Market Outlook

Feed Outlook, September 2017

Summary

U.S. Corn Yield Edges Up

USDA’s National Agricultural Statistics Service (NASS) September Crop Production report raised the projected 2017/18 corn yield by 0.4 bushels per acre to 169.9 bushels per acre. Corn disappearance is lowered 50 million bushels due to reduced corn used for ethanol, high fructose corn syrup, and starch. Higher ending stocks result in a 10-cent decline in the average price received by farmers to $3.20 per bushel.

Foreign corn output in 2017/18 is reduced. Serbia (which is not part of the EU) is expected to produce just over half of its corn harvest from a year ago. The reduction in Serbian corn output is expected to provide Ukraine with export opportunities for the EU market. World barley trade may grow with a Russian production surplus and with additional supplies going to Libya to support its growing barley feeding.

The September Feed Outlook report and previous reports are available here:

http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1273