World 2011/12 corn production is forecast up 8.5 million tons this month to a record 868 million tons, mostly due to a large increase in China’s production based on recently published government estimates. Global ending stocks are boosted 6 million tons to 127 million, down just 1 million from the previous year.
U.S. feed grain supplies are increased slightly this month due to an increase in forecast oats imports from Canada, where supplies are plentiful. Expected corn use is down 5 million bushels due to reduced prospects for use in sweeteners. These changes are reflected in higher ending stocks. Sorghum export prospects are reduced due to very slow export sales, and feed and residual is raised. Forecast prices received by farmers are lowered for corn, sorghum, and barley.
Download the complete USDA ERS Feed Outlook (12.13.201) from the link below [pdf]