This month’s 2021/22 U.S. corn supply and use outlook is for increased food, seed, and industrial use, larger exports, and smaller stocks relative to last month.
Corn used for ethanol is raised 25 million bushels to 5.350 billion, based on data through January from the Grain Crushings and Co-Products Production report and weekly ethanol production data as reported by the Energy Information Administration for the month of February. Exports are raised 75 million bushels to 2.500 billion, reflecting expectations of sharply lower exports from Ukraine.
The projected season-average farm price is raised 20 cents to $5.65 per bushel.
Global coarse grain production for 2021/22 is forecast 1.5 million tons higher to 1,498.9 million. This month’s foreign coarse grain outlook is for larger production, lower trade, and greater ending stocks relative to last month.
Foreign corn production is forecast modestly higher with increases for India and Russia that are partly offset by declines for Argentina and South Africa. India corn production is higher with increases to both area and yield. Argentina corn production is lowered as higher indicated area is more than offset by a reduction in yield. South Africa corn production is down reflecting lower yield prospects.
Corn exports are raised for the United States and India but reduced for Ukraine. Imports are lowered for Egypt, Algeria, Turkey, Israel, India, and Bangladesh. Barley exports are raised for Australia and Canada but reduced for Ukraine.
Foreign corn ending stocks are higher, mostly reflecting increases for Ukraine, India, and Russia that are partly offset by reductions for Argentina, South Africa, and Bangladesh. Global corn ending stocks, at 301.0 million tons, are down 1.3 million from last month.
