Feed Outlook: Imports and production advance, boosting supply

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U.S. feed grain supplies for 2012/13 are projected slightly higher this month, with corn production forecast 19 million bushels higher and sorghum production forecast up by 4 million bushels. The forecast U.S. corn and sorghum yields are increased 0.3 bushels per acre and 0.9 bushels per acre, respectively, to 122.3 bushels/acre and 51.1 bushels/acre. Total U.S. corn supplies for 2012/13 are projected up 45 million bushels, but remain at a 9-year low. Tight corn supplies due to drought are expected to result in record-high prices, which will ration demand and lower use. Corn use is projected 17 million bushels higher with increases in food, seed, and industrial use. Ending stocks are forecast up 28 million bushels to 647 million bushels, the lowest since 1995/96. Projected 2012/13 world coarse grain supplies, use, and ending stocks are increased slightly this month. U.S. projected 2012/13 corn exports are unchanged this month despite a slow start as competitors’ shipments are expected to slow later in the year.

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