Feed and residual use of all feed grains through the current September-to-August marketing year 2009/2010 will total 144.3 million tons and account for 41 percent of total use, according to the report. Corn will account for about 92 percent of total grain feed and residual use.
The agency projects corn prices for the 2009/2010 marketing year at $3.35 to $4.15 per bushel, down 55 cents on both ends of the range from last-month’s forecast. The estimated average price for the current marketing year is $3.95 to $4.15 per bushel, down from a record $4.20 per bushel in 2007/2008.
USDA will make its first survey-based forecasts for corn and sorghum yields and production in its Aug. 12 Crop Production report.
The full report is available online from USDA.