Feed grain balance sheets nearly unchanged

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Projected 2014/15 corn yield and production are unchanged this month as emergence reached 92 percent on June 8, ahead of the average for the previous 5 years. Early-season crop conditions are also the best in several years, particularly in the Corn Belt. The only supply changes for 2014/15 were in barley and oats.

Projected feed grain supplies are 403.3 million metric tons, up slightly from last month due to a slight bump in beginning stocks caused by adjustments in 2013/14 barley and oats trade. Forecast feed grain supplies are 7.7 million tons higher than the 2013/14 estimate. Forecast use is unchanged from last month and 7.3 million tons lower than last year. This month’s small change in forecast 2014/15 ending stocks reflects the 37,000-ton increase in carrying from 2013/14. 

For 2013/14, estimated feed grain supplies are raised slightly on larger sorghum, barley and oat imports. Exports of barley increased and oats slipped, but otherwise, supply-and-use projections are unchanged, resulting in an increase in ending stocks of just 37,000 tons. 

See full USDA report here

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