January ‘10 USDA World Agriculture Supply and Demand Estimates
- ‘08/’09 Corn - Neutral
- No changes.
- ‘09/’10 Corn – Very Bearish
- Yields were increased 2.3 bushels to 165.2 pushing total production over 13.151 billion bushels. This was well above expectations.
- Feed use was estimated 150 million bushels higher due to high estimated takeaway in the September thru November period.
- Ending stocks were projected 89 million to 1.764 billion bushels or 49 days of use. This was a significant 150 million bushels above the average trade estimate.
- ‘08/’09 Soybeans – Neutral
- No changes.
- ‘09/’10 Soybeans - Neutral
- Yields were increased by 0.7 bushels to 44 bushels per acre leaving production estimates at 3.361 billion bushels.
- Exports were increased by 35 million bushels and crush was expanded by 15 million.
- Ending stocks were projected slightly lower by 10 million bushels to 245 million or an adequate 27 days of use.
- Other Markets – Bearish
- The domestic wheat ending stocks were revised due to a 50 million bushel reduction in ‘09/’10 exports and 20 million bushel reduction in feed use.
- The domestic winter wheat acreage estimate for the ‘10/’11 market year was estimated well below expectations at 37 million acres compared to 42 million in ‘09/’10. This frees up a significant amount of land to move into corn and soybeans this coming spring.
- International soybean production and stocks continue to be revised higher with increases in Brazil driving both higher this month.
http://usda.mannlib.cornell.edu/usda/current/wasde/wasde-01-12-2010.pdf