Feed Outlook

According to USDA's Feed Outlook, "Lower yields accounted for the decrease in corn production this month. The U.S. corn yield was down 1.7 bushels per acre to 153, pushing production down 150 million bushels to 13.2 billion, still the largest on record. Feed and residual use of corn is down, but exports are up from last month, and stocks are lower. Corn prices were raised this month because of decreased ending stocks and strong cash and futures prices.

Foreign coarse grains production for 2007/08 was projected higher this month, more than offsetting reduced U.S. corn prospects. Global coarse grains use was increased, leaving global stocks virtually unchanged. World coarse grains trade forecast for 2007/08 was increased this month and is expected to reach record-high levels despite record coarse grains prices and very high freight rates."