FEED OUTLOOK January 17, 1996 Approved by the World Agricultural Outlook Board ----------------------------------------------------------------------------- FEED OUTLOOK is published monthly by the Economic Research Service, U.S. Department of Agriculture, Washington, DC 20005-4788. FDS--0196. ----------------------------------------------------------------------------- . HIGHLIGHTS . o Final Crop Estimates: Corn Unchanged, Other Feed Grains Slip o Corn Stocks Data Indicate Large First Quarter-Disappearance o Expected Corn Exports and Feed Use Raised, Stocks Cut o Price Projections Increased for Sorghum and Corn . FINAL ESTIMATES SHOW VERY SLIGHT DROP IN 1995 FEED GRAIN PRODUCTION . U.S. feed grain production in 1995 totaled 209.2 million metric tons, down only slightly from prior estimates. Compared to 1994, feed grain production is down 27 percent or 75 million metric tons, indicating a very tight outlook given strong demand prospects. . Corn production, at 7,373.9 million bushels, was virtually unchanged from the previous estimate. Yields were dropped slightly to 113.5 bushels per acre, but this was offset by a small increase in harvested area. Corn for silage was estimated at 77.9 million tons, down from 88.6 million in 1994, and the lowest since 1962. . The sorghum crop estimate was trimmed about 3 million bushels to 460 million. Yields were reduced to 55.6 bushels per acre, but harvested acreage was raised. Barley production fell 2 million bushels to 359 million due to a small reduction in yields, while oats similarly declined about 1 million bushels to 162 million. . There was a downward revision in 1994 sorghum production of about 6 million bushels to 649 million, while the 1994 corn estimate went down less than 1 million bushels. Barley and oats estimates for 1994 were unchanged. . DECEMBER 1 CORN STOCKS, AT 6.1 BILLION BUSHELS, INDICATE LARGE DISAPPEARANCE FOR SEPTEMBER-NOVEMBER . Stocks of corn on December 1, 1995, were 6.1 billion bushels, of which 65 percent was held on farms. Total corn stocks were down 24 percent from a year earlier. Sorghum stocks on December 1 were 302 million bushels, 29 percent below a year earlier. Implied disappearance of corn for the first quarter (September-November) of the marketing year was 2,833 million bushels. This is down 1 percent from last year's first quarter, but still the second largest for any quarter on record. . The exact breakout between categories of use will not be certain until final trade data for October and November become available. The trade data, which originate in the Commerce Department, have been dealyed due to the government shutdown. Corn exports were very strong in this period, with a preliminary estimate of 665 million bushels based on September trade data and October and November inspections data. This would comprise the second largest exports for a first quarter (after 1980/81) and the third highest quarter ever. . Food, seed, and industrial (FSI) use was estimated at 402 million bushels, reflecting some slowing in corn used for ethanol. Use of corn for sweeteners was up over the first quarter of 1994, while other FSI categories showed little change. . This places the preliminary estimate of the corn feed and residual at 1,766 million bushels, compared with 2,015 million during September-November 1994, but still above 1,705 million in 1993/94. . FORECAST CORN EXPORTS AND FEED AND RESIDUAL RAISED, FSI USE REDUCED, PROJECTED ENDING STOCKS CUT . Corn exports in 1995/96 are forecast at 2.15 million bushels, up 50 million from last month. In addition to continued robust sales, prospective competitor exports were trimmed while the forecast of global imports was raised. The expected crop in Argentina, the major Southern Hemisphere competitor, was reduced, leading to a small drop in its forecast exports. . Reflecting a stronger pace of use than expected in the first quarter, forecast feed and residual use was increased 75 million bushels this month to 4,600 million. . FSI use is forecast at 1,685 million bushels, down 15 million. All of the reduction is expected in corn used to produce ethanol. Despite increases in capacity, narrow to negative margins for ethanol producers are expected to cut production. Some producers may be diverting starch to sweetener production. Industry reports have suggested sweetener buyers are resisting higher sweetener prices because there is increased capacity in the industry. However, corn sweetener producers are trying to pass along the increase in corn costs. . Projected ending stocks in 1995/96 were cut 110 million bushels this month to 507 million. This reflects the strong domestic use and exports to date, and expectations for continued brisk use in coming months. The projected stocks would be the lowest ever for the current September-August marketing year. (When the corn marketing year was October-September, ending stocks were lower than this in 1973/74, 1974/75, and 1975/76, reaching a low of 361 million bushels in 1974/75.) . FORECAST FEED AND RESIDUAL USE UP FROM LAST MONTH . Feed and residual use of the four feed grains plus wheat in 1995/96 is expected to total 137.8 million metric tons, down 17 percent from the 165.6 million used in 1994/95. Most of the decline is in the use of corn, which is projected down 17 percent from last year. In addition, feed and residual use per grain consuming animal unit (GCAU) in 1995/96 will be the lowest since grain statistics have been calculated on a September-August year (1975/76). Current estimates of GCAU's for 1995/96 are up about 2 million units from 1994/95 as current indications point to several livestock categories continuing to expand. . Grain prices could be set for further jumps because to force feeders to cut back may take much higher prices since the big integrated hog and poultry operations need the grain to keep their total operations running. Cow-calf operators are already facing lower feeder cattle prices as feedlot operators bid less for feeders in an attempt to offset the higher price of grain. . The inventory of hogs and pigs kept for breeding on December 1 was reported up 1 percent from last year and the reported farrowing intentions in December 1995-May 1996 were also up 1 percent from last year. Intentions can change but the pigs already farrowed will be fed and in June-November 1995 the pig crop was about the same as last year. Thus, survey numbers do not suggest much, if any, decline in feed needed by the hog sector. Based primarily on the midyear surveys, 43 percent of the 1995 hog and pig inventory was on operations having over 2,000 head, up from 37 percent in 1994. . Animal numbers are not declining in the poultry sector nor are cattle on feed declining. Broiler producers continue to increase the number of eggs set and chicks placed. The most recent data for January 6 had both eggs set and chicks placed up 4 percent. Dairy cow numbers have been down slightly from last year, but milk production was about the same as last year. Milk production is expected to be down slightly in 1996 because of higher feed prices. In December, cattle on feed in the seven monthly reporting States were up 2 percent from a year ago. BACKGROUND ON FEED AND RESIDUAL AND THE GCAU INDEX . With the current strong demand for feed grains, interest in and use of the GCAU index (See table 2) suggest some discussion of the index and feed and residual might be beneficial. Grain supply and use tables are generated by using available statistics. NASS statistics are used for stocks and production. Trade data from the Department of Commerce, Bureau of Census are the basis of the imports and exports. Domestic use for food and industry is based on the Census of Manufactures reported every 5 years and updated with data from Energy Information Administration, the Department of the Treasury, and industry contacts. Errors and omissions from all these sources get included in the feed and residual category and there is no way to know exactly how much of the residual is actually feed. . The GCAU index is an aggregate measure of feed requirements across different animal types. This was originally developed to provide information on feed needs for the United States so extra feed could be sent to our European allies in the Second World War. One GCAU is the amount of corn equivalent in terms of total digestible nutrients (TDN) required to feed one dairy cow for one year in 1970. Conversion factors are used for the other animals based on their feed needs relative to the dairy cow, based on standards of the National Academy of Sciences. . Cattle numbers are based on the January inventory for both dairy and beef animals. Hog numbers are based on the pig crop numbers. Poultry numbers are based on annual production of broilers and turkeys, plus the average numbers of layers and pullets raised. Feed consumption rates in the GCAU index were last updated in 1972. Feed conversions have probably changed since then. Nevertheless, the GCAU index, in combination with other factors, remains a useful statistic in feed demand analysis. . Current articles on feeding generally suggest the feed per pound of gain is decreasing as improvements are made in animal breeding and ration balancing. However, when the feed and residual for the four feed grains and wheat are divided by the number of GCAU's, there has been a discernable upward trend in feed per GCAU over the last 20 years. . FEED GRAIN PRICES CONTINUE TO STRENGTHEN . The forecast of season average corn prices this month was boosted 5 cents at both ends of the range to $3.00 to 3.40 per bushel. In November, the average corn price received by farmers was $2.87 per bushel. The preliminary farm price for December was $3.08, topping $3.00 for the first time since August 1984. Cash corn prices at Central Illinois points averaged $3.36 per bushel in December, up 14 cents from November, and $1.19 higher than December 1994. . Futures prices for corn for the nearby contract at the Chicago Board of Trade have been trading around $3.60 per bushel in the last few days. Despite the likelihood that farm prices will increase further, a substantial portion of the crop has already been sold, limiting upward potential for the season average price. In addition, this suggests that a fair amount of use is covered at prices below $3.00 per bushel. Although this season's marketings are not yet known, farmers typically market 40 percent of total annual corn marketings during September-December. Between 1980 and 1994, marketings in these first 4 months have ranged from 34 to 49 percent. In 1993, the last year of very tight supplies, this share was 47 percent. . The projected sorghum price for 1995/96 was increased by 10 cents to a record high $3.05 to $3.45 per bushel, higher than projected corn prices. In November, the average sorghum price received by farmers was $2.97 per bushel, and it continues to run above the corn price. The preliminary price for December climbed to $3.17, the highest for any month since November 1974. . The range around the all barley price projection was narrowed 5 cents at each end to $2.75 to $2.95 per bushel. The preliminary farm price in December was $3.15, up from $3.09 in November. Feed barley prices have soared in recent weeks, hitting $2.82 per bushel in November and a preliminary $2.91 in December. . No change was made in forecast oats prices this month, projected at $1.55 to $1.65 per bushel. Although oats price have been unusually strong, they will stay well below 1988/89, when the season average price was $2.61. In that year, a drought drastically slashed the U.S. and Canadian crops, while milling demand for oats was beginning to escalate. . HAY PRODUCTION DOWN, STOCKS UP . All hay production in 1995 is estimated at 154.8 million tons, down 2.2 million from the last estimate due to both lower yields and harvested acres. This is just under the 1986 record crop of 155.4 million tons of 1986. Most production decreases were in the Northeast and South, where late season drought decreased overall yields due to poor regrowth. Hay production in the western States and the Dakotas was up from last year. Production of alfalfa and alfalfa mixtures was 4 percent above last year but production was generally down in the eastern Corn Belt and the Northeast areas that had late summer drought. Production of all other hay was up 2 percent from 1994. Most of the Nation's southern and northeastern States showed decreased yields and fewer harvested acres from the previous year. Large production increases were noted in the far west States, the Northwest, Colorado, Kansas, Illinois, Indiana, the Dakotas, and Minnesota. . Hay stocks on December 1, 1995, totaled 109.5 million tons, up 4 percent from 1994's 105 million. However, as with production, many southern and northeastern States had lower stocks than last year, while States with increased production had higher stocks. The preliminary December 1995 mid-month price of all baled hay was $80.30 per ton, down from $85 last year, reflecting increased supplies. Alfalfa hay was $85.60, down from $92.50 in December 1994, possibly reflecting lower quality alfalfa this year. Interestingly, other hay was priced at $64 in December, the same as in 1994, even though production was up. . TRANSPORTATION: RAIL USE REMAINS STRONG . Railcar loadings of grain and oilseeds during September-November 1995 increased 7 percent from the year before. Although down from the 10-year peak reached in September, November and December grain volume was well above the 10-year average for these months. Loadings in December averaged 27,275 cars per week, down nearly 3 percent from a year ago. . Grain shipments on the Mississippi and Illinois rivers continued above the 10-year average through December. For December 1995, grain volume totaled 3.8 million short tons, 31 percent above the 10-year average for the month. The main (1,200 foot) river lock at Lock and Dam 27, near St. Louis, MO, is scheduled to remain closed for repairs through February 1996. The 600-foot auxiliary lock will remain in service. January and February are normally the least active months, averaging less than 1 percent of Mississippi river grain traffic over the last 10 years. Thus the lock closing wil not be a major barrier to grain distribution. ****************************************************************************** * Information Contacts: * * * * Pete Riley (202) 501-8512 T.Q. Hutchinson (202) 219-0391 * * Allen Baker (202) 219-0360 Sara Schwartz (202) 219-0768 * * * * Data Coordinator: Jenny Gonzales (202) 219-0704 * * * * The next Feed Outlook will be released February 12, 1996. * * * ****************************************************************************** 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 1993/94 Sep-Nov 2,113 6,336 5 8,455 378 1,705 435 2,518 5,937 2.34 Dec-Feb 5,937 --- 8 5,945 371 1,248 330 1,949 3,996 2.71 Mar-May 3,996 --- 6 4,002 419 954 270 1,642 2,360 2.67 Jun-Aug 2,360 --- 1 2,361 420 798 293 1,511 850 2.35 Mkt. yr. 2,113 6,336 21 8,470 1,588 4,704 1,328 7,620 850 2.50 1994/95 Sep-Nov 850 10,103 2 10,955 410 2,015 449 2,874 8,080 2.05 Dec-Feb 8,080 --- 4 8,084 403 1,499 590 2,493 5,592 2.18 Mar-May 5,592 --- 3 5,595 448 1,164 568 2,180 3,415 2.35 Jun-Aug 3,415 --- 1 3,416 432 856 570 1,858 1,558 2.59 Mkt. yr. 850 10,103 9.56 10,962 1,693 5,534 2,177 9,405 1,558 2.26 1995/96 Sep-Nov2/1,558 7,374 2 8,934 402 1,766 665 2,833 6,101 2.79 Mkt. yr. 1,558 7,374 10 8,942 1,685 4,600 2,150 8,435 507 3.00-3.40 SORGHUM 1993/94 Sep-Nov 175 534 0 709 2 222 39 263 446 2.22 Dec-Feb 446 --- 0 446 2 108 60 170 276 2.59 Mar-May 276 --- 0 276 3 82 64 148 128 2.39 Jun-Aug 128 --- 0 128 2 41 38 81 48 2.10 Mkt. yr. 175 534 0 709 8 453 202 662 48 2.31 1994/95 Sep-Nov 48 649 0 697 2 209 64 274 422 1.91 Dec-Feb 422 --- 0 422 1 79 61 142 281 2.02 Mar-May 281 --- 0 281 2 66 54 122 159 2.18 Jun-Aug 159 --- 0 159 2 42 43 87 72 2.64 Mkt. yr. 48 649 0 697 7 395 223 625 72 2.13 1995/96 Sep-Nov 2/ 72 460 0 532 2 168 60 230 302 2.88 Mkt. yr. 72 460 0 532 7 300 185 492 40 3.05-3.45 ------------------------------------------------------------------------------- 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 1993/94 Jun-Aug 151 398 3 552 43 92 15 150 403 1.91 Sep-Nov 403 --- 11 413 38 27 15 80 333 2.02 Dec-Feb 333 --- 24 357 38 83 12 133 224 2.19 Mar-May 224 --- 34 258 56 40 24 119 139 2.24 Mkt. yr. 151 398 71 621 175 241 66 482 139 1.99 1994/95 Jun-Aug 139 375 24 538 43 122 20 186 352 2.00 Sep-Nov 352 --- 14 366 38 30 19 87 279 1.98 Dec-Feb 279 --- 14 292 38 51 11 99 193 2.05 Mar-May 193 --- 14 207 56 22 17 95 113 2.15 Mkt. yr. 139 375 66 580 175 226 66 467 113 2.03 1995/96 Jun-Aug 113 359 12 484 43 111 17 171 313 2.47 Sep-Nov 2/ 313 --- 9 322 39 31 12 81 240 2.82 Mkt. yr. 113 359 45 517 175 210 55 440 77 2.75-2.95 OATS 1993/94 Jun-Aug 113 207 17 337 32 84 1.5 118 219 1.35 Sep-Nov 219 --- 35 254 29 30 0.7 60 194 1.33 Dec-Feb 194 --- 31 225 27 51 0.5 79 147 1.42 Mar-May 147 --- 24 170 37 28 0.2 65 106 1.39 Mkt. yr. 113 207 107 427 125 193 3.0 321 106 1.36 1994/95 Jun-Aug 106 229 20 355 32 103 0.2 135 220 1.19 Sep-Nov 220 --- 34 254 30 32 0.2 62 192 1.19 Dec-Feb 192 --- 23 215 28 38 0.4 66 149 1.21 Mar-May 149 --- 16 165 36 28 0.2 64 101 1.36 Mkt. yr. 106 229 93 428 125 201 1.0 327 101 1.22 1995/96 Jun-Aug 101 162 28 290 32 78 0.4 110 180 1.47 Sep-Nov 2/ 180 --- 28 208 30 25 0.2 55 153 1.49 Mkt. yr. 101 162 105 367 125 155 1 281 86 1.55-1.65 ------------------------------------------------------------------------------- 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. 2/ Preliminary. Lack of final Census trade data for imports and exports makes quarterly estimates especially tentative. 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 ---------------------- Mil. Tons 1992/93 Sep-Nov 46.3 6.8 0.3 0.5 53.9 -2.2 51.7 Dec-Feb 36.0 1.7 1.0 0.8 39.4 0.1 39.5 Mar-May 29.4 2.0 0.5 0.6 32.5 -2.0 30.5 Jun-Aug 22.8 1.4 2.0 1.3 27.5 8.1 35.6 Mkt. yr. 134.5 11.9 3.8 3.2 153.4 3.9 157.3 82.7 1.90 % Change 8.6 25.3 -23.5 -8.4 8.2 -37.9 6.2 2.5 3.63 1993/94 Sep-Nov 43.3 5.6 0.6 0.5 50.1 -1.0 49.0 Dec-Feb 31.7 2.7 1.8 0.8 37.1 1.1 38.1 Mar-May 24.2 2.1 0.9 0.5 27.6 -0.7 27.0 Jun-Aug 20.3 1.0 2.7 1.5 25.5 10.2 35.7 Mkt. yr. 119.5 11.5 5.9 3.4 140.3 9.6 149.8 84.0 1.78 % Change -11.2 -3.4 56.5 7.1 -8.5 145.2 -4.7 1.6 -6.2 1994/95 Sep-Nov 51.2 5.3 0.7 0.6 57.7 -0.8 56.9 Dec-Feb 38.1 2.0 1.1 0.6 41.8 0.7 42.5 Mar-May 29.6 1.7 0.5 0.5 32.2 -0.8 31.4 Jun-Aug 21.7 1.1 2.4 1.2 26.4 8.4 34.8 Mkt. yr. 140.6 10.0 4.68 2.8 158.1 7.5 165.6 84.6 1.96 % Change 17.7 -12.6 -20.9 -16.3 12.7 -21.5 10.5 0.8 9.7 1995/96 Sep-Nov 44.9 4.3 0.7 0.4 50.2 -2.5 47.8 Dec-Feb 31.1 1.5 1.0 0.5 34.2 0.0 34.2 Mar-May 23.5 1.3 0.4 0.4 25.6 -0.5 25.1 Jun-Aug 17.4 0.5 2.1 1.2 21.2 9.5 30.7 Mkt. yr. 116.8 7.6 4.2 2.6 131.2 6.6 137.8 86.6 1.59 % Change -16.9 -24.1 -9.9 -9.5 -17.0 -12.4 -16.8 2.3 -18.7 ------------------------------------------------------------------------------ . Table 3--Grain shipments and rates ------------------------------------------------------------------------------- 1993/94 ---------1994/95---------- ----1995/96---- Mkt. Yr. Mkt. Yr. Sep-Nov Nov Sep-Nov Nov ------------------------------------------------------------------------------- Barge shipments 1/ 2.8 3.1 2.8 3.6 4.4 5.6 (Million ton/month) Barge rate index 2/ 93.6 160.8 165.4 147.9 200.8 173.6 (Dec 1984 = 100) Railcar loadings 3/ 25.3 28.4 28.0 29.0 30.0 29.3 (1,000 cars/week) Rail rate index 2/ 115.2 116.6 116.0 116.7 117.0 117.7 (Dec 1984 = 100) ------------------------------------------------------------------------------- 1/ Illinois & Mississippi rivers. Includes soybeans and all grains. Source: U.S. Army Corps of Engineers 2/ Source: Bureau of Labor Statistics 3/ Includes soybeans and all grains. Source: Association of American Railroads. Table 4--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 $/bu 92/93 2.12 2.46 4.06 4.27 2.11 2.37 1.58 93/94 2.55 2.85 4.95 4.90 2.05 2.48 1.55 94/95 3/ 2.34 2.78 4.75 4.73 2.02 2.75 1.36 Monthly: 1994 Aug 2.13 2.44 4.46 4.41 1.99 2.46 1.44 Sep 2.08 2.48 4.41 4.16 2.04 2.57 1.44 Oct 1.92 2.44 4.25 4.19 1.95 2.81 1.44 Nov 2.04 2.43 4.33 4.42 2.04 2.90 1.41 1995 Aug 2.68 3.21 5.53 5.38 2.09 3.22 1.96 Sep 2.83 3.32 5.84 5.78 2.06 3.58 2.04 Oct 3.12 3.57 6.15 6.22 2.58 3.69 2.11 Nov 3.22 3.63 6.26 6.38 2.98 4.02 2.63 ------------------------------------------------------------------------------ 1/ Marketing year beginning September 1-August 31. 2/ Marketing year beginning June 1-May 31. 3/ Preliminary. . Table 5--Selected feed and feed by-product prices ------------------------------------------------------------------------------- Soybean Cotton- Corn Corn Meat & Dists.' Wheat Alfalfa meal seed gluten gluten bone dried midlgs, farm 44% slv. meal, feed, meal, meal, grains, Kansas price Decatur, 41% slv. IL IL Central Lawrence- City IL Memphis pts. pts. U.S. burg, IN 1/ 1/ 1/ 1/ 1/ 1/ 1/ 2/ ------------------------------------------------------------------------------- -------------------------------$/ton------------------------------- Mkt. yr. 92/93 180.80 159.22 95.95 284.60 220.93 122.84 69.69 78.20 93/94 181.82 168.36 88.62 286.61 206.81 123.79 81.51 89.30 94/95 3/ 151.77 112.64 82.77 221.95 170.51 106.70 65.04 93.00 Monthly: 1994 Aug 165.60 144.50 91.50 252.30 182.00 NQ 72.70 89.90 Sep 162.50 145.00 90.40 235.60 188.75 120.00 73.10 89.50 Oct 156.40 134.40 89.25 226.90 184.60 121.25 69.00 91.40 Nov 150.90 120.50 86.85 232.50 172.70 124.00 67.90 92.50 1995 Aug 157.50 116.50 79.40 232.00 157.40 NQ 71.90 85.20 Sep 171.75 137.60 81.60 250.00 166.70 112.00 88.10 85.00 Oct 183.40 153.25 98.40 290.50 221.00 121.70 93.40 88.10 Nov 194.10 165.00 118.60 326.90 226.60 142.60 111.00 87.30 ------------------------------------------------------------------------------- 1/ Marketing year beginning September 1-August 31. 2/ Marketing year beginning May 1-April 30. 3/ Preliminary. NQ = No quote. Table 6--Corn: Food, and industrial uses --------------------------------------------------------------------------- Glucose Cereals and -----Alcohol--- & other Total Year HFCS dextrose Starch Fuel Beverage products F&I --------------------------------------------------------------------------- Million bushels 1992/93 Sep-Nov 92.33 54.45 58.83 104.36 20.70 29.17 359.84 Dec-Feb 88.36 47.21 57.70 107.47 20.50 28.85 350.09 Mar-May 110.36 55.06 59.34 110.91 21.15 29.64 386.46 Jun-Aug 122.99 57.74 62.16 102.77 20.95 29.64 396.25 Mkt year 414.04 214.47 238.03 425.51 83.30 117.30 1492.65 1993/94 Sep-Nov 98.23 55.79 61.71 112.23 20.69 29.42 378.08 Dec-Feb 95.00 49.58 57.60 119.33 20.47 29.10 371.07 Mar-May 117.68 56.79 61.57 112.44 20.92 29.74 399.15 Jun-Aug 131.28 60.89 62.66 114.26 20.92 29.74 419.74 Mkt year 442.18 223.05 243.54 458.26 83.00 118.00 1,568.04 1994/95 Sep-Nov 104.05 58.79 62.63 134.45 20.84 29.42 410.18 Dec-Feb 99.91 51.52 60.12 141.50 20.61 29.10 402.76 Mar-May 123.28 58.49 61.45 137.73 21.07 29.74 431.77 Jun-Aug 134.77 62.41 62.65 119.11 21.07 29.74 429.75 Mkt year 462.01 231.21 246.84 532.79 83.60 118.00 1,674.45 1995/96 Sep-Nov 109.26 60.66 61.02 121.12 20.32 29.42 401.80 Dec-Feb 100.00 51.75 59.33 132.84 20.10 29.10 393.11 Mar-May 124.04 59.44 61.75 134.89 20.54 29.74 430.41 Jun-Aug 136.69 63.15 62.91 126.15 20.54 29.74 439.19 Mkt year 470.00 235.00 245.00 515.00 81.50 118.00 1,664.50 --------------------------------------------------------------------------- . Table 7--Wholesale corn milling product and by-product prices ------------------------------------------------------------------------------ Corn meal, Brewers' Sugar, HFCS, 42% Corn yellow, grits, destrose, tank cars, starch, New York Chicago Midwest Midwest fob Midwest ------------------------------------------------------------------------------ $/cwt $/cwt cents/lb cents/lb $/cwt Mkt. yr. 1/ 92/93 13.39 9.68 24.50 13.30 10.70 93/94 14.49 10.98 25.44 14.63 12.61 94/95 2/ 13.17 10.55 25.74 13.29 12.18 Monthly 1994 Sep 12.94 10.39 26.00 15.24 11.69 Oct 12.93 10.38 26.00 12.80 11.78 Nov 12.92 10.37 25.88 12.80 11.39 Dec 12.97 10.42 25.50 11.68 11.54 1995 Sep 14.34 11.80 25.50 11.80 13.67 Oct 14.76 12.23 25.50 12.55 13.94 Nov 14.87 12.34 25.50 13.30 14.36 Dec 2/ 15.07 12.54 25.50 13.30 14.42 ------------------------------------------------------------------------------ 1/ Marketing year beginning September 1-August 31. Table 8--U.S. feed grain exports by selected destinations 1/ ------------------------------------------------------------------------------ Country/region ------1993/94------ ------1994/95------ 1995/96 Sep-Aug Sept. Sep-Aug Sept. Sept. ------------------------------------------------------------------------------ CORN --------------------Thousand tons--------------------- Japan 12,322 1,308 15,849 1,018 1,276 Taiwan 5,077 594 6,027 473 656 Former USSR 2,909 294 140 25 0 South Africa 12 0 187 0 0 Sub-Saharan Africa 394 18 449 16 69 EU 1,765 32 2,836 1 526 Egypt 1,553 283 2,569 166 206 Canada 603 60 1,096 97 136 China 0 0 3,240 0 749 East Europe 48 0 112 0 0 Algeria 1,176 148 1,000 154 0 S. Korea 508 34 8,005 157 1,073 Mexico 1,468 38 2,985 248 429 Others 5,813 712 10,723 575 1,238 Total 33,649 3,522 55,218 2,930 6,357 SORGHUM Mexico 2,972 157 2,557 303 290 Japan 1,640 171 2,050 213 150 Others 432 42 1,008 55 168 Total 5,044 369 5,615 571 609 ---------------------------------------------------------- ------1993/94--- ------1994/95------ 1995/96 Mkt. yr. June-Sep Mkt. yr. June-Sep June-Sep BARLEY ---------------------------------------------------------- Saudi Arabia 344 3 203 0 0 Israel 335 143 468 199 42 Jordan 251 101 51 51 0 Others 504 130 671 244 414 Total 1,433 377 1,392 494 457 ------------------------------------------------------------------------------ Totals may not add due to rounding. Source: Bureau of the Census . Table 9--U.S. imports by country of origin ------------------------------------------------------------------------------ Country/region ------1993/94--- ------1994/95------ 1995/96 Mkt. yr. June-Sep Mkt. yr. June-Sep June-Sep ------------------------------------------------------------------------------ OATS --------------------Thousand tons--------------------- Canada 1,011 247 1,161 390 534 Finland 526 204 374 117 8 Sweden 303 0 70 26 62 Other 0 0 0 0 0 Total 1/ 1,840 450 1,605 533 604 BARLEY, MALTING Canada 453 30 715 247 215 Other 0 0 0 0 0 Total 1/ 453 30 716 247 215 BARLEY, OTHER 2/ Canada 1,098 71 702 343 73 Other 5 0 16 10 5 Total 1/ 1,103 72 719 353 78 ------------------------------------------------------------------------------ 1/ Totals may not add due to rounding. 2/ Mainly consists of barley for feeding, includes seed barley starting January 1994. Source: Bureau of the Census . . END-END-END .