The outlook for 2013-2014 U.S. feed grain supplies is lowered this month as delayed plantings reduce yield prospects for corn.
Corn production is projected 135 million bushels lower at 14.0 billion, with the average yield projected at 156.5 bushels per acre, down 1.5 bushels from last month. Forecast total use is down 70 million bushels to 12.9 billion.
Feed and residual use is lowered 125 million bushels to 5.2 billion, but industrial use is raised 55 million. The projected 2013/14 seasonaverage farm price for corn is raised $0.10 at both ends of the range to $5.20 to $4.40 per bushel, with a resulting midpoint of $4.80 per bushel.
Prices are also raised for sorghum, barley, and oats. For 2012-2013, corn imports and industrial use are increased, but exports are lowered, leaving forecast ending stocks up 10 million bushels. U.S. prices for old-crop corn are high compared with competitors, encouraging imports and discouraging exports. Brazil’s 2012/13 corn production is record large and raised again this month.