Feed Outlook, March 2018 (summary)
Projected Corn Exports Surge, Ethanol Gains
Projected corn exports for 2017/18 are raised 175 million bushels this month to 2,225 million, as reduced export prospects for Argentina provide opportunities for the United States in global markets. On the domestic side, corn for ethanol is raised 50 million bushels to 5,575 million. With these changes, corn use is raised 225 million bushels. A corresponding reduction in projected carryout lowers the stocks-to-use ratio and results in a $0.05 increase in the average price received by producers to $3.35 per bushel.