Feed Outlook: February 2012

Overview

U.S. 2011/12 corn exports are increased 50 million bushels this month to 1.7 billion as lower production prospects in Argentina reduce competition in global markets. U.S. corn supplies are projected up slightly due to increased imports, but the larger increase in exports leaves ending stocks down. Global corn trade is up, supported by increased imports by the EU. World coarse grain production is forecast lower mostly due to a 4.0- million-ton reduction in projected corn production in Argentina. With world coarse grain use projected nearly unchanged, global ending stocks decline.