WASDE: U.S. Corn Outlook For Reduced Feed & Residual Use, Slightly Lower Food, Seed, & Industrial Use, & Increased Ending Stocks

Apr 10, 2018

COARSE GRAINS: This month’s 2017/18 U.S. corn outlook is for reduced feed and residual use, slightly lower food, seed, and industrial (FSI) use, and increased ending

stocks. FSI is lowered 5 million bushels, as a 10-million-bushel reduction in the amount of corn used for glucose and dextrose is partially offset by a 5-million-bushel increase in corn used for starch. Projected feed and residual use is lowered 50 million bushels to 5,500 million bushels based on indicated disappearance during the first half of the marketing year in the March 29 Grain Stocks report. With supply unchanged and total use declining, ending stocks are raised 55 million bushels. The projected range for the season-average corn price received by producers is unchanged at the midpoint with the range narrowed to $3.20 to $3.50 per bushel.

Global coarse grain production for 2017/18 is forecast 7.0 million tons lower than last month to 1,315.0 million. This month’s foreign coarse grain outlook is for lower production, consumption, trade, and stocks relative to last month. Argentina corn production is down based on reductions to both harvested area and yield. Yield results have been below expectations, while dry conditions are expected to increase the amount of corn harvested for forage or grazed. Brazil corn production is reduced reflecting expectations of lower second-crop corn area. If realized, the combined corn production of Argentina and Brazil for 2017/18 would be 14.5 million tons below the record reached in 2016/17. Other coarse grain production changes of note for 2017/18 include lower barley production for Belarus and reduced corn production for Paraguay, with corn production increases for Mexico and South Africa.

Major global trade changes for 2017/18 include lower projected corn exports for Brazil and Argentina, with reduced export competition from these countries expected to

impact the first half of the 2018/19 marketing year in the United States. Corn imports are lowered for Iran, Malaysia, Taiwan, Mexico, and Chile, with partially offsetting increases for Bangladesh and Turkey. Foreign corn ending stocks are lowered 2.8 million tons from last month, with the largest declines for Argentina, Paraguay, and Brazil.

Video: Why Port Infrastructure is Key to Growing Canada's Farms and Economy

Grain Farmers of Ontario (GFO) knows that strong, modern port infrastructure is vital to the success of Canada’s agriculture. When our ports grow, Ontario grain farmers and Canadian farms grow too—and when we grow, Canada grows.

In this video, we highlight the importance of investing in port infrastructure and how these investments are key to growing Ontario agriculture and supporting global trade. The footage showcases the strength of both Ontario’s farming landscapes and vital port operations, including some key visuals from HOPA Ports, which we are grateful to use in this project.

Ontario’s grain farmers rely on efficient, sustainable ports and seaway systems to move grain to markets around the world. Port investments are crucial to increasing market access, driving economic growth, and ensuring food security for all Canadians.

Why Port Infrastructure Matters:

Investing in Ports = Investing in Farms: Modernized ports support the export of Canadian grain, driving growth in agriculture.

Sustainable Growth: Learn how stronger ports reduce environmental impact while boosting economic stability.

Global Trade Opportunities: Improved port and seaway systems help farmers access new global markets for their grain.

Stronger Communities: Investment in ports means more stable jobs and economic growth for rural communities across Ontario and Canada.

We are proud to support the ongoing investment in port infrastructure and to shine a light on its vital role in feeding the world and securing a prosperous future for Canadian agriculture.

Special thanks to HOPA Ports for providing some of the stunning port footage featured in this video.