HDR1011800200801012951500 FEED OUTLOOK October 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-1095. ----------------------------------------------------------------------------- HIGHLIGHTS o Corn Production for 1995 Cut 291 Million Bushels o 1995 Sorghum, Barley, and Oats Crops Each Reduced o Prospective 1995/96 Feed Grain Use Slashed Again o Stocks Data Show Record Corn Disappearance in 1994/95 LOWER CROPS FURTHER REDUCE FEED GRAIN SUPPLIES Reductions in crop forecasts for each of the four feed grains lowered total 1995 feed grain production by 9 million metric tons from last month to 214 million tons. This is 25 percent below the year before. Despite a larger reported carryin for corn than previously forecast, 1995/96 feed grain supplies are expected to be down 3 percent from last month to 263 million tons. While down 17 percent from last year, forecast supplies are still higher than in 1993/94, when a sharp decline also occurred due to crop problems. 1995 CORN PRODUCTION FORECAST AT 7.541 BILLION BUSHELS Forecast corn production was reduced 4 percent from September to 7.541 billion bushels. No change in harvested acres was made, but yields at 116.6 bushels per acre are down 4.5 bushels from a month ago. Reductions in expected production were made in a number of States, led by Illinois, Nebraska, Iowa, Indiana, and Minnesota. Lower yield prospects reflect the effects of late planting in many areas, along with some damage due to an early frost that hit the western Corn Belt and central Plains. Harvest progress remains mixed. Nationally, 25 percent of the corn crop was harvested as of October 8, just below the 5-year average of 27 percent. In Indiana, Illinois, and the Lake States, progress was above average, while Nebraska, South Dakota, and Kansas lagged significantly. Progress was also slower than average in Iowa, the largest producing State. Farmers in some areas are concerned about potential damage from corn borers if the crop stays in the field much longer. FORECASTS OF OTHER FEED GRAIN CROPS ALSO CUT; LITTLE CHANGE IN HAY Unfavorable weather in recent weeks also reduced yield prospects for sorghum. Sorghum production is forecast at 492 million bushels in 1995, down 46 million from September, and the lowest since the drought year of 1983. Yields are forecast at 59.2 bushels per acre, down from 65 bushels last month. The largest cuts in prospective production are indicated for Kansas, followed by Nebraska and Texas. Estimated barley production was trimmed 13 million bushels to 361 million, reflecting slightly lower yields and fewer harvested acres. Most of the reduction in production occurred in North Dakota. The 1995 oats crop is estimated at a record low 163 million bushels, down 23 million from the last forecast, which was made in August. Again, both yields and harvested acres were reduced. All hay production is forecast at a record 157 million short tons, down fractionally from the previous forecast made in August. Lower output in a number of States, including Iowa, North Dakota, and Pennsylvania, was offset by gains in Texas, Minnesota, Oklahoma, and elsewhere. Compared to last year, area harvested and yields are higher for both alfalfa and mixtures and all other hay. South Dakota is expected to realize the biggest gains from 1994. SUPPLY/DEMAND BALANCE TIGHTENS; LOW ENDING STOCKS EXPECTED Total feed grain use in 1995/96 is expected to be 2 percent lower than last month because of cuts for each of the feed grains. The largest drop in projected use was for corn, down 150 million bushels, with all of the adjustment made in domestic use. Despite this drop, total corn disappearance will still be the second highest ever. Total use of sorghum in 1995/96 is projected at 522 million bushels, the lowest since the early 1960's, while projected use of barley of 440 million bushels would be the lowest since the 1988/89 drought year. Corn feed and residual use was reduced 125 million bushels from last month to 4,700 million bushels, about the same as in 1993/94. However, in that year, feed and residual for the other feed grains was 27 percent higher than is currently expected. Food, seed, and industrial use (FSI) of corn is forecast at 1,725 million bushels, down 25 million from last month. With feed grain production expected to decline 70.5 million metric tons from last year and prices forecast to rise, ethanol producers are likely to be adversely affected in 1995/96. Three ethanol plants outside the main corn producing areas have temporarily suspended production for 1995/96, while a fourth has closed. Currently, ethanol prices are relatively low because of large ethanol stocks and ample supplies of methanol to produce MTBE (a competing oxygenate). Ethanol prices are likely to rise this winter as stocks are worked down with ethanol use in the winter oxygenate program. Because of the high grain prices, ethanol production's use of corn is expected to increase only 1 percent in 1995/96, from the 533 million bushels used in 1994/95. Corn ending stocks in 1995/96 are forecast at 685 million bushels, down from 730 million a month ago and 56 percent below 1994/95. This would be the lowest level since 1975/76. The corn stocks-to-use ratio is projected at a very low 8.1 percent. Sorghum stocks are forecast to fall to 41 million bushels, a record low for the current September-August marketing year. Barley ending stocks are forecast at 94 million bushels, the lowest since 92 million in 1974/75, while forecast oats stocks of 88 million bushels would be the lowest since the mid-1930's. PRICE FORECASTS RAISED FOR 1995/96 Final data for prices received by farmers for the 1994/95 season were $2.26 per bushel for corn and $2.13 for sorghum. The price of corn declined more than that of sorghum from 1993/94, placing the sorghum price at a relatively high 94 percent of corn. The 1995/96 season average farm price for corn is projected at $2.75 to $3.15 per bushel, up 20 cents at both ends of the range. In the past, the season average price surpassed $3.00 three times: $3.02 in 1974/75, $3.12 in 1980/81, and $3.21 in 1983/84. The projected sorghum price was also raised by 20 cents to $2.60 to $3.00 per bushel, approaching previous highs of $2.91 and $2.74 reached in 1980/81 and 1983/84. The projected price for all barley in 1995/96 was increased to $2.40 to $2.70 per bushel, up 15 cents on the low end and 5 cents on the high end. The price forecast for oats was raised 5 cents on each end to $1.45 to $1.65 per bushel. U.S. 1995/96 CORN EXPORT FORECAST UNCHANGED Global 1995/96 coarse grain trade forecast is down only marginally from September at 87.2 million tons, despite a further decline in U.S. coarse grain production. Export prices continue to strengthen as feed grain supplies tighten and sales of U.S. corn continue to soar. The U.S. corn export forecast remains unchanged at 2 billion bushels (51 million tons). According to U.S. Export Sales, export commitments as of September 28 had reached 21.5 million tons, or 42 percent of the forecast for the entire year. Purchases by Japan, South Korea, and several smaller Asian markets were particularly strong in September. These countries are buying now for delivery farther in advance than usual, probably because of concerns that prices could be even higher later in the year. September f.o.b. Gulf price for No. 2 yellow corn reached $130 per ton, the highest September price since 1984 and 34 percent above September 1994. Projected exports of sorghum are down 10 percent from September to 180 million bushels because of reduced U.S. production prospects. U.S. COARSE GRAIN IMPORTS PROJECTION REDUCED Forecast U.S. imports of barley and oats were each trimmed 5 million bushels from last month to 60 million and 105 million bushels, respectively. Canada's barley and oats exports to the United States were slower than expected in July and August. Canada's barley and oats supplies are very tight and, while projected 1995 barley production is up 400,000 tons from September to 12.9 million tons, the increase is expected to be absorbed by Canada's feed industry. STOCKS DATA INDICATE RECORD 1994/95 CORN DISAPPEARANCE The Grain Stocks report released in late September placed corn stocks in all positions at the end of the 1994/95 marketing year (September/August) at 1,558 million bushels. The estimate was 95 million bushels higher than USDA had forecast in September. The most significant impact of the stocks change is a month-to month reduction of 88 million bushels in feed and residual use for the 1994/95 marketing year. Minor adjustments in these figures may be made, pending the release of August trade data later this month. A small reduction in food, seed, and industrial use (FSI) was also made this month; slight increases in corn used for sweeteners were outweighed by declines in fuel alcohol and starch. Despite the drop from the previous month, the stocks data indicate total disappearance of corn for 1994/95 was a record 9.4 billion bushels, 11 percent greater than the previous high of 8.47 billion in 1992/93. Compared to the previous year, feed and residual use was up about 800 million bushels to 5,511 million. FSI use is estimated at 1,693 million bushels, up about 100 million, while exports are placed at 2.2 billion bushels, up about 870 million. This year-to-year export gain was the largest ever. Sorghum stocks on September 1 were 71 million bushels, down from 86 million previously forecast. As a result, estimated feed and residual use of sorghum increased 14 million bushels for the 1994/95 marketing year. Compared to 1993/94, total sorghum disappearance dropped nearly 50 million bushels to 631 million. This was the lowest since 1980/81. AGGREGATE GRAIN STORAGE WILL REMAIN ADEQUATE Despite the large carryover of feed grains, especially corn, more than adequate storage space is expected to be available for the 1995/96 grain crops. The smaller prospective grain harvest and large use during 1994/95 are expected to leave at least 5.6 billion bushels of storage space unused. At the same time of year in 1994/95, only 2.0 billion bushels were expected to remain empty, but in 1993/94 the surplus was 5.0 billion bushels. Still, on-farm storage facilities are expected to be filled at the end of harvest in nearly all States. December 1, 1994, on-farm and off-farm grain storage capacity totaled 19.9 billion bushels, down 1 percent from 1993. On-farm stocks of grain and oilseeds on September 1, 1995, totaled 1.9 billion bushels, up 13 percent from the prior year. Off-farm stocks were up 18 percent from 1994, totaling 2.4 billion bushels. On-farm stocks of corn, sorghum, oats, and barley on September 1, 1995, totaled 1.1 billion bushels, up 37 percent. Off-farm stocks rose 52 percent to 1.0 billion bushels. Comparison of Grain Storage Capacity with Requirements ---------------------------------------------------------------------------- Storage capacity : 1988 1989 1990 1991 1992 1993 1994 on December 1 (1): ---------------------------------------------------------------------------- : Million bushels Off-farm : 9,606 9,384 9,089 8,911 8,665 8,487 8,381 On-farm : 13,300 12,800 12,400 12,170 12,090 11,625 11,500 Total : 22,906 22,184 21,489 21,081 20,755 20,112 19,881 ------------------------------------------------------------------------- Grain supplies :1988/89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 (2) : ------------------------------------------------------------------------- : Million bushels Feed grains : 11,357 11,583 11,169 10,549 12,529 10,070 12,472 10,679 Wheat : 3,073 2,738 3,273 2,847 2,931 2,931 2,890 1,075 Soybeans : 1,851 2,106 2,165 2,315 2,466 2,101 2,732 2,526 Total : 16,281 16,428 16,607 15,711 17,926 15,102 18,094 14,280 Implied surplus: 6,625 5,757 4,882 5,371 2,829 5,010 2,018 5,601 ------------------------------------------------------------------------- (1) SOURCE: "Grain Stocks", National Agricultural Statistics Service, USDA (2) Beginning stocks plus production, "World Agricultural Supply and Demand Estimates", October 11, 1995, World Agricultural Outlook Board, USDA ****************************************************************************** * Information Contacts: * * * * Pete Riley (202) 501-8512 T.Q. Hutchinson (202) 219-0391 * * Allen Baker (202) 219-0360 Sara Schwartz (202) 219-0768 * * * * Data Coordinator: Jenny Gonzales (202) 219-0704 * * * * The next Feed Outlook will be released November 13, 1995. The summary * * of the annual Feed Yearbook will be released October 31. * * * ****************************************************************************** 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 2,015 449 2,875 8,080 2.05 Dec-Feb 8,080 --- 4 8,084 403 1,499 590 2,493 5,592 2.18 Mar-May 5,592 --- 3 5,595 448 1,164 568 2,180 3,415 2.35 Jun-Aug 3,415 --- 1 3,416 432 834 592 1,858 1,558 2.59 Mkt. yr. 850 10,103 10 10,963 1,693 5,512 2,200 9,405 1,558 2.26 1995/96 Mkt. yr. 1,558 7,541 10 9,110 1,725 4,700 2,000 8,425 685 2.75-3.15 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 61 142 281 2.02 Mar-May 281 --- 0 281 2 66 54 122 159 2.18 Jun-Aug 159 --- 0 159 2 45 41 88 71 2.64 Mkt. yr. 48 655 0 703 7 404 220 631 71 2.13 1995/96 Mkt. yr. 71 492 0 563 7 335 180 522 41 2.60-3.00 ------------------------------------------------------------------------------- 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 2.00 Sep-Nov 352 --- 14 366 38 30 19 87 279 1.98 Dec-Feb 279 --- 14 292 38 51 11 99 193 2.05 Mar-May 193 --- 14 207 56 22 17 95 113 2.15 Mkt. yr. 139 375 66 580 175 226 66 467 113 2.03 1995/96 Mkt. yr. 113 361 60 534 175 215 50 440 94 2.40-2.70 OATS 1993/94 Jun-Aug 113 207 17 337 32 84 1.5 118 219 1.35 Sep-Nov 219 --- 35 254 29 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 37 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 106 229 20 355 32 103 0.2 135 220 1.19 Sep-Nov 220 --- 34 254 30 32 0.2 62 192 1.19 Dec-Feb 192 --- 23 215 28 38 0.4 66 149 1.21 Mar-May 149 --- 16 165 36 28 0.2 64 101 1.36 Mkt. yr. 106 229 93 428 125 201 1.0 327 101 1.22 1995/96 Mkt. yr. 101 163 105 369 125 155 1 281 88 1.45-1.65 ------------------------------------------------------------------------------- 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 ---------------------- 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 0.8 39.4 0.1 39.5 Mar-May 29.4 2.0 0.5 0.6 32.5 -2.0 30.5 Jun-Aug 22.8 1.4 2.0 1.3 27.5 8.1 35.6 Mkt. yr. 134.5 11.9 3.8 3.2 153.4 3.9 157.3 82.7 1.90 % Change 8.6 25.3 -23.5 -8.4 8.2 -37.9 6.2 2.5 3.63 1993/94 Sep-Nov 43.3 5.6 0.6 0.5 50.1 -1.0 49.0 Dec-Feb 31.7 2.7 1.8 0.8 37.1 1.1 38.1 Mar-May 24.2 2.1 0.9 0.5 27.6 -0.7 27.0 Jun-Aug 20.3 1.0 2.7 1.5 25.5 10.2 35.7 Mkt. yr. 119.5 11.5 5.9 3.4 140.3 9.6 149.8 84.0 1.78 % Change -11.2 -3.4 56.5 7.1 -8.5 145.2 -4.7 1.6 -6.2 1994/95 Sep-Nov 51.2 5.4 0.7 0.6 57.9 -0.8 57.1 Dec-Feb 38.1 2.0 1.1 0.6 41.8 0.7 42.5 Mar-May 29.6 1.7 0.5 0.5 32.2 -0.8 31.4 Jun-Aug 21.2 1.1 2.5 1.2 26.0 8.3 34.3 Mkt. yr. 140.0 10.3 4.74 2.9 157.9 7.4 165.3 84.7 1.95 % Change 17.2 -10.6 -19.8 -15.3 12.6 -22.5 10.3 0.8 9.4 1995/96 Mkt. yr. 119.4 8.5 4.3 2.7 134.8 6.7 141.5 86.2 1.64 % Change -14.7 -17.2 -10.1 -6.8 -14.6 -10.1 -14.4 1.8 -15.9 ------------------------------------------------------------------------------ Table 3--Grain shipments and rates ------------------------------------------------------------------------------- 1992/93 ---------1993/94---------- ----1994/95---- Mkt. Yr. Mkt. Yr. Sep-Aug Aug Sep-Aug Aug ------------------------------------------------------------------------------- Barge shipments 1/ 2.5 2.8 2.8 3.1 2.8 4.8 (Million ton/month) Barge rate index 2/ 108.9 93.6 93.6 88.9 160.7 223.8 (Dec 1984 = 100) Railcar loadings 3/ 28.0 25.3 25.3 24.7 28.4 30.7 (1,000 cars/week) Rail rate index 2/ 113.8 115.2 115.2 114.3 116.9 114.9 (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, Yel No. 2, No. 2, No. 3 or No. 2, Yel, Yel, Texas Yel, feed, better, Heavy Ctrl. Gulf South Gulf Duluth Malting, white, IL ports Panhandle ports Minn. Minn. 1/ 1/ 1/ 1/ 2/ 2/ 2/ ------------------------------------------------------------------------------ Mkt. yr. $/bu $/bu $/cwt $/cwt $/bu $/bu $/bu 92/93 2.12 2.46 4.06 4.27 2.11 2.37 1.58 93/94 2.55 2.85 4.95 4.91 2.05 2.48 1.55 94/95 3/ 2.34 2.78 4.75 4.73 2.02 2.75 1.36 Monthly: 1994 May 2.58 2.81 4.90 4.88 2.11 2.84 1.37 Jun 2.61 2.85 4.98 4.77 2.05 2.86 1.47 Jul 2.19 2.51 4.46 4.28 2.02 2.57 1.36 Aug 2.13 2.44 4.46 4.41 1.99 2.46 1.44 1995 May 2.50 2.84 4.93 4.90 2.11 NQ 1.76 Jun 2.65 3.04 5.26 5.13 2.22 3.15 1.73 Jul 2.79 3.23 5.61 5.41 2.25 3.69 1.92 Aug 2.68 3.21 5.53 5.38 2.09 3.22 1.96 ------------------------------------------------------------------------------ 1/ Marketing year September 1-August 31. 2/ Marketing year June 1-May 31. 3/ Preliminary. Table 5--Selected feed and feed by-product prices ------------------------------------------------------------------------------- Soybean Cotton- Corn Corn Meat & Dists.' Wheat Alfalfa meal seed gluten gluten bone dried midlgs, farm 44% slv. meal, feed, meal, meal, grains, Kansas price Decatur, 41% slv. IL IL Central Lawrence- City IL Memphis pts. pts. U.S. burg, IN 1/ 1/ 1/ 1/ 1/ 1/ 1/ 2/ ------------------------------------------------------------------------------- ------- ------------------------$/ton------------------------------- Mkt. yr. 92/93 180.80 159.22 95.95 284.60 220.93 122.84 69.69 78.20 93/94 181.82 168.36 88.62 286.61 206.81 123.79 81.51 89.30 94/95 3/ 151.77 112.64 82.77 221.95 170.51 106.70 65.04 93.00 Monthly: 1994 May 181.10 157.75 91.00 263.50 207.50 118.40 66.40 105.00 Jun 183.00 154.10 91.25 263.75 205.10 116.00 64.10 94.10 Jul 168.10 152.50 92.00 263.75 187.75 120.00 69.90 88.00 Aug 165.60 144.50 91.50 252.30 182.00 NQ 72.70 89.90 1995 May 148.10 92.75 78.50 196.50 159.60 98.00 49.70 96.30 Jun 149.10 108.75 79.90 208.10 161.60 98.90 63.61 90.60 Jul 160.10 116.90 81.90 218.75 159.80 101.00 61.80 86.30 Aug 157.50 116.50 79.40 232.00 157.40 NQ 71.90 85.20 ------------------------------------------------------------------------------- 1/ Marketing year September 1-August 31. 2/ Marketing year May 1-April 30. 3/ Preliminary. 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 20.84 29.42 410.28 Dec-Feb 99.91 51.52 60.12 141.50 20.61 29.10 402.76 Mar-May 123.28 58.49 61.45 137.73 21.07 29.74 431.77 Jun-Aug 134.77 62.41 62.65 119.11 21.07 29.74 429.75 Mkt year 462.11 231.21 246.84 532.79 83.60 118.00 1,674.55 1995/96 Mkt year 475.00 235.00 255.00 538.00 83.80 118.00 1,704.80 ------------------------------------------------------------------------------ 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. 1/ 92/93 13.39 9.68 24.50 13.30 10.70 93/94 14.49 10.98 25.44 14.63 12.61 94/95 2/ 13.17 10.55 25.74 13.29 12.18 Monthly 1994 Jun 14.75 11.38 26.00 15.85 12.80 Jul 13.01 10.44 26.00 15.85 13.01 Aug 12.91 10.36 26.00 15.85 11.96 Sep 12.94 10.39 26.00 15.85 11.69 1995 Jun 13.59 11.04 25.50 11.70 13.22 Jul 13.85 11.30 25.50 11.80 13.64 Aug 13.80 11.25 25.50 11.80 13.85 Sep 1/ 14.34 11.80 25.50 11.80 13.67 ------------------------------------------------------------------------------ 1/ Marketing year September 1-August 31. 2/ Preliminary. Table 8--U.S. feed grain exports by selected destinations 1/ ------------------------------------------------------------------------------ Country/region ------1992/93------ ------1993/94------ 1994/95 Mkt. yr. Sep-July Mkt. yr. Sep-July Sep-July ------------------------------------------------------------------------------ CORN --------------------Thousand tons--------------------- Japan 14,138 12,982 12,214 11,253 14,649 Taiwan 5,333 4,958 5,077 4,739 5,668 Former USSR 4,721 4,626 2,909 2,904 140 South Africa 2,354 2,354 12 12 161 Sub-Saharan Africa 3,955 3,949 394 82 416 EU 1,378 1,268 1,765 1,644 2,568 Egypt 1,397 1,161 1,553 1,307 2,274 Canada 1,247 1,204 603 528 952 China 1,103 0 0 0 2,698 East Europe 0 1,041 48 48 0 Algeria 1,076 1,050 1,176 1,101 944 S. Korea 991 991 508 356 7,145 Mexico 506 495 1,468 1,232 2,625 Others 3,951 3,565 9,463 5,562 9,651 Total 42,150 39,643 37,191 30,768 49,891 SORGHUM Mexico 4,147 4,014 2,942 2,725 2,262 Japan 1,922 1,724 1,640 1,454 1,964 Others 809 765 432 431 978 Total 6,878 6,503 5,014 4,610 5,205 ---------------------------------------------------------- ------1993/94--- ------1994/95------ 1995/96 Mkt. yr. June-July Mkt. yr. June-July June-July BARLEY ---------------------------------------------------------- Saudi Arabia 579 1 344 0 0 Israel 263 117 335 86 23 Jordan 195 52 251 51 0 Others 711 65 504 107 182 Total 1,748 234 1,433 243 205 ------------------------------------------------------------------------------ Totals may not add due to rounding. Source: Bureau of the Census Table 9--U.S. imports by country of origin ------------------------------------------------------------------------------ Country/region ------1993/94--- ------1994/95------ 1995/96 Mkt. yr. June-July Mkt. yr. June-July June-July ------------------------------------------------------------------------------ OATS --------------------Thousand tons--------------------- Canada 1,011 98 1,161 179 316 Finland 526 131 374 49 8 Sweden 303 0 70 26 62 Other 0 0 0 0 0 Total 1/ 1,840 230 1,605 254 387 BARLEY, MALTING Canada 150 20 453 158 163 Other 0 0 0 0 0 Total 1/ 151 20 453 159 163 BARLEY, OTHER 2/ Canada 97 17 1,098 222 45 Other 0 0 5 10 5 Total 1/ 97 18 1,103 232 50 ------------------------------------------------------------------------------ 1/ Totals may not add due to rounding. 2/ Mainly consists of barley for feeding, includes seed barley starting January 1994. Source: Bureau of the Census End end end