USDA’s final 2013 U.S. corn and soybean production numbers are out Friday and Allendale expects USDA to increase the crop size for corn, while putting out a smaller figure for beans.
Allendale estimates corn at a record 14.083 billion bushels, up 94 million from November, with a larger average yield, from 160.36 bushels per acre to 161.44, and a big jump in quarterly and ending stocks. As of December 1, 2013, U.S. corn stocks are expected to be 10.900 billion bushels, compared to 8.003 billion on December 1, 2012, and Allendale pegs 2013/14 ending stocks at 1.902 billion bushels, compared to 1.792 billion in December’s report.
Soybeans are projected at 3.251 billion bushels, 7 million less than the previous guess, with a modest reduction to average yield, from 43.04 bushels per acre to 42.95, and a solid rise in quarterly stocks against tighter ending stocks. Quarterly soybean stocks are estimated at 2.171 billion bushels, compared to 1.966 billion a year ago, and 2013/14 ending stocks are seen at 132 million bushels, compared to 150 million last month.
Allendale sees new crop winter wheat planted area at 44.593 million acres, compared to 43.090 million for old crop. By type, hard red winter is seen at 30.517 million acres, soft red winter is estimated at 10.400 million acres, and white winter is projected at 3.676 million acres, all above a year ago. Quarterly wheat stocks are expected to be around 1.306 billion bushels, compared to 1.671 billion last year, and 2013/14 ending stocks are pegged at 559 million bushels, compared to 575 million a month ago.
The reports are out Friday, January 10 at Noon Eastern/11 AM Central.
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