U.S. corn use for 2013/14 is projected higher with increases for food, seed, and industrial use and for exports. Corn used in ethanol production is projected 50 million bushels higher reflecting the strong pace of weekly ethanol production since mid-October. Exports are also projected 50 million bushels higher based on the pace of sales to date and higher expected global consumption. Projected U.S. ending stocks are lowered 95 million bushels.
Although soybean production remains unchanged, 2013/14 supplies are raised 10 million bushels on stronger-than-expected early season soybean imports. Soybean exports are increased 25 million bushels to 1.475 billion reflecting record commitments (shipments plus outstanding sales) through November. Soybean crush is raised 5 million bushels to 1.690 billion as strong foreign demand for soybean meal, led by the European Union and Southeast Asia, more than offsets a reduction in domestic soybean meal use.