WASHINGTON, D.C., U.S. — The U.S. Department of Agriculture (USDA) in its Aug. 12 World Agricultural Supply and Demand Estimates forecast the carryover of U.S. wheat on June 1, 2014, at 551 million bushels, down 25 million bushels, or 4%, from 576 million bushels as the July projection and down 167 million bushels, or 23%, from 718 million bushels on June 1, 2013. 

The USDA 2014 wheat carryover projection was below the average trade expectation of 572 million bushels. 

The USDA forecast 2013 U.S. all-wheat production at 2.114 billion bushels, unchanged from the July projection but down 155 million bushels, or 7%, from 2.269 billion bushels in 2012, based on harvested area projected at 45.7 million acres and yield at 46.2 bushels an acre, the same as July. 

U.S. wheat imports in 2013-14 were projected at 130 million bushels, unchanged from July and up 7 million from 2012-13. Total supply was projected at 2.962 billion bushels, unchanged from July, and down 172 million bushels, or 5%, from 3.134 billion bushels in 2012-13. 

Total 2013-14 domestic use of wheat was projected at 1.311 billion bushels, unchanged from July, but down 98 million bushels, or 7%, from 1.409 billion bushels in 2012-13. Wheat used for food in 2013-14 was forecast at 958 million bushels, unchanged from July and up 1% from 945 million bushels in 2012-13. Seed use was seen at 73 million bushels, unchanged from July. Feed and residual use at 280 million bushels was unchanged from July and down 110 million bushels, or 28%, from 390 million bushels in 2012-13. 

Exports were projected at 1.1 billion bushels, up 25 million bushels, or 2%, from 1.075 billion bushels projected in July and up 93 million bushels, or 9%, from 1.007 billion bushels in 2012-13. Total use was projected at 2.411 million bushels, up 25 million bushels, or 1%, from 2,386 million bushels in July but down slightly from 2.416 million bushels in 2012-13. 

The all-wheat average price for 2013-14 was projected at $6.40-$7.60 a bushel, down from $6.45-$7.75 as the July forecast and compared with $7.77 a bushel in 2012-13. 

The carryover of hard red winter wheat on June 1, 2014, was forecast at 197 million bushels, down 12 million bushels from the July projection and down 43% from 2013. The soft red winter wheat carryover was forecast at 111 million bushels, down 2 million from July and down 13 million bushels from 2013. The hard red spring wheat carryover was forecast at 170 million bushels, down 11 million bushels from July but up 5 million bushels from 2013. The white wheat carryover was forecast at 51 million bushels, down 2 million bushels from the previous projection and down 12 million bushels from 2013. The durum carryover was forecast at 23 million bushels, up 3 million from July and the same as in 2013. 

The U.S. corn carryover on Sept. 1, 2014, was projected at 1.837 billion bushels, down 122 million bushels from the July projection but up 1.118 billion bushels, or 155%, from a downwardly revised 719 million bushels in 2013. The USDA 2014 U.S. corn carryover was below the average trade expectation of 1.97 billion bushels. 

The USDA projected 2013 U.S. corn production at a record 13.763 billion bushels, down 187 million bushels from the July forecast but up 28% from 10.78 billion bushels in 2012. The corn harvested area was forecast at 89.1 million acres, and the average corn yield was forecast at 154.4 bushels per acre. 

The U.S. soybean carryover on Sept. 1, 2014, was projected at 220 million bushels, down 75 million bushels, or 25%, from the July projection but up 95 million bushels, or 76%, from 125 million bushels in 2013. The 2014 USDA soybean carryover number was above the average trade forecast of 263 million bushels. 

The USDA projected 2013 U.S. soybean production at 3.255 billion bushels, down 165 million bushels from the July forecast but up 240 million bushels, or 8%, from 3.015 billion bushels in 2012. The harvested area was forecast at 76.4 million acres, and the average soybean yield was forecast at 42.6 bushels an acre. 

U.S. rice carryover on Aug. 1, 2014, was projected at 30.4 million cwts, up 1.8 million, or 6%, from 28.6 million cwts in July but down 4 million cwts, or 12%, from 34.6 million cwts in 2013.