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USDA Feed Outlook

15 January 2015

USDA Feed Outlook - January 2015USDA Feed Outlook - January 2015

Feed Outlook

U.S. corn supplies for 2014/15 are projected 196 million bushels lower this month following reductions in estimated production and carryin. A 2.4-bushel-per-acre drop in the estimated national average yield reduces 2014 production by 192 million bushels, despite a slight increase in area harvested for corn. Lower projected ending stocks and prices reported to date support a 15-cent increase in the projected 2014/15 farm price range midpoint to $3.65 per bushel.

The projected 2014/15 sorghum farm price range is up 30 cents at the midpoint to $3.80 per bushel supported by surging exports. The marketing year average sorghum farm price last rose above that for corn in 2006/2007. For the 2014/15 marketing year, exports are projected to utilize fully 58 percent of total sorghum supplies, the largest share on record back to 1975/76.

Global coarse grain production for 2014/15 is projected down 3.0 million tons this month to 1,272.3 million. The decline in U.S. corn production drives the reduced global forecast and offsets gains projected for coarse grain production in the EU, corn production in India, and barley production in Ethiopia.

Published by USDA Economic Research Service

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