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USDA Feed Outlook

13 February 2015

USDA Feed Outlook - February 2015USDA Feed Outlook - February 2015

Feed Outlook

Corn Use for Ethanol Production Increases

A 75-million-bushel increase in forecast 2014/15 corn use for ethanol boosts expected supplies of distillers’ grains reducing the outlook for feed and residual use and leaves ending stocks 50 million bushels lower this month. There are no changes to supplies this month. Exports and other food, seed, and industrial categories were also unchanged.

Higher reported cattle inventories increase grain consuming animal units. The midpoint of the projected range for the corn price received by farmers is unchanged at $3.65 per bushel. Surging sorghum exports to China lift the 2014/15 export projection to 300 million bushels, the highest level since 1989/90. Exports are projected to utilize fully 64 percent of available sorghum in the current marketing year.

World coarse grain production and beginning stocks boost 2014/15 supplies this month, but increased projected use leaves forecast ending stocks little changed. Corn trade for 2014/15 is increased mostly due to larger exports for Argentina and Ukraine.

Published by USDA Economic Research Service

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