryover of corn in the United States on Sept. 1, 2013, at 733 million bus, up 83 million bus, or 13%, from 650 million bus projected in August but down 448 million bus, or 38%, from an upwardly revised 1,181 million bus in the current year.
The U.S.D.A. forecast U.S. 2012 soybean production at 2,634 million bus, down 58 million bus, or 2%, from 2,692 million bus forecast in August and down 422 million bus, or 14%, from 3,056 million bus in 2011.
The U.S.D.A. projected soybean carryover on Sept. 1, 2013, at 115 million bus, unchanged from the August projection but down 15 million bus, or 12%, from the downwardly revised 130 million bus in the current year.
The U.S.D.A. 2013 carryover number for wheat was below the average of trade expectations, but the corn and soybean numbers were above the average. The 2012 U.S.D.A. corn production forecast was above the average of trade expectations while the soybean crop production forecast was slightly below the average.
Corn futures traded sharply lower after the report while wheat and soybean futures also were lower in early trading.
The U.S.D.A. did not issue new U.S. wheat production estimates for 2012. Those numbers will be updated in the Sept. 28 Small Grains Summary.
Check back later for the full Crop Production and WASDE stories.