USDA reports the world is set to consume more grain than it produces this marketing year.
The Ag Department projects consumption of wheat, coarse grain including corn, and milled rice at 2.284 billion metric tons, compared to production of 2.241 billion. Still, thanks to ending stocks, total supply is pegged at 2.708 billion metric tons, but that’s only an estimate and still leaves little margin for error.
World wheat ending stocks for the 2012/13 marketing year are seen at 176.64 million metric tons, compared to 176.95 million in December. Production is estimated at 654.31 million metric tons, compared to 655.11 million a month ago due to lowered expectations for Argentina, Russia, and the dozen smaller former Soviet states. Domestic feed use was raised slightly to 132.76 million metric tons, while exports were lowered modestly to 131.97 million.
2012/13 global corn ending stocks are projected at 115.99 million metric tons, compared to 117.61 million last month. Production is seen at 852.30 million metric tons, compared to 849.09 million a month ago thanks to increased expectations for the U.S., Argentina, and Brazil cancelling out decreased projections for Southeast Asia and the dozen smaller former Soviet states. Domestic feed use was hiked nearly 7 million metric tons to 521.71 million, while exports were cut about 1.5 million to 89.77 million metric tons.
2012/13 world soybean ending stocks are seen at 59.46 million metric tons, compared to 59.93 million a month ago. At this time, production is expected to total 269.41 million metric tons, compared to 267.72 million last month on bigger projections for the U.S. and Brazil against a smaller estimate for Argentina. Domestic crush was raised 1.3 million metric tons to 232.44 million and exports were increased 50,000 to 98.90 million metric tons.