Podcast: Marty Foreman, Doane Agricultural Services, Analyzes the May USDA Supply-Demand Report
Date Posted: May 9, 2014
The U. S. Department of Agriculture has released its May World Agricultural Supply and Demand Estimate, which was friendly to the market for both old and new corn, and about what the market expected for old and new crop soybeans.
For 2013/14 corn, ending stocks were lowered to 1.146 billion bushels, a result of the USDA raising both export and ethanol use of old crop corn.
2014/15 corn production was projected at 13.965 billion bushels, slightly more than the old crop, with ending stocks at 1.726 billion bushels.
The 2013/14 soybean carryout was fixed at 130 million bushels, but with higher than expected exports and strong demand for soybean meal, USDA raised soybean imports from 65 million to 90 million bushels.
The 2014/15 soybean crop was project at 3.635 billion bushels, with a carryout of 330 million bushels.
Providing his perspective on the numbers is Marty Foreman, Doane Agricultural Services,314-569-2700.