USDA Feed Outlook

Corn Yield Increase Boosts Supply

The August survey-based corn yield forecast is 2.0 bushels per acre above the July trendbased projection. Corn production for 20156/16 is forecast at 13.7 billion bushels, up 156 million this month. Sorghum, barley, and oats production is also increased this month.

Projected 2015/16 corn domestic use is increased, with food, seed, and industrial use up 40 million bushels and feed and residual up 25 million. This is partly offset by a 25-millionbushel
reduction in export prospects caused by increased competition. U.S. corn ending stocks are forecast up 115 million bushels to 1,713 million. The season-average farm price is projected down 10 cents this month, with a midpoint 10 cents lower than the forecast for 2014/15.

World 2015/16 coarse grain production is projected slightly higher this month, with a small reduction in global corn output more than offset by increased sorghum and barley harvests. Projected global coarse grain use is little changed, leaving 2015/16 ending stocks up 5.4 million tons to 227.4 million.

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Source: USDA