USDA's June 1 Stocks confirms expected corn use
Feed and residual use in the second half of the 2011/12 marketing year is estimated at 1,183 million bushels, or only 26 percent of the 4,550 million bushels projected for the year. Except for 2010/11, this amount would be lower than that in any year, both in absolute and percentage terms, in the history maintained by USDA back to 1975.
Sorghum feed and residual for 2012/13 is projected 10 million bushels higher at 100 million bushels, as higher plantings increase supplies, especially in Texas and Kansas.
click image to zoomSources: USDA, Agricultural Marketing Service, Weekly Grain Market News, and USDA, Economic Research Service, Feed Grains Database.Figure 5. For 2011/12, sorghum feed and residual use is unchanged based on indications from the June 1 stocks. The July projection for barley feed and residual use is increased by 20 million bushels for 2012/13, reflecting increased supplies and strong demand for substitutes for corn.
Barley feed and residual is lowered 8 million bushels for 2011/12, reflecting the June 1 stocks estimate. For oats, the July 2012/13 projection for feed and residual use is lowered 10 million bushels, reflecting lower production. For 2011/12, ending stocks are estimated 3 million bushels lower, reflecting the June 1 stocks.
Grain consuming animal units (GCAUs) are increased for July. For 2012/13, higher inventory numbers for cattle on feed boosted GCAUs from 92.6 to 92.9. For 2011/12, GCAUs increased from 93.3 to 93.7 on higher poultry inventory.