IN ITS latest monthly world agricultural supply and demand estimates, the US Department of Agriculture (USDA) reported stocks of coarse grains, especially corn have risen, while supplies of other grains have mostly decreased. “Projected US feed grain supplies for 2010/11 are lowered with reduced carry-in and lower projected production,” said the report. “Beginning stocks for corn are projected 125 million bushels lower reflecting higher use in 2009/10. With forecast harvested area down, corn production is lowered 125 million bushels, leaving supplies down 250 million bushels and 60 million below the 2009/10 record. Exports for 2010/11 are projected 50 million bushels lower as tighter domestic supplies, strong demand from ethanol production, and rising prices reduce the export competitiveness of US corn.”
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