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WASDE - Corn

Mar 10, 2010

COARSE GRAINS:  U.S. feed grain supplies for 2009/10 are

projected slightly lower with a downward revision in

estimated corn production and a reduction in projected

barley imports.  Corn production is lowered 20 million

bushels based on updated estimates of yields for Illinois and

Minnesota, and harvested area for Michigan.  U.S. corn

production remains a record at the revised estimate of 13.1

billion bushels.  U.S. corn exports are lowered 100 million

bushels as larger foreign supplies increase competition. 

U.S. corn ending stocks for 2009/10 are projected 80 million

bushels higher with the downward revision in production

more than offset by reduced export prospects. 

The projected 2009/10 marketing-year average farm price

for corn is lowered 20 cents on the top end of the range to

$3.45 to $3.75 per bushel.  Projected farm prices are also

lowered for sorghum and oats.  The all barley farm price is

projected higher at $4.40 to $4.60 per bushel compared with

$4.25 to $4.55 per bushel last month.  Farmer marketings of

higher priced malting barley make up a larger-than-normal

share of total barley sales, compared with feed barley,

boosting the weighted average price for all barley.

Global coarse grain supplies for 2009/10 are projected 5.7

million tons higher this month mostly reflecting larger global

corn supplies.  Coarse grain beginning stocks are raised 1.0

million tons with more than half of the increase from corn as

an upward revision for 2008/09 production in Argentina and

lower 2008/09 exports for South Africa boost world corn

carryin for 2009/10.  World coarse grain production for

2009/10 is raised 4.7 million tons with higher corn and

sorghum production more than offsetting lower barley, rye,

and mixed grain output. 

World corn production for 2009/10 is raised 5.9 million tons

with Argentina production increased 3.8 million and South

Africa production increased 2.0 million.  Harvested area and

yield are raised for both countries as abundant soil moisture

and lack of stressful heat during the past month supported

crops through critical stages of development.  Partly

offsetting is a 0.5-million-ton reduction for India corn and the

lower U.S. corn production estimate.  Global sorghum

production is raised 0.6 million tons with increases for

Argentina and India outweighing a reduction for Australia. 

Global barley production is lowered 1.2 million tons with

reductions for China, Argentina, and Mexico.  Lower world

rye and mixed grain production reflect reductions for EU-27.

Global coarse grain imports and exports for 2009/10 are

largely unchanged, but major shifts among exporters mostly

reflect larger corn supplies in Argentina and South Africa. 

Corn exports are raised 2.5 million tons for Argentina and

1.0 million tons for South Africa.  Corn exports are also

raised 0.5 million tons for India.  Mostly offsetting are corn

export reductions of 1.0 million tons for Brazil and 2.5 million

tons for the United States.  Global corn exports are raised

0.7 million tons, but a 0.6-million-ton reduction in global

barley exports is nearly offsetting.  Barley exports are

lowered for EU-27 and Argentina.  Global consumption of

coarse grains and corn, in particular, are little changed,

raising ending stocks with the increase in production.  Global

corn ending stocks for 2009/10 are projected 6.1 million tons

higher with increases in most of the worldÂ’s major corn

exporting countries, including the United States, Argentina,

South Africa, and Brazil.