Forecast Corn Exports Raised, Stocks/Use Lowest Since 1995/1996
20 February 2012
US - US corn exports were increased 50 million bushels this month due to adverse weather conditions in Argentina, boosting prospects for higher demand.
Corn imports are projected 5 million bushels higher, mostly reflecting strength in reported imports through November. As a result, ending stocks slip to 801 million bushels, down 45 million bushels from last month’s projection.
The stocks-to-use ratio is projected at 6.3 per cent, down from 6.7 per cent last month and the lowest level since 1995/96, when the stocks-to-use fell to 5.0 per cent.
Unlike in 1995/96, corn being held by farmers for delivery to ethanol plants is expected to account for a significant portion of 2011/12 ending stocks, making it more difficult to draw down ending year supplies.
Further Reading
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February 2012
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