Thursday, March 6, 2014 -Grain Speaker-Kurt Soupir
USDA lowered 2013/14 corn carryout from 1.631 in Jan to 1.481 in Feb billion bushels on 1.456 March 10. • Exports were raised 25mb and subsequently carryout was lowered 25mb… • Feed/residual, at 5.3bb, remains nearly 1.0bb larger than a year ago with animal consuming units near last year’s numbers. • The residual may eventually find its way to the carryout or other demand lines. • USDA left the 2013/14 US soybean carryout at 145mb. They raised imports, raised exports and left residual unchanged. • Wheat marketing year carryout was unchanged from last month at 558 mb. Exports were unchanged at 1.175bb.
U.S. corn use projections: Corn-based ethanol expansion slows Feed use Ethanol Exports Billion bushels
Total world grain & oilseeds Stocks-to-use ratio 1 Oilseeds = soybeans + rapeseed + sunflowers
Total world grain & oilseeds Production Index: 1970 = 100 2013 increase was 7.8 % 43-year trend is a 1.8 % annual increase Oilseeds = soybeans + rapeseed+ sunflowers