Market Outlook


Feed Outlook: April 2021



Increased Use Lowers Projected Corn Ending Stocks in 2020/21

U.S. corn ending stocks are lowered 150 million bushels from the previous month to 1,352 million in the April World Agricultural Supply and Demand Estimates (WASDE). The reduction is due to changes in corn used for fuel ethanol (25-million-bushel increase), feed and residual (50-million-bushel increase), and exports (75-million-bushel increase). Sorghum average-farm price for 2020/21 is projected $0.05 per bushel higher than the previous month at $5.05, based on the pace of monthly farm receipts through February.

A spike in U.S. corn shipments to several markets (including Japan, Mexico, China, and South Korea) during March supports an increase in corn exports to a new record. In recent weeks, U.S. corn sales and shipments have accelerated, with March corn export inspections reaching a historical record for a monthly corn shipment. Global corn imports are unchanged this month. The United States is expected to partly supplant Ukraine as an exporter to China and Brazil as an exporter to other destinations, while exports are reduced accordingly for both Ukraine and Brazil.

See the Feed Outlook.