USDA Feed Outlook

U.S. 2015/16 corn exports are projected down 50 million bushels to 1,750 million. The very slow pace of shipments in October and November support a reduced forecast even though U.S. export quotes have become more competitive in recent weeks and export sales are expected to increase. Brazil has been exporting corn at a record pace this fall. Projected 2015/16 world coarse grain production, use, and ending stocks are reduced slightly this month, but forecast global ending stocks are still the largest in 28 years.

U.S. domestic demand for corn is relatively robust, with an increase in projected corn use for ethanol of 25 million bushels due to recent production trends. While the U.S. corn farm price forecast is unchanged this month with a midpoint of $3.65 per bushel, the sorghum midpoint price forecast is down 10 cents to $3.50 per bushel. This reflects interior cash quotes that have a significant discount for sorghum relative to corn where most of the sorghum is grown.

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Source: USDA