Total U.S. corn use for 2012/13 is raised this month with higher expected feed and residual
disappearance more than offsetting lower projected exports. Feed and residual disappearance is
projected 75 million bushels higher, in part reflecting higher expected September-December
disappearance with the expected rise in early new-crop usage during the 2011/12 marketing year.
Exports for 2012/13 are projected 50 million bushels lower with increased competition from lowerpriced
South American supplies. Ending stocks for 2012/13 are projected 83 million bushels higher
at 733 million. The projected range for the corn season-average farm price is lowered 30 cents on
both ends of the range to $7.20 to $8.60 per bushel.
Global coarse grain supplies for 2012/13 are projected 4.0 million tons lower despite higher
beginning stocks of corn in the United States and barley in Canada. Reduced corn production
prospects for EU-27, Serbia, and Canada add to the decline in the United States to reduce world
corn output 8.0 million tons. Higher barley production for EU-27 and Canada mostly offset
reductions in oats, barley, rye, and millet production in Russia. Corn production is lowered 4.4
million tons for EU-27 with yield reductions for France, Italy, Romania, and Hungary as extended
drought and heat in August further reduced production prospects across southern Europe. Serbia
production is also lowered 1.2 million tons reflecting the same adverse weather conditions. Canada
corn production is lowered 1.1 million tons based on the latest survey results from Statistics Canada.
Global 2012/13 corn exports are lowered 1.8 million tons this month with the largest reduction for the
United States. Corn exports are also lowered for Serbia and EU-27. Partly offsetting these
reductions is a 1.0-million-ton increase for Brazil exports. Lower barley exports from Russia are
more than offset with increases for Canada, Ukraine, and EU-27. Foreign coarse grain consumption
is lowered mostly on lower corn usage. Corn feeding is lowered 4.0 million tons for the EU-27, 1.0
million tons for Canada, and 0.4 million tons for Serbia. Corn feeding is raised 0.8 million tons for
Egypt. Barley feeding is raised 1.0 million tons for EU-27, 0.9 million tons for Canada, and 0.2
million tons for Iran. Barley feeding is lowered 0.5 million tons for Ukraine, and 0.2 million tons for
Russia. Global corn ending stocks are projected 0.6 million tons higher with the increase for the
United States partly offset by a reduction for Brazil.