The U.S. feed grain balance sheet is unchanged from last month. The quarterly Stocks Report confirmed continued tight feed grain supplies as of March 1. The Prospective Plantings report pegged 2012 intended plantings of corn at 95.9 million acres, an increase of 3.9 million acres from 2011.
There are numerous, mostly offsetting changes this month to global coarse grain production and trade. Revised corn use for China for 2010/11 and 2011/12 combines to reduce corn ending stocks. China’s corn feed use for 2010/11 is increased 4 million tons to 128 million, reflecting strong demand for meat. However, China’s 2011/12 corn feed use is reduced 3 million tons to 131 million due to the strong increase in wheat feeding and ongoing animal disease problems, especially in pigs. These changes in use leave China’s projected ending stocks down 1 million tons to 57 million. Due to reduced production prospects, corn stocks are also reduced this month for Argentina, South Africa, and Mexico.