Higher Stocks and Production Boost Feed Grain Supply
U.S. feed grain supplies for 2011/12 are projected higher this month, with higher beginning stocks and production for corn. The June Grain Stocks report indicated lowerthan- expected March-May corn use for 2010/11, boosting projected corn carryin for 2011/12 by 150 million bushels. The June Acreage report increased planted acreage relative to March intentions and the previous month’s projection, boosting 2011/12 projected corn production 270 million bushels. Corn supplies for 2011/12 are projected 420 million bushels higher. Forecast 2011/12 prices were lowered for all four feed grains. With corn price prospects reduced, domestic use is projected up 145 million bushels as increased feed and residual and ethanol use more than offset small reductions for starch and high fructose corn syrup (HFCS). U.S. corn exports are increased 100 million bushels, mostly due to increased demand from China. Increased U.S. corn supplies more than offset higher use, leaving projected 2011/12 ending stocks up 175 million bushels.
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