FEED OUTLOOK May 12, 1995 Approved by the World Agricultural Outlook Board ----------------------------------------------------------------------------- FEED OUTLOOK is published monthly (except January) by the Economic Research Service, U.S. Department of Agriculture, Washington, DC 20005-4788. FDS--0595. ----------------------------------------------------------------------------- HIGHLIGHTS o Initial Projections for 1995/96 Show Marked Drop in Feed Grain Production, Only Modest Cutback in Use o Ending Stocks Projected To Decline, Prices To Strengthen o Tighter Supplies To Reduce Feed Use; FSI Gains Continue o Corn Exports Expected To Remain Strong SMALLER PRODUCTION EXPECTED TO LOWER FEED GRAIN SUPPLIES Total feed grain supplies are projected to decline 7 percent in 1995/96 due to a fall in production. Although carryin stocks will be up, 1995 feed grain production is projected at 244 million metric tons, down 14 percent from the record set in 1994. Only a moderate cutback in demand is expected, as both domestic use and exports are projected to remain relatively strong. Total feed grain disappearance is projected to drop 2.5 percent to 263 million metric tons, second only to the record high forecast for 1994/95. Ending stocks in 1995/96 are projected to fall by about a third from the previous year to 30 million metric tons, but remain above the recent low of 1993/94 when a short crop reduced supplies. CORN, SORGHUM, AND OATS CROPS EXPECTED TO DROP, BARLEY UP SLIGHTLY Corn production in 1995 is projected at 8.6 billion bushels, down 15 percent from the record 1994 crop, due to reduced acres and lower expected yields. Reflecting farmers' intentions reported in this spring's Prospective Plantings, planted acres are down 5 percent to 75.3 million. Harvested acres are projected to be down by a slightly greater margin, 6 percent to 68.5 million. This reflects normal weather assumptions for 1995 after exceptionally favorable conditions in 1994 led to an unusually large portion of the crop harvested for grain. The average corn yield is projected at 125.6 bushels per acre in 1995, based on a linear trend fit over 1960-94. This compares with the record 138.6 bushels per acre yield achieved in 1994. Because of widespread wet conditions, plantings have started slowly this year. Although farmers can make very rapid planting progress if conditions allow, late plantings could increase the risk that more of the crop will enter the pollination stage during the typical hot weather of July. Sorghum production is projected to decrease 100 million bushels in 1995 to 555 million, also based on lower area and expected yields. Farmers indicated plans to sow 9.2 million acres in 1995, the lowest in more than 60 years. Harvested acres are projected at 8.2 million, which would be the lowest amount harvested for grain since 1953. Sorghum yields are also expected to slip from the record high of 73 bushels per acre reached in 1994, with a projected 1995 yield of 67.4 bushels based on the 1960-94 trend. Barley output is projected to rise 5 million bushels to 380 million in 1995. While harvested acres are expected to drop slightly, in line with farmers' intentions, yields are projected to increase and boost production slightly. The projected average barley yield based on trend is 58.1 bushels per acre, compared with 56.2 in 1994. Production of oats is projected at 200 million bushels, down 30 million from 1994. This would trail even 1993/94's low outturn of 207 million bushels and would be the lowest harvest in USDA's production series that started in 1866. Harvested acres, as indicated by oats farmers in Prospective Plantings, are expected to fall 9 percent in 1995 while yields are also likely to shrink. The projected yield is 54.7 bushels per acre, based on weighted average State yields for the previous 10 years, compared with 57.2 in 1994. REDUCED CORN STOCKS AND HIGHER PRICES EXPECTED IN 1995 Despite the likelihood of stronger prices, total corn use is projected to fall only modestly in 1995/96 to 9.2 billion bushels. This would be down just 2 percent from the record use forecast in 1994/95, reflecting expectations of continued strong import demand for corn, high animal inventories supporting large feed use, and further steady gains in industrial demand for corn. The prospective corn feed and residual of 5.4 billion bushels in 1995/96 would be second only to the record 5.65 billion forecast for 1994/95, while FSI use is projected to increase to another record. Ending stocks of corn in 1995/96 are projected to decline nearly 600 million bushels to 998 million. The stocks-to-use ratio is projected at 10.8 percent, compared to 16.9 in 1994/95. Although projected stocks would exceed the recent low of 850 million bushels of 1993/94, the stocks-to-use ratio was higher at that time, at 11.2 percent, because of lower use. Season average farm prices for corn are projected to rise to $2.30-2.70 per bushel, compared to $2.20-2.30 in 1994/95. End users will face higher prices for the other feed grains in coming months as well. The combination of higher corn prices and tighter respective supplies of each grain will push up prices. Sorghum ending stocks are projected to decline sharply to 49 million bushels, even with the lowest prospective use since the late 1950's. The sorghum farm price is projected at $2.15-2.55 per bushel, up from $2.00-2.10 in 1994/95. Stocks of both barley and oats are also projected to decrease in 1995/96. The projected range for the all barley price is $2.10-2.50 per bushel, up from $2.01 estimated in 1994/95, while the oats price is projected at $1.25-1.65, compared with the estimate of $1.21 for 1994/95. FEED AND RESIDUAL USE TO SLIP IN 1995/96 Feed and residual use of the four feed grains (corn, sorghum, barley, and oats) in September 1994-August 1995 is expected to total 161 million metric tons, up 15 percent from the previous year. If wheat feeding is included, total feed and residual use rises to 167 million tons, up 12 percent from 1993/94. In September 1995-August 1996, feed and residual use of the four feed grains plus wheat is expected to total 161 million metric tons, down 4 percent from 1994/95. Declines are expected in corn, sorghum, barley, and oats, but wheat feeding (on a September-August basis) may increase slightly as higher prices for feed grains make wheat more attractive as a feed. The index of grain consuming animal units (GCAU) increased 1 percent in 1994/95 from the 84 million units in 1993/94. If animal numbers increase as currently expected, the index for 1995/96 would total 86.8 million units, up 2 percent from 1994/95. The feed and residual use per GCAU in 1995/96 would total 1.85 tons, down 6 percent from the 1.97 tons expected in 1994/95. Feed and residual at 1.85 would still be well above the 1.78 tons in 1993/94 when grain prices were strong because summer floods reduced supplies. Projected increases in cattle on feed, broilers, and turkeys in 1995/96 are the main reason for the increase in GCAU s and thus are expected to keep feed needs and prices strong. GAINS TO CONTINUE FOR FOOD, SEED, AND INDUSTRIAL USES OF CORN Food, seed, and industrial (FSI) uses in 1994/95 are expected to total 1.7 billion bushels of corn, up 7 percent from 1993/94. The largest increase is in corn to produce fuel alcohol, up 17 percent. Corn used for high fructose corn syrup (HFCS) is expected to be up 5 percent from 1993/94's 442 million bushels. In 1995/96, total FSI use of corn is expected to increase to 1.8 billion bushels, mainly from an increase in fuel alcohol production. Other corn food and industrial uses are likely to grow nearer the population growth rate. With continued growth in the general economy, many of the wet mill corn products are expected to grow 2 to 3 percent from the expected 1994/95 use. Fuel alcohol use of corn is projected to increase 14 percent from the 535 million bushels expected to be used in 1994/95. Recently, the U.S. Court of Appeals overturned the EPA requirement that 30 percent of the oxygenates used in reformulated gasoline be made from renewable sources, such as ethanol. Ethanol producers have been increasing capacity in anticipation of increasing demand. The Appeals Court ruling means ethanol will have to continue competing with other oxygenates. Established plants are expected to continue producing ethanol along with new ethanol plants currently coming into production in Nebraska and Minnesota. These States have enacted ethanol producer incentives for each gallon of ethanol produced. The State incentives will help lessen the impact of competition with other oxygenates both in reformulated gasoline and in areas that have a winter carbon monoxide control that requires oxygenates to be used in gasoline. Fuel ethanol prices have declined as stocks have grown and prices are likely to remain weak. Relatively low corn prices in 1994/95 have meant that ethanol producers have reported strong earnings in the past year. However, stronger corn prices in 1995/96 and weak ethanol prices are likely to squeeze ethanol producers, especially higher cost dry-mill producers. Offsetting some of the weakness in ethanol prices will be some strength in byproduct feed prices. With soymeal prices in 1995/96 expected to be up 6 percent from 1994/95, distillers' dry grains and gluten byproducts are expected to have stronger prices. RECORD GLOBAL COARSE GRAIN USE, LOWER PRODUCTION TO REDUCE STOCKS IN 1995/96 Global coarse grain consumption is projected to expand about 1 percent in 1995/96 to 865 million tons, following a 3-percent increase in 1994/95. Lower production prospects for the United States, however, are projected to reduce world coarse grain output by 4 percent, pushing ending stocks down nearly 22 percent to the lowest level since 1975/76. The global stocks-to-use ratio is projected to fall to 11.7 percent, the lowest in the USDA database which begins in 1960/61. Despite implications for higher prices, coarse grain trade is forecast to rise marginally from 1994/95 to 90.2 million tons. While competitor exports are projected up 7 percent to 32.8 million tons, expanding foreign use is expected to maintain strong demand for U.S. coarse grains. U.S. coarse grain exports in October-September 1995/96 are projected at 57.3 million tons, down only 1 percent from 1994/95. U.S. CORN EXPORTS TO REMAIN STRONG IN 1995/96 Despite a projected 3-percent increase in foreign corn production in 1995/96, U.S. corn exports are projected at 2 billion bushels (51 million tons), off only slightly from the 2.025 billion forecast for 1994/95. Total global corn trade is projected to dip by 1 percent to 62 million tons, with the U.S. market share holding at a strong 82 percent. While foreign corn exports are projected to bounce up slightly from 1994/95 to 11 million tons, this would still be only half the volume of the early 1990's. The sudden switch in China's position as a major corn exporter in 1994/95 into an importer explains the dramatic drop in competitor exports. China's corn exports and imports are both projected at 2 million tons in 1995/96. This compares to China's net corn export position of around 11 million tons between 1991 and 1993. The changing role that China plays in the global corn market is based on continued strong economic growth, the high level of domestic corn prices in China relative to the world market, and the Chinese government's preoccupation with high food prices and political concerns about food security. Despite expectations of higher export prices for corn in 1995/96, global import demand is projected to remain relatively strong. Robust economic growth, especially in Asia and South America, is expected to support demand for imported corn. Also, a 1994/95 crop shortfall in South Africa is projected to necessitate corn imports of 1 million tons. EXPORT OUTLOOK WANES FOR U.S. SORGHUM AND BARLEY The lackluster outlook for world sorghum trade continues into 1995/96 with global trade, projected at 5.95 million tons, at the lowest levels since the early 1970's. Lower import demand, stronger competitor exports, and tight U.S. supplies are projected to drop U.S. sorghum exports 11 percent to 200 million bushels (5 million tons), slightly below 1993/94 and the lowest in a decade. Higher production prospects are expected to allow Australia to return to a net export position, moving from importing 350,000 tons of sorghum in 1994/95 to exporting 250,000 tons in 1995/96. In Mexico, prospects for a higher sorghum crop are expected to limit imports to 2.1 million tons, up 100,000 tons from 1994/95's relatively low level. U.S. barley exports are projected at 60 million bushels, down 10 million from 1994/95. A rebound in competitor supplies and exports is likely, although the outlook is highly uncertain. World barley trade is projected to be up in 1995/96, largely due to higher imports by Saudi Arabia. EXPORT UPDATE FOR 1994/95 The export forecast for U.S. corn in 1994/95 remains at 2.025 million bushels (51.5 million tons). Forecast imports by China were raised this month but this was offset by a further deterioration of import prospects by the former Soviet Union (FSU). Dropping yet again, forecast corn imports by the FSU are now at only 430,000 tons, down from 850,000 tons previously and substantially lower than 1993/94's 3.7 million tons. U.S. corn sales to China through April totaled nearly 2.2 million tons. Expectations that China will make further purchases from the United States or Argentina led to a 500,000-ton upward revision of China's corn import forecast to 3 million tons. This higher import outlook, along with continued high domestic corn prices in China and a downward adjustment in China's export forecast to 2 million tons, has made China a net corn importer for the first time since 1982/83. The export outlook for U.S. sorghum in 1994/95 is up 10 million bushels from last month to 220 million (5.6 million tons). This primarily reflects stronger shipments to Mexico, fueled by changes in the Mexican support price for corn resulting in high domestic feed grain prices, and the absence of subsidized sales of corn to the feed industries. ****************************************************************************** * Information Contacts: * * * * Pete Riley (202) 501-8512 T.Q. Hutchinson (202) 219-0353 * * Allen Baker (202) 219-0839 Nancy Morgan (202) 501-8511 * * * * The next Feed Outlook will be released June 13, 1995. * * * ****************************************************************************** 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 2,016 449 2,875 8,080 2.07 Dec-Feb 8,080 --- 4 8,084 402 1,500 590 2,493 5,591 2.18 Mkt. yr. 850 10,103 10 10,963 1,700 5,650 2,025 9,375 1,588 2.20-2.30 1995/96 Mkt. yr. 1,588 8,600 10 10,198 1,800 5,400 2,000 9,200 998 2.30-2.70 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 48 655 0 703 2 214 64 280 422 1.91 Dec-Feb 422 --- 0 422 1 79 61 141 282 2.02 Mkt. yr. 48 655 0 703 7 400 220 627 76 2.00-2.10 1995/96 Mkt. yr. 76 555 0 631 7 375 200 582 49 2.15-2.55 ------------------------------------------------------------------------------- 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 2.16 Mar-May 224 --- 34 258 56 40 24 119 139 2.21 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 1.99 Sep-Nov 352 --- 14 366 38 30 19 87 279 1.98 Dec-Feb 279 --- 14 292 38 51 11 100 192 1.98 Mkt. yr. 139 375 65 579 175 225 70 470 109 2.01 1995/96 Mkt. yr. 109 380 60 549 175 210 60 445 104 2.10-2.50 OATS 1993/94 Jun-Aug 113 207 17 337 32 84 1.5 118 219 1.35 Sep-Nov 219 --- 35 254 30 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 36 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 106 230 20 356 32 104 0.2 136 220 1.20 Sep-Nov 220 --- 34 254 30 32 0.2 62 192 1.19 Dec-Feb 192 --- 23 215 28 38 0.4 66 149 1.19 Mkt. yr. 106 230 105 440 125 210 1.0 336 104 1.21 1994/95 Mkt. yr. 104 200 100 404 125 175 1 301 103 1.25-1.65 ------------------------------------------------------------------------------- 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. 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 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 0.7 39.4 0.1 39.5 Mar-May 29.4 2.0 0.5 0.6 32.5 -2.0 30.4 Jun-Aug 22.8 1.4 2.0 1.2 27.5 8.1 35.5 Mkt. yr. 134.5 11.9 3.8 3.0 153.2 3.9 157.1 82.7 1.90 % Change 8.6 25.3 -23.4 -7.9 8.2 -37.9 6.3 2.5 3.66 1993/94 Sep-Nov 43.3 5.6 0.6 0.4 50.0 -1.0 48.9 Dec-Feb 31.7 2.7 1.8 0.7 37.0 1.1 38.0 Mar-May 24.2 2.1 0.9 0.4 27.6 -0.7 26.9 Jun-Aug 20.3 1.0 2.7 1.5 25.5 10.2 35.7 Mkt. yr. 119.5 11.5 5.9 3.1 140.0 9.6 149.5 84.0 1.78 % Change -11.2 -3.4 56.4 3.0 -8.6 144.9 -4.8 1.6 -6.3 1994/95 Sep-Nov 51.2 5.4 0.7 0.5 57.8 -0.8 57.0 Dec-Feb 38.1 2.0 1.1 0.6 41.8 0.7 42.5 Mkt. yr. 143.5 10.2 4.20 2.8 160.7 6.1 166.8 84.9 1.96 % Change 20.1 -11.6 -29.0 -7.7 14.8 -36.3 11.6 1.1 10.4 1995/96 Mkt. yr. 137.2 9.5 4.6 2.5 153.8 6.8 160.6 86.8 1.85 % Change -4.4 -6.2 8.9 -10.8 -4.3 11.6 -3.7 2.3 -5.9 ------------------------------------------------------------------------------ Table 3--Grain shipments and rates ------------------------------------------------------------------------------- 1992/93 ---------1993/94---------- ----1994/95---- Mkt. Yr. Mkt. Yr. Sep-Mar March Sep-Mar March ------------------------------------------------------------------------------- Barge shipments 1/ 2.5 2.8 2.7 2.4 2.7 2.6 (Million ton/month) Barge rate index 2/ 108.9 93.6 98.9 86.7 164.1 168.1 (Dec 1984 = 100) Railcar loadings 3/ 28.0 25.4 26.4 25.1 28.7 30.3 (1,000 cars/week) Rail rate index 2/ 113.8 115.2 115.6 115.7 116.6 117.8 (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, No. 2, No. 2, No. 3 or No. 2, Yel, Yel, Yel, Yel, feed, better, Heavy Ctrl. Gulf Texas, S. Gulf Duluth Malting, white, IL ports Panhandle ports Minn. Minn. ------------------------------------------------------------------------------ Mkt. yr. $/bu $/bu $/cwt $/cwt $/bu $/bu $/bu 1992/93 2.12 2.46 4.02 4.27 2.11 2.37 1.58 1993/94 2.55 2.85 4.95 4.91 2.05 2.48 1.55 Monthly 1993/94 Dec 2.81 3.08 5.51 5.43 2.14 2.57 1.56 Jan 2.89 3.22 5.53 5.52 2.15 2.55 1.57 Feb 2.83 3.14 5.35 5.41 2.16 2.63 1.52 Mar 2.76 3.05 5.12 5.22 2.07 2.65 1.55 1994/95 Dec 2.17 2.61 4.49 4.59 2.00 2.81 NQ Jan 2.22 2.72 4.44 4.63 2.02 2.81 1.46 Feb 2.27 2.72 4.48 4.63 2.06 2.82 1.42 Mar 2.36 2.79 4.63 4.67 2.02 2.85 1.54 ------------------------------------------------------------------------------ Table 5--Selected feed and feed by-product prices ------------------------------------------------------------------------------- Soybean Cotton- Corn Corn Meat & Dists.' Wheat Alfalfa meal seed gluten gluten bone dried midlgs, farm 44% slv. meal, feed, meal, meal, grains, Kansas price Decatur, 41% slv. IL IL Kansas Lawrence- City IL Memphis pts. pts. City burg, IN ------------------------------------------------------------------------------- -------------------------------$/ton--------------------------------- Mkt. yr. 1992/93 180.80 159.22 95.95 284.60 220.93 122.84 69.69 78.20 1993/94 181.82 168.36 88.62 286.61 206.81 123.79 81.51 89.30 Monthly 1993/94 Dec 192.50 180.00 90.50 316.25 228.40 130.00 85.75 89.70 Jan 185.90 170.30 92.40 309.40 215.30 130.00 104.10 90.50 Feb 184.40 173.10 87.60 296.25 209.70 130.00 101.90 93.20 Mar 182.00 174.00 88.60 288.50 204.70 127.00 83.90 93.20 1994/95 Dec 145.40 114.20 84.30 239.40 163.10 120.75 71.30 92.50 Jan 145.10 106.75 82.20 230.50 176.25 105.60 60.00 92.10 Feb 149.40 97.50 81.00 221.25 181.00 97.00 62.50 94.20 Mar 145.70 100.30 82.10 215.60 180.75 93.75 73.90 94.20 ------------------------------------------------------------------------------- Table 6--Corn: Food, and industrial uses --------------------------------------------------------------------------- Glucose Cereals and ---Alcohol--- & other Year HFCS dextrose Starch Fuel Beverage products Total --------------------------------------------------------------------------- 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 104.16 58.79 62.63 134.45 20.69 29.42 410.13 Dec-Feb 99.91 51.52 60.12 141.50 20.47 29.10 402.61 Mkt year 465.00 230.00 250.00 535.00 83.00 118.00 1,681.00 1995/96 Mkt year 480.00 235.00 255.00 608.00 84.00 118.00 1,780.00 --------------------------------------------------------------------------- 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. 1991/92 13.51 9.90 24.50 15.23 11.03 1992/93 13.39 9.68 24.50 13.30 10.70 1993/94 14.49 10.98 25.44 14.63 12.61 Monthly 1994 Jan 15.40 11.65 25.25 12.95 13.31 Feb 15.12 11.37 26.00 13.23 13.61 Mar 14.92 11.17 26.00 14.28 13.61 Apr 14.77 11.06 26.00 15.85 13.31 1995 Jan 13.04 10.49 25.50 11.60 11.96 Feb 13.04 10.49 25.50 11.80 12.20 Mar 13.11 10.56 25.50 11.80 12.32 Apr 1/ 13.17 10.62 25.50 11.80 12.65 ------------------------------------------------------------------------------ 1/ Preliminary. Table 8--U.S. feed grain exports by selected destinations 1/ ------------------------------------------------------------------------------ Country/region ------1992/93------ ------1993/94------ 1994/95 Mkt. yr. Sep-Feb Mkt. yr. Sep-Feb Sep-Feb ------------------------------------------------------------------------------ CORN --------------------Thousand tons--------------------- Japan 14,138 7,066 12,214 7,002 7,650 Taiwan 5,333 2,800 5,077 3,005 2,761 Former USSR 4,721 2,533 2,909 2,820 33 South Africa 2,354 2,311 12 11 0 Sub-Saharan Africa 3,955 3,789 394 82 266 EU 1,378 566 1,765 696 957 Egypt 1,397 576 1,553 939 1,408 Canada 1,247 834 603 185 461 China 1,103 0 0 0 774 East Europe 0 384 48 48 0 Algeria 1,076 478 1,176 688 704 S. Korea 991 803 508 87 3,748 Mexico 506 394 1,468 169 1,905 Others 3,951 1,548 9,463 3,640 5,673 Total 42,150 24,083 37,191 19,372 26,339 SORGHUM Mexico 4,147 2,133 2,942 1,110 1,355 Japan 1,922 1,288 1,640 1,087 1,250 Others 809 519 432 273 545 Total 6,878 3,940 5,014 2,470 3,150 ---------------------------------------------------------- ------1992/93------ ------1993/94------ 1994/95 Mkt. yr. Jun-Feb Mkt. yr. Jun-Feb Jun-Feb BARLEY ---------------------------------------------------------- Saudi Arabia 579 514 344 5 33 Israel 263 162 335 266 427 Jordan 195 145 205 199 51 Others 711 218 550 442 518 Total 1,748 1,040 1,433 912 1,029 ------------------------------------------------------------------------------ Totals may not add due to rounding. Source: Bureau of the Census Table 9--U.S. oats imports by country of origin ------------------------------------------------------------------------------ Country/region ------1992/93------ ------1993/94------ 1994/95 Mkt. yr. Jun-Feb Mkt. yr. Jun-Feb Jun-Feb ------------------------------------------------------------------------------ Canada 625 446 1,011 794 888 Finland 119 23 526 391 374 Sweden 116 116 303 245 70 Other 87 65 0 0 0 Total 947 650 1,840 1,431 1,332 ------------------------------------------------------------------------------ Totals may not add due to rounding. Source: Bureau of the Census END-END-END