USDA projects second-largest soybean crop in 2013

WASHINGTON Feb 11 (Reuters) - U.S. growers this year will harvest the second-largest soybean crop on record, 3.335 billion bushels, thanks to large plantings and assuming return to normal yields, the Agriculture Department projected on Monday.

The projections were based on conditions at the end of 2012. They will be updated at USDA's annual Outlook Forum at the end of this month.

Following are USDA's projections for production and use in the 2013/14 marketing year, with comparisons with USDA estimates for 2011/12 and 2012/13. Ending stocks for 2012/13 are USDA February estimate; beginning stocks for 2013/14 are based on conditions in late 2012.

U.S. soybean production and demand

Soybeans (Mln bu) 2011/12 2012/13 2013/14

Plant (mln ac) 75.0 77.2 76.0

Harvest (mln ac) 73.8 76.1 75.1

Yield (bu/ac) 41.9 39.6 44.4

Begin stocks 215 169 140

Crop 3,094 3,015 3,335

Imports 16 20 15

Total supply 3,325 3,204 3,490

Crushings 1,703 1,615 1,655

Exports 1,362 1,345 1,515

Seed 90 89 N/A

Residual 1 30 N/A

Seed and residual N/A N/A 135

Total use 3,155 3,080 3,305

End stocks 169 125 185

Avg farm price ($/bu) 12.50 14.30 11.35

USDA's projections are on the Internet at