FEED OUTLOOK October 13, 1999 October 1999 FDS-1099 Approved by the World Agricultural Outlook Board --------------------------------------------------------------------------- FEED OUTLOOK is issued 11 times a year by the Economic Research Service, U.S. Department of Agriculture, Washington, DC 20036-5831. Electronic release only; no published copies are available. FEED OUTLOOK is supplemented by an annual FEED YEARBOOK. The yearbook summary for 1999 was released on April 26, 1999. Yearbooks are available in print from ERS-NASS Order Desk. For the 1999 issue, call 1-800-999-6779 (703-605-6220) and ask for stock #ERS-FDS-1999, $21. --------------------------------------------------------------------------- HIGHLIGHTS o 1999 Corn Production Increased from Last Month, Prices Weakened o Sorghum and Barley Production Raised from Last Month, Oats Lowered o Hay Production Record Large, Prices Continue Weak o U.S. 1999/2000 Corn Export Forecast Raised FEED GRAIN SUPPLY INCREASES FROM LAST MONTH U.S. feed grain production in 1999 is forecast at 264 million metric tons, up about 2 million from a month ago and down nearly 8 million from 1998. Feed grain supply in 1999/2000 is forecast at 317.8 million tons, up 1 percent from last month, and up nearly 2 percent from 1998/99. Beginning stocks are up from last month, and up 35 percent from the previous year. Year over year increases in supply will exceed a slight increase in use in 1999/2000. Total feed grain use is projected at 262 million tons, up 1.5 million from 1998/99. Domestic use is projected to increase 1 percent from the 205 million expected in 1998/99. Feed and residual use in 1999/2000 is expected to total 153.4 million metric tons, down 1 percent from last month. On a September-August marketing year, feed and residual use for the four feed grains plus wheat in 1999/2000 is projected to total 162 million tons, up from 1998/99's 159 million. Corn is estimated to account for 86 percent of feed and residual use in 1999/2000, down from 88 percent in 1998/99. The projected index of grain consuming animal units (GCAU) for 1999/2000 is the same as 1998/99's 88.5 million units. Feed and residual used per GCAU in 1999/2000 is 1.83 tons, up 2 percent from 1998/99. However, 1998/99's 1.79 tons per GCAU was the lowest since 1995/96. In the index components for 1999/2000, GCAU's for dairy, hogs, and cattle are down and those for poultry are up. Larger broiler production forecast for 2000 offset the declines in red meat production. CORN PRODUCTION FORECAST RAISED FROM LAST MONTH Corn production in 1999 is forecast at 9,467 million bushels, up 86 million from last month and down 3 percent from 1998. Harvested acreage was reduced 30,000 acres this month because of flooding in the Southeast. The average corn yield is forecast at 133.5 bushels per acre, compared with last month's 132.2 bushels and the actual 1998 yield of 134.4 bushels. If realized, this would be the third highest yield ever, trailing last year and the 138.6 bushels per acre in 1994. Forecast corn use in 1999/2000 is unchanged from last month as exports offset reduced feed and residual. Corn exports for 1999/2000 were increased 75 million bushels to 1,925 million, reflecting strong early-season sales. Corn used in the production of high fructose corn syrup (HFCS) and ethanol was unchanged this month for 1999/2000 and reduced for 1998/99. For all of 1998/99, corn used to produce HFCS was up 3 percent from 1997/98. Corn used to make glucose and dextrose was down 4 percent and starch use was down 2 percent. Corn used to make ethanol was up 9 percent from the prior year, but large stocks caused producers to cut back during June-August. In spite of higher prices for gasoline and MTBE (a competing oxygenate and octane booster), ethanol prices have remained weak because of large stocks. For 1999/2000, ethanol production is expected to increase 5 percent from last year. With increased corn supplies in 1999/2000 leading to higher ending stocks, prices are lower. The forecast price for 1999/2000 is $1.65-$2.05 per bushel, down from last month's $1.75-$2.15. In 1998/99, the season average price received by farmers is expected to be $1.95. SORGHUM CROP TO INCREASE IN 1999/2000 Sorghum production in 1999 is forecast at 580 million bushels, up marginally from last month because of higher expected yields. Production is up nearly 12 percent from 1998's 520 million bushels. Yields are forecast at 68.3 bushels per acre, up 0.1 bushel from last month and 1 bushel above last year. Record high yields are expected in Louisiana, Mississippi, and Texas. The forecast price for sorghum in 1999/2000 is $1.40-$1.80 per bushel, down from $1.50-$1.90 last month, and approximately 85 to 88 percent of the corn price. In the 1997/98 marketing year, prices received by farmers for sorghum averaged 91 percent of the corn price. Projected prices for 1998/99 are $1.70 per bushel, which would be 87 percent of the expected corn price. BARLEY PRODUCTION DECREASES Barley production for 1999 is estimated at 284 million bushels, up 1.5 million from the September 10 forecast, but down 19 percent from 1998. Yields averaged 59.5 bushels per acre, down 1 percent from last year. The area harvested for grain is estimated at 4.78 million acres, down 1 percent from the last forecast and 19 percent less than a year ago. This is the lowest harvested acreage since 1900. North Dakota continued as the top barley producing State, followed by Montana, Idaho, Washington, and Colorado. Total supplies in 1999/2000 are forecast up marginally from last month but 8 percent below 1998/99. Total barley use in 1999/2000 is forecast up 5 million bushels from last month but down 34 million bushels from last year because of a smaller supply and stronger prices. Total use was raised from last month because feed and residual disappearance during June through August was stronger than expected. Ending stocks are down 2 million bushels from last month and down nearly 6 percent from 1998/99. Prices received by farmers for barley in 1999/2000 are expected to average $1.80-$2.20 per bushel, the same as last month. With production down in States that tend to produce malting barley, the spread between malting barley and feed barley has been wider than normal, helping to strengthen the all barley price. OATS PRODUCTION FORECAST SLIPS The 1999 oats crop is forecast at 147.9 million bushels, down 14 million from the August forecast, and down 18 million from 1998. This is the lowest production since records were first kept in 1866. The forecast yield is down 0.2 bushels from last year's 60.2 bushels per acre. Area harvested is estimated at a record low 2.47 million acres, and 11 percent below 1998. Total supplies of oats are forecast down 5 percent from 1998/99's 348 million. Also contributing to the smaller supplies is a 7- percent decline in expected imports for 1999/2000. Total use for 1999/2000 is expected to be down 1 percent from 1998/99's 266 million bushels. Food use is forecast to increase in proportion to population growth, but feed and residual use is expected to decline because of smaller supplies. Ending stocks are down 17 percent from last month and 19 percent from 1998/99. Prices received by farmers in 1999/2000 are expected to average between $1.00 and $1.10 per bushel, compared with $1.10 in 1998/99. The forecast price is 54-61 percent of the corn price, compared with 56 percent in 1998/99. ALL HAY PRODUCTION TO INCREASE All hay production in 1999 is forecast at a record high 161 million tons, up 10 million from 1998, and 6 percent higher than in 1997. The all hay yield is expected to be a record 2.6 tons per acre, up 3 percent from last year. Acreage harvested of all hay was unchanged from August at 62 million acres, 3 percent higher than 1998. Alfalfa hay production, at 85.5 million tons, increased 4 percent from 1998. Yields are expected to average a record high 3.57 tons per acre, up 0.10 ton from both last year and August. Area harvested is unchanged from August at 24.0 million acres, up 1 percent from 1998. Among the top ten producing States, Iowa and Minnesota showed the largest increases in yield, each up 0.50 ton per acre from the August forecast. Other hay production is forecast at a record high 76 million tons, up 9 percent from last year. Area harvested is unchanged from August at 38.1 million acres, 5 percent above last year's total. Yields are expected to average 1.99 tons per acre, down 0.05 ton from August but up 0.08 ton from last year. Forecast yields are lower than last year in the Northeast, Mid-Atlantic, and Northwest. Most other areas of the U.S. are expecting better yields than in 1998. Roughage consuming animal units (RCAUs) in 1999/2000 are estimated to be virtually unchanged from 1998/99. With hay production and beginning stocks up, hay supply per RCAU was 2.51 tons, up from 2.34 tons in 1998/99. Hay prices have been weaker in 1999/2000, reflecting larger supplies. Prices received by farmers for all hay averaged $80.72 per ton in May-September 1999, down from $91.08 in 1998. Alfalfa hay prices in May-September averaged $84.30 per ton, down from $94.84 in 1998. Prices received by farmers for hay other than alfalfa and alfalfa mixtures averaged $65.94 per ton during May-September, down from $75.34 in 1998. U.S. CORN EXPORT FORECASTS BOOSTED The strong pace of corn export inspections in September 1999, of 5 million tons, was 1.7 million above a year ago. This larger- than-expected pace boosted forecast U.S. 1998/99 corn exports by 1 million tons to 52 million for the October/September international trade year. However, September 1999 is also part of the 1999/2000 local U.S. marketing year (September/August), for which the corn export forecast was increased 75 million bushels to 1,925 million. The U.S. 1999/2000 international trade year exports are forecast up 0.5 million tons to 47.5 million. The increase reflects the strong pace of outstanding export sales, matching last year, and a modest increase in projected world corn trade. Low world prices and the large subsidies needed to ship abroad are expected to limit China's corn export increases in 1999/2000, and the forecast was left unchanged this month. However, increased production is expected to boost export prospects for South Africa and Thailand. Meanwhile strong demand increased import prospects in a number of countries. World corn production is forecast up 7 million tons this month, mostly among countries with a tradition of exporting. China's production prospects increased 3 million tons to 128 million because of larger reported area. Weather developments over the last month did not justify changing yield prospects in China. Because of the higher area, China is now forecast to produce its second largest corn crop despite summer drought in a major growing region. Production prospects also increased for the United States, South Africa, and Thailand. While expected 1999/2000 global corn production increased 7 million tons this month, consumption increased by only 1 million. The decline in U.S. corn feed use offset the increase in foreign countries. Projected 1999/2000 ending stocks were further boosted by increased U.S. beginning stocks. Global ending corn stocks are projected to reach 113 million tons, up 9 million this month and 5 million tons above a year earlier. The largest stock increases are expected in China and the United States. There were several changes to corn supply and demand forecasts for 1998/99. World production was increased 2 million tons this month, mostly in Sub-Saharan Africa, with a portion of the increase boosting human consumption and some increase in stocks. The world trade forecast increased 1 million tons as trade data indicated higher-than-expected imports by several countries, especially Venezuela and Malaysia. However, forecast global consumption declined because of the sharp drop in feed use in the United States. World 1998/99 corn stocks were increased to 108 million tons, up 3 million from last month and 21 million higher than a year earlier. WORLD COARSE GRAIN STOCKS FORECAST FOR 1999/2000 UP SHARPLY THIS MONTH Most of the increase in this month's 1999/2000 forecast world coarse grain stocks is in corn, but revisions to barley, sorghum, and rye also helped boost coarse grain stock prospects by 10 million tons. Global barley production prospects increased slightly (0.4 million tons), mostly in the EU, with increased production reported in the United Kingdom and Ireland. Consumption projections were revised down 0.6 million tons with reductions in the former Soviet Union and Saudi Arabia. The historical consumption series for Saudi Arabia was revised, increasing consumption in previous years and reducing carryin stocks. Prospective world barley ending stocks for 1999/2000 are up by almost 1 million tons, mostly in the EU. However, the 1999/2000 balance of supply and demand in barley is still characterized by reduced production (because of drought in the Middle East and former Soviet Union and an increased area set-aside in the EU) and lower world stocks, as the EU exports at a record pace from government inventories. The relative tightness of barley supply and demand compared to corn has increased barley export prices, allowing the EU to export with smaller subsidies than a year ago. Reduced barley ending stocks offset increased global corn stocks, leaving projected world coarse grain stocks down slightly compared with the year earlier. *************************************************************** Information Contacts: Allen Baker (202) 694-5290 International: Edward Allen (202) 694-5288 Data Coordinator: Jenny Gonzales (202) 694-5296 The next Feed Outlook will be released November 15, 1999. **************************************************************** Table 1--Feed Grains: Marketing year supply and disappearance 1/ ------------------------------------------------------------------------------ Year/ Beg. Produc- Im- Supply FSI Feed & Ex- Total End. Farm Qtr. stocks tion ports resid. ports disp. stks. price ------------------------------------------------------------------------------ CORN ------------------------Million bushels--------------------- $/bu 1996/97 Sep-Nov 426 9,233 3 9,662 383 1,890 487 2,759 6,903 2.87 Dec-Feb 6,903 --- 2 6,905 394 1,492 525 2,411 4,494 2.66 Mar-May 4,494 --- 4 4,498 465 1,103 433 2,001 2,497 2.77 Jun-Aug 2,497 --- 4 2,500 450 814 353 1,617 883 2.49 Mkt. yr. 426 9,233 13 9,672 1,692 5,299 1,797 8,789 883 2.71 1997/98 Sep-Nov 883 9,207 2 10,092 429 2,036 380 2,845 7,247 2.53 Dec-Feb 7,247 --- 1 7,248 418 1,510 380 2,308 4,940 2.55 Mar-May 4,940 --- 4 4,944 464 1,089 350 1,904 3,040 2.45 Jun-Aug 3,040 --- 2 3,042 470 870 394 1,734 1,308 2.12 Mkt. yr. 883 9,207 9 10,099 1,782 5,505 1,504 8,791 1,308 2.43 1998/99 Sep-Nov 1,308 9,761 4 11,073 444 2,127 450 3,021 8,052 1.90 Dec-Feb 8,052 --- 6 8,058 427 1,467 465 2,359 5,698 2.04 Mar-May 5,698 --- 7 5,706 489 1,103 497 2,089 3,616 2.04 Jun-Aug 3,616 --- 3 3,619 462 788 573 1,823 1,796 1.84 Mkt. yr.1,308 9,761 20 11,089 1,822 5,486 1,985 9,293 1,796 1.95 1999/00 Mkt. yr.1,796 9,467 10 11,273 1,880 5,500 1,925 9,305 1,968 1.65-2.05 SORGHUM 1996/97 Sep-Nov 18 795 0 814 15 276 56 346 467 2.45 Dec-Feb 467 --- 0 467 15 119 59 193 274 2.26 Mar-May 274 --- 0 274 10 85 61 155 119 2.41 Jun-Aug 119 --- 0 119 6 37 29 72 47 2.27 Mkt. yr. 18 795 0 814 45 516 205 766 47 2.34 1997/98 Sep-Nov 47 634 0 681 18 239 49 307 374 2.26 Dec-Feb 374 --- 0 374 18 38 83 139 235 2.24 Mar-May 235 --- 0 235 12 71 55 139 96 2.16 Jun-Aug 96 --- 0 96 6 17 24 47 49 2.08 Mkt. yr. 47 634 0 681 55 365 212 632 49 2.21 1998/99 Sep-Nov 49 520 0 569 15 178 41 234 335 1.68 Dec-Feb 335 --- 0 335 15 34 64 113 222 1.70 Mar-May 222 --- 0 222 10 45 51 106 116 1.72 Jun-Aug 116 --- 0 116 6 6 39 51 65 1.61 Mkt. yr. 49 520 0 569 45 264 195 504 65 1.70 1999/00 Mkt. yr. 65 580 0 645 55 325 200 580 65 1.40-1.80 ------------------------------------------------------------------------------ Table 1--Feed Grains: Marketing year supply and disappearance, (cont.) 1/ ------------------------------------------------------------------------------ Year/ Beg. Produc- Im- Supply FSI Feed & Ex- Total End. Farm Qtr. stocks tion ports resid. ports disp. stks. price ------------------------------------------------------------------------------ BARLEY ----------------------Million bushels--------------------- $/bu 1996/97 Jun-Aug 100 392 9 501 44 136 7 187 314 3.11 Sep-Nov 314 --- 8 322 39 25 12 76 246 2.74 Dec-Feb 246 --- 8 254 37 38 7 82 173 2.55 Mar-May 173 --- 11 184 53 18 4 75 109 2.33 Mkt. yr. 100 392 37 529 172 217 31 419 109 2.74 1997/98 Jun-Aug 109 360 12 482 44 87 24 155 327 2.31 Sep-Nov 327 --- 7 334 39 12 39 90 244 2.45 Dec-Feb 244 --- 8 252 37 29 6 72 180 2.42 Mar-May 180 --- 13 193 53 16 5 74 119 2.26 Mkt. yr. 109 360 40 510 172 144 74 390 119 2.38 1998/99 Jun-Aug 119 352 7 479 44 101 8 152 326 2.02 Sep-Nov 326 --- 7 333 39 16 8 63 271 1.97 Dec-Feb 271 --- 6 277 37 32 7 76 201 1.90 Mar-May 201 --- 9 210 51 12 5 68 142 1.84 Mkt. yr. 119 352 30 501 170 161 28 360 142 1.98 1999/00 Jun-Aug 142 284 6 432 44 82 9 135 297 2.00 Mkt. yr. 142 284 35 461 172 125 30 327 134 1.80-2.20 OATS 1996/97 Jun-Aug 66 153 6 226 24 69 1.0 94 132 2.08 Sep-Nov 132 --- 39 171 22 22 0.8 45 126 1.84 Dec-Feb 126 --- 28 154 20 37 0.3 58 96 1.79 Mar-May 96 --- 24 120 28 25 0.4 53 67 1.88 Mkt. yr. 66 153 97 317 95 153 2.5 250 67 1.96 1997/98 Jun-Aug 67 167 19 253 24 74 0.4 98 155 1.62 Sep-Nov 155 --- 38 193 22 26 0.7 49 144 1.54 Dec-Feb 144 --- 26 170 21 38 0.5 59 111 1.59 Mar-May 111 --- 15 127 28 24 0.5 53 74 1.60 Mkt. yr. 67 167 98 332 95 161 2.1 258 74 1.60 1998/99 Jun-Aug 74 166 28 268 24 82 0.5 106 162 1.15 Sep-Nov 162 --- 36 198 22 32 0.4 54 143 1.08 Dec-Feb 143 --- 22 166 21 32 0.5 53 113 1.20 Mar-May 113 --- 22 134 28 25 0.3 53 81 1.23 Mkt. yr. 74 166 108 348 95 170 1.7 266 81 1.10 1999/00 Jun-Aug 81 148 26 255 24 83 0.5 107 148 1.10 Mkt. yr. 81 148 100 329 96 165 2.0 263 66 1.00-1.10 ------------------------------------------------------------------------------ Totals may not add due to rounding. 1/ Corn and sorghum are on a September 1 to August 31 marketing year. Barley and oats are on a June 1 to May 31 marketing year. Table 2--Feed and residual use of wheat and coarse grains ------------------------------------------------------------------------------ Year Feed Total Animal Feed/ Beginning Corn Sorg. Barley Oats Grains Wheat grains Units animal September 1 unit ------------------------------------------------------------------------------ ------------ Million metric tons --------------- Mil. Tons 1996/97 Sep-Nov 48.0 7.0 0.5 0.4 56.0 -2.1 53.9 Dec-Feb 37.9 3.0 0.8 0.6 42.4 0.8 43.2 Mar-May 28.0 2.1 0.4 0.4 31.0 -0.7 30.3 Jun-Aug 20.7 0.9 1.9 1.1 24.6 9.6 34.2 Mkt. yr. 134.6 13.1 3.6 2.6 154.0 7.7 161.6 85.3 1.89 % Change 12.6 74.8 -17.9 1.3 14.8 24.8 15.3 0.4 14.8 1997/98 Sep-Nov 51.7 6.1 0.3 0.5 58.5 -3.1 55.5 Dec-Feb 38.3 1.0 0.6 0.6 40.6 0.0 40.6 Mar-May 27.7 1.8 0.3 0.4 30.2 0.3 30.5 Jun-Aug 22.1 0.4 2.2 1.3 26.0 11.6 37.6 Mkt. yr. 139.8 9.3 3.4 2.8 155.3 8.8 164.1 87.9 1.87 % Change 3.9 -29.3 -5.6 7.3 0.9 14.5 1.5 3.1 -1.5 1998/99 Sep-Nov 54.0 4.5 0.3 0.6 59.4 -2.0 57.4 Dec-Feb 37.3 0.9 0.7 0.5 39.4 0.4 39.7 Mar-May 28.0 1.2 0.3 0.4 29.9 1.0 30.9 Jun-Aug 20.0 0.2 1.8 1.3 23.2 7.3 30.6 Mkt. yr. 139.3 6.7 3.1 2.8 151.9 6.7 158.6 88.5 1.79 % Change -0.4 -27.7 -9.7 -0.9 -2.2 -23.8 -3.4 0.7 -4.0 1999/00 Mkt. yr. 139.7 8.3 2.7 2.7 153.3 8.3 161.6 88.5 1.83 % Change 0.3 23.2 -14.0 -3.4 0.9 24.0 1.9 0.0 1.9 ------------------------------------------------------------------------------ Table 3--Cash feed grain prices ------------------------------------------------------------------------------ Corn, Corn, Sorghum, Sorghum, Barley, Barley, Oats, No. 2, No. 2, No. 2, Yel No. 2, No. 2, No. 3 or No. 2, Yel, Yel, Texas Yel, feed, better, Heavy Ctrl. Gulf South Gulf Duluth Malting, white, IL ports Panhandle ports Minn. Minn. 1/ 1/ 1/ 1/ 2/ 2/ 2/ ------------------------------------------------------------------------------ Mkt. yr. $/bu $/bu $/cwt $/cwt $/bu $/bu $/bu 95/96 3.91 4.30 7.30 7.19 2.67 3.69 2.28 96/97 2.74 3.07 5.02 5.03 2.32 3.18 2.03 97/98 2.45 2.78 4.72 4.76 1.90 2.50 1.70 98/99 3/ 1.97 2.35 3.78 3.97 1.23 2.30 1.34 Monthly: 1998: May 2.37 2.69 4.60 4.58 NQ NQ 1.58 Jun 2.29 2.64 4.65 4.32 NQ NQ 1.52 Jul 2.16 2.55 4.53 4.33 1.23 NQ 1.42 Aug 1.86 2.24 4.15 4.13 NQ 2.30 1.21 1999: May 2.03 2.35 3.67 3.94 NQ NQ 1.39 Jun 1.99 2.36 3.61 3.86 NQ NQ 1.34 Jul 1.67 2.12 3.40 3.46 NQ NQ 1.25 Aug 1.84 2.20 3.59 3.77 NQ NQ 1.20 ------------------------------------------------------------------------------ 1/ Marketing year beginning September 1. 2/ Marketing year beginning June 1. 3/ Preliminary. NQ = No quote. Table 4--Selected feed and feed by-product prices ------------------------------------------------------------------------------ Soybean Cotton- Corn Corn Meat & Dists.' Wheat Alfalfa meal seed gluten gluten bone dried midlgs, farm 44% slv. meal, feed, meal, meal, grains, Kansas price Decatur, 41% slv. IL IL Central Lawrence- City IL Memphis pts. pts. U.S. burg, IN 1/ 1/ 1/ 1/ 1/ 1/ 1/ 2/ ------------------------------------------------------------------------------ ------------------------------$/ton----------------------------------- Mkt. yr. 95/96 217.27 186.12 116.47 319.35 222.07 151.37 118.08 87.20 96/97 260.37 191.47 93.05 341.50 272.44 142.87 91.18 101.80 97/98 186.55 150.40 69.65 290.45 192.56 109.76 76.30 107.00 98/99 130.56 109.86 59.87 234.72 137.32 85.77 54.74 91.00 Monthly: 1998: May 150.30 105.00 64.60 236.25 158.10 85.50 55.50 107.00 Jun 157.80 126.00 61.90 225.60 161.80 81.00 57.90 96.50 Jul 173.30 145.60 58.75 252.50 171.25 86.00 67.84 93.40 Aug 135.70 130.30 57.50 245.00 156.80 86.00 53.40 90.20 1999: May 127.00 108.75 56.90 201.25 129.60 84.00 41.40 95.70 Jun 131.70 114.50 57.90 209.50 137.10 87.00 45.70 85.00 Jul 125.71 115.00 51.75 241.25 133.75 91.67 39.20 82.00 Aug 135.90 100.65 54.30 252.50 139.61 NQ 44.91 81.50 ------------------------------------------------------------------------------ 1/ Marketing year beginning September 1. 2/ Marketing year beginning May 1. 3/ preliminary. NQ=No quote. Table 5--Corn: Food, and industrial uses ------------------------------------------------------------------------------ Glucose ---Alcohol--- Cereals and Bev. & other Total Year HFCS dex. Starch Fuel & Mfg products F&I ------------------------------------------------------------------------------ Million bushels 1996/97 Sep-Nov 113.2 60.0 55.0 91.9 29.0 33.6 382.6 Dec-Feb 110.7 56.3 55.1 106.2 33.0 33.2 394.4 Mar-May 134.8 64.0 59.5 119.2 34.0 33.9 445.4 Jun-Aug 145.1 65.5 59.1 111.4 34.0 33.9 449.0 Mkt year 503.8 245.8 228.6 428.7 130.0 134.6 1,671.5 1997/98 Sep-Nov 122.8 63.4 59.6 116.1 33.2 34.0 429.1 Dec-Feb 116.8 56.2 56.7 122.2 32.8 33.6 418.3 Mar-May 139.4 60.7 58.3 118.3 33.5 34.4 444.5 Jun-Aug 153.4 64.7 58.9 124.6 33.5 34.4 469.4 Mkt year 532.3 244.9 233.5 481.1 133.0 136.5 1,761.2 1998/99 Sep-Nov 127.6 60.5 57.8 132.4 31.1 34.5 443.8 Dec-Feb 120.8 52.0 54.7 132.9 32.6 34.1 427.1 Mar-May 145.4 60.0 57.1 138.8 34.1 34.8 470.1 Jun-Aug 155.4 61.6 58.2 121.8 29.4 34.8 461.2 Mkt year 549.3 234.1 227.8 525.8 127.1 138.2 1,802.2 1999/00 Mkt year 565.0 240.0 235.0 550.0 129.9 140.0 1,859.9 ----------------------------------------------------------------------------- Table 6--Wholesale corn milling product and by-product prices ------------------------------------------------------------------------------ Corn meal, Brewers' Sugar, HFCS, 42% Corn starch, yellow, grits, destrose, tank cars, fob Midwest New York Chicago Midwest Midwest 3/ 4/ ------------------------------------------------------------------------------ $/cwt $/cwt cents/lb cents/lb $/cwt Mkt. yr. 1/ 95/96 17.79 14.21 25.50 13.01 15.98 96/97 16.94 12.85 25.50 13.15 13.83 97/98 15.94 11.85 28.08 7.77 13.55 98/99 2/ 15.06 11.00 24.24 8.04 12.28 Monthly 1998: Jun 15.67 11.57 30.65 7.20 13.39 Jul 15.27 11.27 30.65 7.05 12.88 Aug 14.62 10.52 30.65 7.05 12.67 Sep 14.58 10.48 30.65 7.14 11.92 1999: Jun 15.20 11.10 16.38 8.45 12.82 Jul 14.72 10.62 16.38 8.45 12.73 Aug 15.12 11.27 16.38 8.45 11.74 Sep 2/ 15.28 11.18 16.38 8.45 12.01 ------------------------------------------------------------------------------ 1/ Marketing year beginning September 1. 2/ Preliminary. 3/ Revised. 4/ Bulk-industrial, unmodified. Table 7--U.S. imports by country of origin ------------------------------------------------------------------------------ Country/region ------1997/98--- ------1998/99------ 1999/2000 Mkt. yr. Jun - Jul Mkt. yr. Jun - Jul Jun - Jul ------------------------------------------------------------------------------ OATS --------------------Thousand tons--------------------- Canada 1,282 182 1,142 61 125 Finland 161 25 216 54 24 Sweden 176 22 443 133 79 Total 1/ 1,696 229 1,856 248 227 BARLEY, MALTING Canada 733 158 567 93 84 Total 1/ 733 158 567 93 84 BARLEY, OTHER 2/ Canada 112 39 81 47 3 Total 1/ 143 39 81 47 3 ------------------------------------------------------------------------------ 1/ Totals may not add due to rounding. 2/ Mainly consists of barley for feeding, and also includes seed barley. Source: Bureau of the Census Table 8--U.S. feed grain exports by selected destinations 1/ ------------------------------------------------------------------------------ Country/region ------1996/97--- ------1997/98------ 1998/99 Mkt. yr. Sep-July Mkt. yr. Sep-July Sep-July ------------------------------------------------------------------------------ CORN Japan 14,821 13,247 14,581 13,550 13,764 Taiwan 5,482 5,022 3,801 3,379 3,987 Former USSR 184 148 23 23 318 South Africa 81 81 0 0 143 Sub-Saharan Africa 272 261 336 324 270 EU 1,704 1,678 147 31 192 Egypt 2,292 2,065 1,808 1,544 2,852 Canada 833 815 1,423 1,346 708 China 53 53 212 158 204 East Europe 385 385 19 19 12 Algeria 869 765 861 788 848 S. Korea 5,369 5,106 3,593 3,195 5,851 Mexico 3,155 2,975 4,116 3,695 5,038 Others 10,081 9,360 7,196 6,581 11,362 Total 45,581 41,961 38,117 34,633 45,549 SORGHUM Mexico 2,111 2,000 3,222 3,074 2,831 Japan 2,102 1,879 1,650 1,618 1,272 Others 948 894 463 444 433 Total 5,161 4,774 5,334 5,136 4,536 ---------------------------------------------------------- ------1997/98--- ------1998/99------ 1999/2000 Mkt. yr. Jun-July Mkt. yr. Jun-July Jun-July BARLEY ---------------------------------------------------------- Saudi Arabia 922 200 0 0 0 Israel 0 0 0 0 0 Jordan 53 0 0 0 0 Japan 290 21 422 52 85 Mexico 124 30 94 17 18 Taiwan 94 8 0 0 0 Other 135 55 99 5 6 Total 1,617 313 615 74 109 ------------------------------------------------------------------------------ 1/ Totals may not add due to rounding. Source: Bureau of the Census END_OF_FILE