WASHINGTON — Soybean stocks continue to tighten as corn heads in the opposite direction, according to the Sept. 12 world agricultural supply and demand estimates.

The U.S. Department of Agriculture projected U.S. oilseed production for 2013-2014 at 93.2 million tons, down three million from last month’s estimate due to lower soybean, cottonseed and peanut production.

Soybean production is projected at 3.149 billion bushels, down 106 million due to lower yield prospects, especially in the western Corn Belt. The soybean yield is forecast at 41.2 bushels per acre, down 1.4 from last month.

Soybean exports are reduced 15 million bushels to 1.37 billion, reflecting reduced supplies and increased competition from South America.

Soybean crush was reduced 20 million bushels to 1.655 billion, reflecting lower projected soybean meal exports and domestic soybean meal consumption.

Soybean ending stocks for the current marketing year are projected at 150 million bushels, down 70 million from last month.

Other changes for 2013-2013 include includes reduced soybean oil production and exports.

The 2012-2013 supply and demand estimates include a five-million-bushel increase in soybean imports to a record 40 million and a five-million-bushel increase in crush.

Ending stocks for 2012-2013 remain unchanged at 125 million bushels. The stocks-to-use ratio is 4.04 percent, the tightest since 1964-1965.

The U.S. season-average soybean price is projected at $11.50 to $13.50 per bushel, up $1.15 on both ends of the range.

Soybean meal prices are projected at $360 to $400 per short ton, up $55 at the midpoint. Soybean oil prices are projected at 43 to 47 cents per pound, down one cent at the midpoint as large global vegetable oil supplies pressure prices.

U.S. feed grain supplies for 2013-2014 are projected higher this month as forecast increases in corn and sorghum production more than offset declines in projected beginning stocks for the same crops.

Corn production is forecast 80 million bushels higher at a record 13.8 billion bushels. The national average corn yield is forecast at 155.3 bushels per acre, up 0.9 bushels from last month.

Higher yields for the Central Plains and across the south more than offset yield reductions for Iowa and North Dakota.

Corn supplies for 2013-2014 are projected 18 million bushels higher due to increased production. However, projected imports are reduced 5 million bushels, and beginning stocks are down 58 million bushels on lower imports and higher use projections for 2012-2013.

Projected corn use for 2013-2014 is unchanged. Ending stocks for 2013-2014 are projected 18 million bushels higher.

The projected season-average farm price for corn was lowered 10 cents at both ends of the range to $4.40 to $5.20 per bushel.

Total corn use for 2012-2013 was projected 55 million bushels higher. Corn used in the production of ethanol was raised 15 million bushels based on stronger-than-expected August ethanol production as indicated by weekly ethanol production data from the Energy Information Administration.

Partly offsetting is a five-million-bushel reduction in corn used for sweeteners.

The USDA raised corn exports by 20 million bushels based on the latest information from the U.S. Bureau of Census and August grain inspections.

Projected feed and residual use was increased 25 million bushels, reflecting the limited amount of new-crop corn available for use before Sept. 1 due to delayed 2013 crop maturity.

The 2012-2013 season-average farm price for corn is lowered five cents per bushel from the midpoint of last month’s projected range with the lower prices reported for July and August.

At $6.90 per bushel, the 2012-2013 price remains a record and well above the previous record of $6.22 per bushel in 2011-2012.

Projected U.S. wheat supplies for 2013-2014 were increased 10 million bushels with higher expected imports from a larger wheat crop in Canada.

U.S. trade and food use changes by wheat class largely reflect higher projected exports by Canada.

Hard red spring wheat imports were raised 10 million bushels, and durum imports are raised five million bushels. Partly offsetting is a five-million-bushel reduction in projected soft red winter wheat imports.

Food use was raised 10 million bushels for HRS wheat and lowered 10 million bushels for hard red winter wheat.

HRS wheat exports were lowered 10 million bushels, reflecting increased competition from Canadian spring wheat.

HRW wheat exports were raised an offsetting 10 million bushels on the strong pace of sales and shipments in recent weeks.

Projected all wheat ending stocks were raised 10 million bushels.

The projected range for the 2013-2014 season-average farm price is narrowed 10 cents on each end of the range to $6.50 to $7.50 per bushel, well below the 2012-2013 record of $7.77 per bushel.

The USDA also reported on the latest global corn, soybean and wheat balance sheets. Global oilseed production for 2013-2014 is projected at 495.1 million tons, up two million from last month.

Gains in foreign production more than offset lower forecasts for the U.S. Global soybean production is projected almost unchanged at a record 281.7 million tons as larger crop forecasts for Brazil and Paraguay mostly offset reductions for the U.S., Canada, China and Russia.

Soybean production for Brazil is forecast at a record 88 million tons, up three million on increased area. Recent price strength and a weaker real are expected to provide incentives for soybean producers to increase area by 4 percent from last year.

Soybean production for China is reduced 0.3 million tons to 12.2 million on lower yields, resulting from excess rainfall and flooding in the northeast. If realized, this would be China’s smallest soybean harvest since 1992-1993.

Little change is expected for global soybean trade in 2013-2014 as lower exports for the U.S. and Argentina are offset by higher exports by Brazil and Paraguay.

Global oilseed stocks are projected at 81.2 million tons, up 0.5 million as gains for rapeseed and sunflower seed more than offset lower soybean stocks.

Global coarse grain supplies for 2013-2014 are projected 0.5 million tons lower, mostly reflecting lower foreign corn production.

Foreign 2013-2014 corn production was lowered 2.5 million tons with reductions for Argentina, Canada, Serbia and Paraguay. Reductions for Argentina and Paraguay reflect smaller expected areas for crops that have yet to be planted.

Foreign corn beginning stocks for 2013-2014 were raised one million tons, mostly with an increase in 2012-2013 Brazil production.

Global 2013-2014 corn consumption was lowered with reductions in corn feeding in Argentina, Canada and Serbia more than offsetting an increase for South Korea where wheat feeding is reduced this month.

Global corn ending stocks for 2013-2014 are projected 1.3 million tons higher with larger stocks in Brazil and the U.S.

Global 2013-2014 wheat supplies were raised three million tons with increased production more than offsetting lower beginning stocks.

World wheat production is projected at a record 708.9 million tons, up 3.5 million this month. Higher production in Canada, the European Union and the FSU-12 more than offsets reductions for Iran and Paraguay.

Production was raised two million tons for Canada as cool July weather supported flowering and reproduction and abundant soil moisture and favorably warm, dry weather in August aided grain fill and maturity across the Prairie Prov inces.

With global consumption down slightly, higher production boosts projected global ending stocks 3.3 million tons. World wheat stocks now are expected to increase during 2013-2014.