U.S. balance sheets for corn and sorghum are unchanged this month in the monthly WASDE report. The projected season-average farm prices for corn and sorghum are unchanged this month at $3.75 to $4.25 per bushel and $3.65 to $4.15 per bushel, respectively. The barley season-average price is projected at $3.95 to $4.15 per bushel, narrowed and lowered from $3.85 to $4.35 per bushel last month based on prices received by farmers to date. The projected oats farm price range is narrowed 15 cents on each end to $2.40 to $2.60 per bushel.
World coarse grain supplies for 2007/08 are projected higher this month. Global coarse grain production was raised 4.3 million tons with a 3.9-million-ton increase for corn and a 0.4-million-ton increase for barley. Brazil corn production is raised 3 million tons on higher summer crop yields and larger winter crop area. Adequate rainfall and little heat stress during the summer crop's growing season pushed yields above trend. For the winter crop, a timely dry out in February and higher prices boosted plantings. A return to more normal rainfall patterns since planting has supported early crop development. India corn production is also raised 0.5 million tons on official government estimates as favorable weather raised yields, more than offsetting a reduction in harvested area. Corn production is raised 0.4 million tons for the Philippines, in line with government statistics. Sorghum production for Australia is raised 0.3 million tons as abundant soil moisture supports improved yield prospects for what is expected to be a record crop. Sorghum production for India is reduced an offsetting 0.3 million tons based on government estimates of lower area.
Global coarse grain consumption is raised 0.8 million tons with increases for sorghum and barley feeding more than offsetting a small reduction for corn feeding. Higher sorghum feeding in the EU-27 and higher barley feeding in Australia and the United States account for most of the feeding increase. Among the larger feed changes this month are increases for EU- 27 corn and sorghum and an increase for Egypt corn.
The largest feeding reductions are for corn in India and Mexico. Global corn ending stocks for 2007/08 are projected 2.1 million tons higher with most of the increase in Brazil.
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