U.S.D.A. raises wheat and corn ending stocks

by FoodBusinessNews.net Staff
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WASHINGTON — The U.S. Department of Agriculture in its Nov. 10 World Agricultural Supply and Demand Estimates report raised U.S. 2009 carryover projections from October for wheat and corn and left unchanged its forecast for the soybean carryover.

Projected corn carryover on Sept. 1, 2009, was 1,124 million bus, up 36 million bus from the revised October forecast but down 500 million bus, or 31%, from 1,624 million bus in 2008.

Total U.S. corn supply in 2008-09 was projected at 13,659 million bus, down 14 million bus from October and down 739 million bus, or 5%, from 14,398 million bus the previous year. Total use was projected at 12,535 million bus in 2008-09, down 50 million bus from October and down 238 million bus from 2007-08. Feed and residual use was projected at 5,300 million bus, unchanged from October and down 674 million bus from the previous year. Food, seed and industrial use were projected at 5,335 million bus, unchanged from October and up 971 million bus, or 22%, from 4,364 million bus in 2007-08. Exports were projected at 1,950 million bus, down 50 million bus from October and down 536 million bus, or 22%, from 2,436 million bus in 2007-08.

World 2008-09 corn production was projected at 781.36 million tonnes, up 340,000 tonnes from October but down 10.6 million tonnes from 2007-08. Ending stocks were projected at 110.12 million tonnes, up 4.55 million tonnes from October and down 16.35 million tonnes from 2007-08.

Projected carryover of soybeans on Sept. 1, 2009, was 205 million bus, unchanged from both October and 2008. Total U.S. soybean supply in 2008-09 was projected at 3,133 million bus, down 17 million bus from October and down 127 million bus from 2007-08. Projected 2008-09 crushings were 1,745 million bus, down 15 million bus from October, while exports were projected at 1,020 million bus, unchanged from a month earlier.

Global 2008-09 soybean production was projected at 235.74 million tonnes, down 2.47 million tonnes from October but up 14.85 million tonnes from 2007-08. Ending stocks were projected at 55.06 million tonnes, down 280,000 tonnes from October but up 1.02 million tonnes from the previous year.

Expected wheat carryover on June 1, 2009, was projected at 603 million bus, up 2 million bus from October and up 297 million bus, or 96%, from 306 million bus in 2008.

Total U.S. wheat supply was projected at 2,905 million bus, unchanged from October and up 270 million bus from 2007-08. Total use in 2008-09 was projected at 2,302 million bus, down 2 million bus from October but down 28 million bus from a year earlier. Feed and residual use were projected at 260 million bus, unchanged from October and up 230 million bus from 2007-08. Food use of wheat was projected at a record 960 million bus, unchanged from October. Seed use of wheat was projected at 82 million bus, down 2 million bus from October and down 6 million from the previous year. Exports were projected at 1,000 million bus, unchanged from October and down 264 million bus from 2007-08.

Global 2008-09 wheat production was projected record large at 682.37 million tonnes, up 2.17 million tonnes from October and up 11% from 610.59 million tonnes in 2007-08. Ending stocks were projected at 145.25 million tonnes, up 840,000 tonnes from October and up 71.78 million tonnes, or 22%, from the previous year.

Global rice production was projected at a record 434.28 million tonnes, up 1.05 million tonnes from October.

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