Delayed planting and persistent rain in the Western Corn Belt and Northern Plains resulted in a 1.5-bushel-per-acre decline in the projected corn yield for the 2013-2014 feed grain crop this month, lowering feed grain production by 3.4 million tons to 372.4 million. Projected feed grain supplies are 397.3 metric tons, 3.1 million tons below last month’s forecast.
Supplies are nevertheless the highest since 2009-2010 and 77.4 million tons over the 2012-2013 estimate. Total projected use for 2013-2014 is lowered 1.8 million tons from last month to 344.1 million as a reduction in feed and residual use more than offsets higher forecast food, seed and industrial (FSI) use.
Projected exports are unchanged for 2013-2014. Forecast ending stocks are lowered 1.4 million tons this month to 53.2 million tons.
For 2012-2013, feed grain supplies are raised 0.7 million tons to 319.9 million due to higher forecast imports. FSI is raised 1.7 million tons to 160.2 million on increased corn use for ethanol production. Ending stocks edge up 0.3 million tons to 22.2 million, still the lowest since 1995-1996.