In its WASDE, the USDA projected the carryover of corn in the United States on Sept. 1, 2013, at 733 million bushels, up 83 million bushels, or 13%, from 650 million bushels projected in August but down 448 million bushels, or 38%, from an upwardly revised 1.181 billion bushels in the current year.
The USDA forecast U.S. 2012 soybean production at 2.634 billion bushels, down 58 million bushels, or 2%, from 2.692 billion bushels forecast in August and down 422 million bushels, or 14%, from 3,056 million bus in 2011.
The USDA projected soybean carryover on Sept. 1, 2013, at 115 million bushels, unchanged from the August projection but down 15 million bushels, or 12%, from the downwardly revised 130 million bushels in the current year.
The USDA 2013 carryover number for wheat was below the average of trade expectations, but the corn and soybean numbers were above the average. The 2012 USDA corn production forecast was above the average of trade expectations while the soybean crop production forecast was slightly below the average.
Corn futures traded sharply lower after the report while wheat and soybean futures also were lower in early trading.
The USDA did not issue new U.S. wheat production estimates for 2012. Those numbers will be updated in the Sept. 28 Small Grains Summary.
