Corn used in ethanol production for 2014/15 is lowered 25 million bushels to 5,175 million, raising ending stocks by the same amount and increasing carryin to 2015/16. Barley ending stocks for 2014/15 are reduced on a slight increase in exports, and an increase in oats imports carries through to increase ending stocks. Price forecasts are unchanged for all four feed grains. Grain consuming animal units are projected higher for 2015/16 based on an increase in cattle feeding partly offset by lower layer and turkey production due to Highly Pathogenic Avian Influenza.
Global feed grain supplies for 2015/16 are projected higher this month as increased 2014/15 production (mostly increased second-crop corn in Brazil) and other supply and demand changes for 2014/15 boost 2015/16 beginning stocks. Increased stocks more than offset a small decline in 2015/16 production prospects. Small increases in projected coarse grain use and trade leave world ending stocks higher, especially for corn in Brazil. Global corn trade in 2015/16 is projected higher this month, mostly due to increased production and exports from Russia.
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Source: USDA