Corn Supply and Use Outlook for 2013/14

On Friday of this week, the USDA will release the June I Grain Stocks and June Acreage reports that will affect both old and new crop corn and soybean prices.

In May, the USDA released its Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports, providing its first projection of 2013 U.S. corn, grain sorghum, wheat and soybean production, along with associated supply-demand balance sheets and prices for the “new crop” 2013/14 marketing year (MY).


Based on the March 28 Prospective Plantings report, USDA left corn planted acreage at 97.3 million acres for 2013, 100,000 acres more than last year. The USDA did lower its national yield estimate by 5.6 bu/acre from its trendline forecast of 163.5 bu/acre to 158 bu/acre due to the wet spring and late plantings.

The USDA projected that 2013 U.S. corn production would climb to a record high 14.140 billion bushels (bb), based on record high planted and harvested acreage of 97.3 and 89.5 million acres (ma), respectively, and an average U.S. corn yield of 158.0 bushels per acre (bu/ac).

Following from this projection of larger 2013 U.S. corn production (14.140 bb – up from 10.780 bb last  year) the USDA forecasted sizable increases of new crop-MY 2013/14 total supplies and use, also resulting in a sharp increase in both U.S.corn ending stocks, up to 2.0 billion bushels from 759 million bu. (mb) last year.

Stay tuned on Friday, June 28 for the latest information. Visit www.iowacornstalk.com.