Feed Outlook, December 2019 (summary)
No Changes to This Month’s Domestic Projections
With no new data from the National Agricultural Statistics Service this month, and steady demand from exports, food, seed, and industrial use, and feed and residual use, there were no balance sheet changes this month to corn, sorghum, or oats. Projected prices are unchanged for corn and sorghum and lowered 5-cents per bushel for barley and oats.
The global production of coarse grains is expected to expand month over month by 6.81 million metric tons. This revision is driven by record Chinese corn yields, which increased their total supply by 6.77 million tons and is expected to increase carryout in 2019/20. This change more than offsets reductions in Australian coarse grains production due to continued drought, amongst other small revisions.