Lower feed use, exports mean higher US corn ending stocks

U.S. corn ending stocks for 2012-13 are projected at 757 million bushels, showing an increase of 125 million bushels from the previous month. The latest figures were part of the United States Department of Agriculture's World Agricultural Supply and Demand Estimates report, released on April 10.
The increase in corn stocks was largely reflected in a projected 125 million bushel decline in corn feed and residual disappearance.
"Feed use wasn't quite as great as many had anticipated," said USDA chief economist Joe Glauber during a USDA broadcast report.
Corn exports were also projected at 25 million bushels lower at 800 million bushels, which Glauber noted is the lowest they have been since 1972-73. The adjusted export projections reflect the continued sluggish pace of sales and shipments, as well as more competition from South America and other nations.
The World Agricultural Production report, also released by the USDA on April 10, forecast Brazilian corn production at a record 74 million tons, up 1.5 million tons from the previous month and up 1 million tons from the previous record set a year ago. The forecast does not reflect any increases in acreage, but yield estimates were increased because of consistent rains since late February.
Also mentioned in the World Agricultural Production report was an upward adjustment of corn production in the European Union, which is now at 56.1 million tons, up 1.4 million tons from the previous month's projections. Those increases were specifically reported in Poland, Hungary and Spain.