WASHINGTON, D.C., U.S. — The U.S. Department of Agriculture in its July 11 World Agricultural Supply and Demand Estimates projected 2013-14 global ending stocks of wheat at 172.38 million tonnes, down 8.87 million tonnes, or 5%, from the June projection, and down 2.09 million tonnes, or 1%, from 174.47 million tonnes estimated for 2012-13.

World wheat production for 2013-14 was projected at 697.8 million tonnes, up 1.94 million tonnes from June and up 42.55 million tonnes, or 6%, from 655.25 million tonnes in 2012-13. Global wheat consumption was projected at 699.89 million tonnes, up 5.41 million tonnes from June and up 19.63 million tonnes, or 3%, from 680.26 million tonnes in 2012-13. World wheat exports were projected at 149.13 million tonnes, up 5.01 million tonnes from June and up 10.84 million tonnes, or 8%, from 138.29 million tonnes in 2012-13.

“Global wheat supplies for 2013-14 are lowered 3.5 million tonnes reflecting lower projected beginning stocks as world production rises 1.9 million tonnes,” the USDA said. “Higher 2012-13 feed use in China accounts for most of the reduction in beginning stocks with smaller increases in domestic consumption for Pakistan, Russia and Iran adding to the decline in 2012-13 global carryout.”

World corn ending stocks in 2013-14 were projected at 150.97 million tonnes, up 27.4 million tonnes, or 22%, from the 123.57 million tonnes forecast for 2012-13.

World corn production was projected at 959.84 million tonnes, up 104.79 million tonnes, or 12%, from 855.05 million tonnes in 2012-13. Global corn consumption was projected at 932.43 million tonnes in 2013-14, up 71.35 million tonnes, or 8%, from 863.91 million tonnes this year. World corn exports were projected at 103.85 million tonnes, up 13.95 million tonnes, or 16%, from 89.90 million tonne in 2012-13.

“Global corn consumption is down 2.6 million tonnes (from June) with half of the reduction in the United States,” the USDA said. “Corn consumption is also lowered for Indonesia. Global corn ending stocks for 2013-14 are projected at 151 million tonnes, down 0.9 million, with reductions for Brazil and China. World corn stocks are expected to be the highest since 2001-02.”

World soybean ending stocks for the next marketing year were projected at 74.12 million tonnes, up 12.6 million tonnes, or 16%, from 61.52 million tonnes in 2012-13.

World soybean production for 2013-14 was projected at 285.89 million tonnes, up slightly from June and up 17.87 million tonnes, or 7%, from 268.02 million tonnes in 2012-13. Global soybean consumption was projected at 270.53 million tonnes in 2013-14, up 11.68 million tonnes, or 5%, from 258.85 million tonnes this year. World soybean exports were projected at 107.21 million tonnes, up 10.81 million tonnes, or 11%, from 96.39 million tonnes in 2012-13.

Soybean production in 2013-14 was projected at a record 85 million tonnes in Brazil, unchanged from June and up 3 million tonnes from 2012-13. Global rice carryover was projected at 108.02 million tonnes in 2013-14, up 2.64 million tonnes from 105.38 million tonnes in 2012-13. World rice production was projected at a 478.69 million tonnes, up 8.84 million tonnes from 469.85 million tonnes in 2012-13. Total use was projected at 476.06 million tonnes, up 6.78 million tonnes from 469.28 million tonnes in the current year.