USDA has lowered its forecast of the U.S. corn stockpile for five months in a row and the current estimate, of 1.33 bln bu, is down 29 pct from November, when growers were harvesting a record-large crop, writes economist Darrel Good of U-Illinois. Exports, corn-for-ethanol and livestock feed use all are up.
“Based on current and expected consumption rates, it appears that corn consumption during the current marketing year could exceed the most recent USDA projection,” writes Good at farmdocdaily. “The magnitude of those stocks will take on a little more importance due to the projected decline in corn acreage this year and what appears will be a slow start to the planting season.”