A 1.9-bushel-per-acre increase in U.S. projected corn yield for 2017/18 raised production nearly 100 million bushels to 14.280 billion. Feed and residual use is raised 25 million bushels and food, seed, and industrial use is raised 10 million. Resulting ending stocks are projected up slightly at 2,340 million bushels. U.S. sorghum production was lowered as higher yields were offset by a reduction in acreage.
World 2017/18 coarse grain production is projected higher this month. Foreign corn production is up but is almost offset by reduced output of oats, rye, millet, and mixed grain. Trade year basis foreign coarse grain trade is reduced, led by lower Argentine, Russian, and Ukrainian exports. Coarse grain use is boosted for China but reduced for Vietnam.
Read the rest of the report here.
