Projected U.S. 2016/17 corn food, seed, and industrial use (FSI) is raised 50 million bushels this month to 6,845 million, reflecting continuing strong ethanol production driven largely by robust exports to Brazil.
Feed grain balance sheets for 2016/17 are nearly steady this month, with the most significant changes a 25-million bushel increase in corn used for ethanol, a 50-million bushel cut in feed and residual use, and minor changes resulting from NASS stocks data.
Feed grain balance sheets for 2016/17 were nearly steady this month, with the most significant change a 5-million-bushel increase in sorghum used to produce ethanol and a corresponding decline in sorghum ending stocks.
USDA's National Agricultural Statistics Service raised the projected 2016/17 corn yield 1.9 bushels to 175.3 bushels per acre from last month's forecast, resulting in a 168- million-bushel gain in production to 15.2 billion bushels.
Corn planting intentions indicate a 6-percent increase in area for 2016. Harvested area is projected at 85.9 million acres. The 2016 trend yield, at 168.0 bushels per acre, is slightly less than the estimated yield a year earlier.
Forecast higher yields boost 2015/16 U.S. corn supplies to a near-record 15,415 million bushels. Corn for ethanol use is lowered 75 million bushels as it is displaced by sorghum, which has become more price-competitive.
Global corn production is raised this month for both 2014/15 and 2013/14. Ukraine's corn production prospects for 2014/15 are increased as recent trade data indicate a continued strong expansion in the use of imported hybrid seed.
USDA's National Agricultural Statistics Service (NASS) raised 2013 U.S. corn and sorghum yields in the September Crop Production report, boosting production for the two crops by a combined 118 million bushels.
The National Agricultural Statistics Service (NASS) Grain Stocks report estimated March 1 corn stocks at 5,399 million bushels, sending futures down more than $1.00 per bushel in the week following the release.
Projected corn feed and residual use for 2012/13 is boosted by 100 million bushels this month as imports are forecast to rise to a new high of 125 million bushels and exports are expected to fall to a 41-year low of 825 million bushels.