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USA - Yield Gain Boosts Supplies as Tight December 1 Stocks Indicate Higher Feed and Residual Use

The National Agricultural Statistics Service\'s Crop Production 2012 Summary and January Grain Stocks reports revealed larger corn production this month and lower-thanexpected December 1 stocks, resulting in a sharply increased outlook for 2012/13 feed and residual use

January 24, 2013


The National Agricultural Statistics Service\'s Crop Production 2012 Summary and January Grain Stocks reports revealed larger corn production this month and lower-thanexpected December 1 stocks, resulting in a sharply increased outlook for 2012/13 feed and residual use.  Feed grain production for 2012/13 is estimated at 285.8 million tons, up 1.2 million from last month as higher estimated corn production more than offset lower sorghum output.  Feed grain ending stocks are forecast down 1.4 million tons to 18.1 million tons.  Corn production is estimated 55 million bushels higher, with harvested acreage slipping 346,000 acres, but the national average yield raised by 1.1 bushels per acre.  Projected 2012/13 corn ending stocks are lowered 45 million bushels, as a 200-million-bushel decrease in exports is more than offset by a 300-million-bushel increase in feed and residual use.  Corn export prospects are lowered by increased competition from South America and tight U.S. supplies as revealed by the December 1 stocks.  Ending stocks at 5.3 percent of projected usage will be the tightest since 1995/96.  The projected season average farm price is raised for sorghum and unchanged for corn, barley, and oats.   The December 1 stocks revealed very large sorghum use, boosting feed and residual 50 million bushels for the year, while tight supplies for the coming months reduce expected exports 35 million bushels.

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