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Corn
The U.S. feed grain balance sheet for 2010-2011 is nearly unchanged this month. Projections for corn, sorghum and oats supplies, usage, and ending stocks are all unchanged. The projected marketing-year average farm price for corn is narrowed 10¢ on both ends of the range to $5.15-5.65/bu.
Global coarse grain supplies for 2010-2011 are projected 2.5 million tons lower this month with lower corn beginning stocks and reduced corn, barley, sorghum and oats production. Global corn beginning stocks are lowered 0.6 million tons with upward revisions to Brazil exports and India feeding in 2009-2010.
Global 2010-2011 corn production is reduced 0.5 million tons as lower production in Mexico and India is partially offset by higher production in Brazil. Brazil corn production for 2010-2011 is raised 2.0 million tons reflecting higher reported area and yields in the summer crop and expectations for increased area for the winter crop with government planting dates extended for crop insurance and loan programs. Mexico corn production is reduced 2.0 million tons as the unusual early February freeze destroyed standing corn crops across much of the northwest winter corn region, which normally accounts for about one-fourth of the country’s total corn production. Replanting is expected to offset some of the loss, but seasonally high temperatures in the coming months limit the growing season window.
Global 2010-2011 coarse grain imports are raised this month as increases for corn and sorghum more than offset a reduction for barley. Corn imports are raised 1.1 million tons for Mexico with the lower production outlook. Corn imports are raised 1.0 million tons for EU-27 on stronger expected feeding. A 0.5-million-ton reduction for Russia corn imports is partly offsetting. Increased corn feeding in EU-27 is more than offset by reductions in feeding in Russia and lower food, seed and industrial use in India and Mexico. Projected global corn ending stocks are raised slightly.
