USDA’s National Agricultural Statistics Service (NASS) raised 2013 U.S. corn and sorghum yields in the September Crop Production report, boosting production for the two crops by a combined 118 million bushels. The forecast corn crop is record-high at 13.8 billion bushels and the sorghum crop, at 396 million bushels, is the highest since 2008. The boost in 2013/14 supplies and projected ending stocks results in a $0.10-per-bushel reduction in corn and sorghum midpoint price forecasts to $4.80 and $4.50 per bushel, respectively. Projected corn use for the 2012/13 crop is up as corn used for ethanol increased 15 million bushels, partially offset by a 5-million decline in corn used for high fructose corn syrup (HFCS). Food, seed, and industrial (FSI) use is projected at 6.1 billion bushels. Feed and residual use is increased 25 million bushels to 4,475 million as a late new-crop harvest leaves users heavily dependent on available old-crop corn through August. Exports are raised 20 million bushels from last month’s projection based on shipment data, resulting in exports of 735 million bushels.
Carryout for 2012/13 is projected at 661 million bushels, down 58 million bushels from August.
World coarse grain production for 2013/14 is nearly unchanged this month as reduced foreign prospects offset increased U.S. production.
Download the full USDA ERS Feed Outlook report of 09.16.2013 from the link below [PDF].
