December 13, 2010
US corn imports seen at five million bushels
US corn imports are raised to five million bushels with record production reported for Canada.
US feed grain supplies for 2010/11 are almost unchanged as a small increase in corn imports is offset by a reduction in barley imports both reflecting feed grain production changes for Canada this month.
US corn ending stocks are raised accordingly. Barley imports are lowered five million bushels with lower production in Canada and the slow pace of imports to date. US barley food, seed, and industrial use is lowered the same amount as domestic beer consumption remains weak slowing demand for malting barley. The projected marketing-year average price received by US corn producers is unchanged this month at US$4.80 to US$5.60 per bushel. Farm prices for barley and oats are both projected slightly lower based on prices received by producers to date.
Global coarse grain production for 2010/11 is increased 3.4 million tonnes with corn production up 2.2 million tonnes, barley production up 0.6 million tonnes, and oats production up 0.4 million tonnes. India corn production is raised 1.0 million tonnes as the extended monsoon increased late-season soil moisture for the summer corn crop. The same conditions boosted harvested area for millet, adding 0.3 million tonnes to India production. Australia barley and oats production are raised 1.9 million tonnes and 0.5 million tonnes, respectively, both on higher reported yields. The latest official statistics from Canada indicated mostly offsetting production changes for coarse grains. Canada corn production is raised 0.7 million tonnes as favorable weather boosted corn yields in Ontario and Quebec. Canada barley production is lowered 0.6 million tonnes with lower area and yields in the western prairies. Corn production is raised 0.5 million tonnes for Ukraine and 0.4 million tonnes for EU-27. Small offsetting reductions are made this month for Paraguay corn, Ukraine barley and oats, and Russia barley and rye.
Global 2010/11 coarse grain trade is lowered slightly mostly reflecting reduced corn imports by Mexico as feeding there is projected lower. Corn exports are lowered 0.8 million tonnes for Serbia, but raised 0.5 million tonnes and 0.2 million tonnes, respectively, for India and Canada. Barley exports are lowered 0.4 million tonnes for Canada, but raised 0.3 million tonnes for Australia. Reduced corn feeding for Mexico and Serbia is mostly offset by increases for India, South Africa, and Canada. Global corn ending stocks are projected 0.8 million tonnes higher with larger stocks in EU-27 and Serbia partly offset by smaller stocks in South Africa and Mexico.
