WASDE: Corn Inventories In Line With Expectations.

USDA WASDE Report Released February 9, 2012.

Corn Inventory As Experts Forecast.

COARSE GRAINS: U.S. feed grain ending stocks for 2011/12 are projected lower this
month as increases in corn and oats imports are more than offset by higher expected corn
exports. Projected corn and oats imports are raised 5 and 10 million bushels, respectively,
based on the strong pace of shipments during the most recently reported September-
November quarter. U.S. corn exports are projected 50 million bushels higher with reduced
supplies in Argentina and recent increases in both sales and shipments. Corn ending stocks
are projected 45 million bushels lower at 801 million. The projected range for the seasonWASDE-
503-2
average farm corn price is narrowed 10 cents on both ends of the range to $5.80 to $6.60
per bushel.

Global coarse grain supplies for 2011/12 are projected 3.1 million tons lower mostly reflecting
reduced corn production prospects in Argentina and, to a lesser extent, Paraguay. Argentina
corn production is lowered 4.0 million tons to 22 million as field reports confirm that high
temperatures and extensive dryness during pollination in late December and early January
resulted in irreversible damage to early corn in the central growing region. Late planted corn,
which has been on the increase in recent years, will help offset some of the earlier losses,
but additional rainfall is needed to stabilize production prospects. Corn production is lowered
0.4 million tons for adjacent Paraguay where hot, dry weather also reduced area and yields.
Partly offsetting are small corn production increases for EU-27 and the Philippines. Global
barley production is raised with Argentina production up 0.7 million tons on higher reported
area and yields for the crop that was harvested during late 2011.

Global coarse grain trade for 2011/12 is raised with higher corn imports for EU-27 and higher
barley imports for Saudi Arabia, EU-27, and Jordan. Partly offsetting is a reduction in corn
imports for Canada. Higher corn exports for a number of countries offset a 4.5-million-ton
reduction for Argentina. Along with the projected increase for the United States, corn exports
are raised 2.0 million tons for Ukraine, 0.5 million tons each for Brazil and EU-27, and 0.2
million tons for Russia. Barley exports are lowered 1.0 million tons for Ukraine, but raised
0.7 million tons for Russia, 0.5 million tons for Argentina, and 0.3 million tons each for
Canada, EU-27, and Kazakhstan.
Global coarse grain consumption for 2011/12 is raised slightly with higher barley feeding in
Ukraine and Jordan and higher corn feeding in Argentina and Ukraine. Corn feeding,
however, is lowered for Canada and barley feeding is lowered for Kazakhstan and Saudi
Arabia. Saudi Arabia is expected to rebuild stocks as world barley production has rebounded
from a 40-year low in 2010/11. Global coarse grain ending stocks for 2011/12 are lowered,
with a 2.8-million-ton reduction in corn stocks and a 0.6-million-ton reduction in barley stocks.
At the projected 125.4 million tons, global corn ending stocks would be the lowest since
2006/07.

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