Grainnet Podcast With Chad Hart, Iowa State University Extension Economist, on May USDA Supply and Demand Report
Date Posted: May 10, 2013
Spring planting delays have been reflected in USDA's May 2013 World Agriculture Supply and Demand Report (WASDE), which cut the USDA's corn yield projected in February at 163 bushels per acre to 158 bushels. Total production is estimated at 14.14 billion bushels.
USDA estimates a 2 billion bushel carryout for the new crop, and raised the old crop carryout to 759 million based on lower exports.
The 2013 soybean crop is estimated at 3.39 billion bushels, with ending stocks at 265 million, and old crop ending stocks at 169 million.
2013 wheat production was estimated at 2.057 billion bushels, a 10% drop from 2012, based on harsh weather conditions. However, global production and stocks are expected both rise, pushing overall wheat prices down despite poorer US yields.
Perspectives on the report are provided by Dr. Chad Hart, grain marketing specialist at Iowa State University. (515-294-9911)