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Feed Outlook: November 2014

Nov 18, 2014
The 2014/15 U.S. corn yield forecast is down 0.8 bushels per acre this month, but at 173.4 bushels per acre, the yield is still 5 percent above the previous record in 2009/10. The reduced yield puts the crop at 14,407 million bushels, down 68 million from last month’s forecast. Corn use projections are nearly unchanged, with a 25-million-bushel increase in projected corn use for ethanol mostly offset by a 20-million-bushel decline in corn used for other food and industrial use. The reduced production and small increase in projected use combine to cut ending stocks prospects 73 million bushels to 2,008 million, still the highest in 10 years. Both the high and low ends of the corn forecast 2014/15 price range are increased 10 cents for a new midpoint of $3.50 per bushel. Strong demand from China is increasing prospects for sorghum exports and prices, with the sorghum price range increased 20 cents at both ends, with a midpoint of $3.45 per bushel. 
 
World coarse grains production for 2014/15 is projected higher this month as increased prospects for the EU, Ukraine, and Mexico more than offset reductions for the United States and China. Global coarse grain stocks prospects are increased and are the highest in 15 years. 
 
Source: USDA