Projected U.S. corn exports are raised 125 million bushels to 1,725 million due to the strong pace of export sales and shipments. Corn ending stocks are reduced by the same amount to 1,331 million bushels. Forecasts for corn food, seed, and industrial use and feed and residual use were unchanged. The midpoint of the corn price is raised 10 cents to $4.60 per bushel in response to export demand and tighter ending stocks.
On the strength of the export pace and volume of outstanding sales, sorghum exports are boosted by 20 million bushels over last month’s forecast. Sorghum feed and residual use and food, seed, and industrial use are reduced by 15 million and 5 million bushels, respectively, as export markets attracted sorghum supplies away from biorefinery and feed use in the first half of the marketing year. Higher projected use of barley and oats lowers ending stocks for each grain. Prospective 2014 plantings for all four feed grains are reported down, but harvest intentions are up slightly for hay.
World corn trade in 2013/14 is projected up 3 percent this month to a record 116.5 million tons. Ample supplies and attractive prices are supporting import demand for corn. Global corn production is raised to a record 973.9 million tons, with increases of 2.0 million tons for Brazil and 1.0 million tons for South Africa. However, projected world consumption is increased more than production, reducing global corn ending stocks slightly.
Source: USDA/ERS – Feed Outlook