USDA’s April Feed Outlook report, released April 13, raises projections for corn ending stocks for the 2009/2010 marketing year. March 1 stocks, according to the report, indicate lower feed and residual use than forecast earlier.
Feed and residual use is also lowered for sorghum and oats as the March 1 stocks indicated lower-than-expected disappearance during the December-February quarter.
Marketing year average prices received by farmers for corn, sorghum, and oats are unchanged this month, while all barley prices are increased slightly. World coarse grain beginning stocks and production for 2009/2010 are increased this month, boosting ending stocks, especially for corn in the United States and Brazil.
Corn exports for 2009/2010 are projected at 1,900 million bushels, unchanged from last month, but up 42 million from the previous year. Corn ending stocks for 2009/2010 are projected 100 million bushels higher at 1,899 million. This is up from 1,673 million bushels in 2008/2009. The season-average corn price projection is narrowed 5 cents on both ends of the range to $3.50-$3.70 per bushel, compared with $4.06 per bushel in 2008/2009.
Read the full report.