Projected 2014/15 U.S. feed grain supplies are raised this month with higher production forecasts for corn, sorghum, barley, and oats. Corn production for 2014/15 is forecast  172 million bushels higher at a record 14,032 million bushels. The first survey-based corn yield forecast, at a record 167.4 bushels per acre, is up 2.1 bushels from last month’s trend-based projection. Sorghum production is forecast 19 million bushels higher with the forecast yield 3.0 bushels per acre higher than last month’s projection. Small yield increases also boost barley and oats production slightly.

Corn supplies for 2014/15 are projected at a record 15,243 million bushels with the increase in production partly offset by a 65-million-bushel reduction in beginning stocks. Corn use for ethanol and exports are raised 45 million bushels and 20 million bushels, respectively, for 2013/14, based on reported data to date. Projected corn use for 2014/15 is higher with use for ethanol and exports each raised 25 million bushels, and feed and residual disappearance 50 million bushels higher with the larger crop. Projected ending stocks for 2014/15 are raised slightly to 1,808 million bushels. The projected season-average farm price for corn is lowered 10 cents at both ends of the range to $3.55 to $4.25 per bushel.

 

Corn - Supply and Demand Estimates
 
 
Supply and Demand Estimates Apr. May June July Aug. Change Report
  Area Planted 95.4 91.7 91.7 91.6 91.6 0.0 Report
  Area Harvested 87.7 84.3 84.3 83.8 83.8 0.0 Report
  Yield per Acre 158.8 165.3 165.3 165.3 167.4 2.1 Report
  Beginning Stocks 821 1,146 1,146 1,246 1,181 -65 Report
  Production 13,925 13,935 13,935 13,860 14,032 172 Report
  Imports 35 30 30 30 30 0 Report
  Total Supply 14,781 15,111 15,111 15,136 15,243 107 Report
  Use: Feed and Residual 5,300 5,250 5,250 5,200 5,250 50 Report
  Use: Seed 6,400 6,435 6,435 6,435 6,460 25 Report
  Exports 1,750 1,700 1,700 1,700 1,725 25 Report
  Total Use 13,450 13,385 13,385 13,335 13,435 100 Report
  Ending Stocks 1,331 1,726 1,726 1,801 1,808 7 Report
REPORT THIS MONTH LAST MONTH DIFFERENCE
  Production 14,032 13,860 172
 
PRODUCTION 10 MONTHS 27 MONTHS THIS YEAR
Average 13,944 12,900 13,927
High 14,032 14,790 14,032
Low 13,860 10,706 13,843
 
 
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