Projected 2011-2012 world ending stocks reduced

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According to the USDA's Feed Outlook report, global coarse grain ending stocks for 2011/12 are projected down 0.6 million tons this month to 157.9 million, as increased forecast use exceeds the production increase. Corn stocks are forecast down 0.8 million tons to 124.5 million, sorghum is down 0.2 million to 4.2 million, oats are down 0.1 million tons to 3.5 million. Rye stocks are down slightly, but millet is up 0.4 million tons to 0.9 million and barley is up 0.2 million tons to 22.2 million.

EU corn ending stocks are reduced 0.5 million tons this month due to increased feed use. South Africa’s corn ending stocks are also cut 0.5 million tons and Ecuador’s stocks are trimmed 0.1 million mostly due to reduced production prospects. Peru’s expected corn ending stocks are reduced 0.1 million tons as reduced beginning stocks and strong use more than offset increased imports. Partly offsetting are increased corn stocks expected this month for Argentina, up 0.25 million tons, and for India, up 0.2 million, based on higher beginning stocks.

Sorghum 2011/12 ending stocks are reduced slightly this month for Sudan, with reduced beginning stocks on lower 2010/11 imports; for Australia, with increased exports; for India, due to lower production; and for Colombia, with lower beginning stocks. Oats stocks in Canada are trimmed by increased exports. Large millet production in India is boosting expected stocks. Most of the increased global barley stocks are in Iran, which is appears to be increasing imports to boost stocks.

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