WASHINGTON, D.C., U.S. — The U.S. Department of Agriculture (USDA) in its May 10 World Agricultural Supply and Demand Estimates projected 2013-14 global ending stocks of wheat at 186.38 million tonnes, up 6.21 million tonnes, or 3%, from 180.17 million tonnes estimated for the current year. It was the department’s initial projection for 2013-14. 

The USDA 2013-14 ending stocks projection was above the average trade expectation of 181.5 million tonnes. 

World wheat production for the next marketing year was projected at a record 701.1 million tonnes, up 45.46 million tonnes, or 7%, from 655.64 million tonnes in 2012-13. Global wheat consumption was projected at 694.89 million tonnes in 2013-14, up 20.05 million tonnes, or 3%, from 674.84 million tonnes this year. World wheat exports were projected at 143.32 million tonnes, up 5.94 million tonnes, or 4%, from 137.38 million tonnes in 2012-13. 

“Global 2013-14 wheat supplies are projected 3% higher than in 2012-13 with a 51.2-million-tonne increase in foreign production more than offsetting a 19.3-million-tonne reduction in global beginning stocks and lower forecast production in the United States,” the USDA said. 

World corn ending stocks in 2013-14 were projected at 154.63 million tonnes, up 29.2 million tonnes, or 23%, from the 125.43 million tonnes forecast for 2012-13. The 2013-14 corn ending stocks projection was above the average trade estimate of 125.8 million tonnes. 

World corn production for the next marketing year was projected at 965.94 million tonnes, up 108.82 million tonnes, or 13%, from 857.12 million tonnes in 2012-13. Global corn consumption was projected at 936.74 million tonnes in 2013-14, up 72.82 million tonnes, or 8%, from 863.92 million tonnes this year. World corn exports were projected at 104.62 million tonnes, up 15.59 million tonnes, or 18%, from 89.03 million tonnes in 2012-13. 

“World corn consumption is projected at a record 936.7 million tonnes, up 72.8 million from 2012-13 with foreign consumption up 41.5 million. Global corn ending stocks for 2013-14 are projected up 29.2 million tonnes on the year. At 154.6 million tonnes, stocks would be a 13-year high,” the USDA said. 

World soybean ending stocks for the next marketing year were projected at 74.96 million tonnes, up 12.5 million tonnes, or 20%, from 62.46 million tonnes in 2012-13. The 2013-14 projection was above the average trade expectation of 62.3 million tonnes. 

World soybean production for 2013-14 was projected at 285.50 million tonnes, up 16.39 million tonnes, or 6%, from 269.11 million tonnes in 2012-13. Global soybean consumption was projected at 270.18 million tonnes in 2013-14, up 11.44 million tonnes, or 4%, from 258.74 million tonnes this year. World soybean exports were projected at 107.12 million tonnes, up 10.91 million tonnes, or 11%, from 96.21 million tonnes in 2012-13. 

Soybean production in 2013-14 was projected at a record 85 million tonnes in Brazil, up 1.5 million tonnes from 83.5 million tonnes estimated in 2012-13. 

“Global soybean production is projected at 285.5 million tons, up 6% … The Brazil soybean crop is projected at a record 85 million tonnes as higher harvested area more than offsets lower yields,” the USDA said. 

Global rice carryover was projected at 107.84 million tonnes in 2013-14, up 2.41 million tonnes from 105.43 million tonnes in 2012-13. World rice production was projected at a 479.26 million tonnes, up 9.04 million tonnes from 470.22 million tonnes in 2012-13. Total use was projected at 476.84 million tonnes, up 6.89 million tonnes from 469.85 million tonnes in the current year.