Grainnet Podcast: Chip Flory of ProFarmer Analyzes the USDA's June 12 Crop Production and Supply-Demand Reports
Date Posted: June 12, 2013
USDA June WASDE report forecast a 14 billion bushel 2013 corn crop, down from the May estimate, but based on a slightly lower yield, and not because of any reduction in acreage. The expected carryout was projected at 1.9 billion bushels, a 15% stocks to use ratio. Also of significance, the USDA reduced its forecast of exports for the 2012 crop, but slightly raised the estimate for ethanol use.
USDA's projection for new crop soybeans did not contain any balance sheet changes for supply and demand, however minor changes were made in the old crop balance sheet to maintain the minimal carryover.
The June Crop Production Report allowed USDA to update its projection for hard red winter wheat, and the estimate for that crop was raised, based on the larger number of heads per foot being produced this year.
Providing analysis of the USDA's estimates is Chip Flory, Editor of the ProFarmer Newsletter (319) 268-4353.
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