There were no changes in U.S. corn, sorghum, or barley supply-and-use estimates this month. The strong pace of shipments from Canada is reflected in a 5-million3 bushel increase in U.S. oats imports. Oats use is unchanged and ending stocks are forecast 5 million bushels higher than last month.
The midpoint of the projected range for the 2011/12 corn price received by farmers is unchanged this month, but the range is narrowed by 10 cents on both the high and low ends to $5.90 and $6.50 per bushel. The projected range for the sorghum farm price is also narrowed by 10 cents on both the high and low ends to $5.80 and $6.40 per bushel. The high end of the barley price range was lowered 10 cents per bushel, resulting in a 5-cent decline in the midpoint to $5.35 per bushel. The lower end of the oats price range was increased 10 cents per bushel, resulting in an increase in the midpoint to $3.45 per bushel.