Feed-Grain Stocks Down 29 Percent Over Year
WASHINGTON (AP) _ U.S. feed-grain stocks totaled 115.5 million tons on March 1, 29 percent below a year earlier, the Agriculture Department says.
Corn stocks, at 3.995 million bushels, were down 30 percent; sorghum stocks dropped 36 percent to 276 million tons; oat stocks fell 16 percent to 148 million; and barley stocks declined 7 percent to 226 million tons.
A USDA situation and outlook report on feed said the corn stocks were about 50 million bushels above earlier expectations.
″The reported stocks of other feed grains as of March 1, 1994, were lower than previously expected,″ the report said. ″The lower stocks ... were largely reflected in higher feed and residual use estimates for the December- February quarter compared with a year earlier.″
Lower stocks of wheat and other feed grains on March 1 ″imply that available supplies for feeding for the last half of the marketing year are lower than previously expected,″ the report said.
The mid-March farm price for corn was $2.72 per bushel, 7 cents below the February price, it said.
″Cash and future prices of corn have continued to decline during April,″ it added. ″Relatively weak prices in recent weeks can be attributed largely to slow export sales and favorable weather for fieldwork.″
The export forecast for corn was reduced 25 million bushels this month to 1,250 million, resulting in an increase in ending 1993-94 corn stocks to 827 million. That is still the lowest carryout since 1975-76.
″In addition, larger expected corn plantings in 1994 and yields above last year’s flood-reduced levels point to improved production prospects for 1994-95,″ the report said.
As a result, farm corn prices are forecast to average between $2.50 and $2.60 per bushel, down 5 cents from last month’s forecast. ″To achieve this forecast, corn prices for the remainder of the season must average between $2.43 and $2.75 per bushel,″ the report added.
″Based on changes in animal numbers from recent reports, feed demand in 1993-94 is still expected to be nearly the same to up 1 percent from last year,″ the report said.
Grain-consuming animals in 1993-94 are estimated to total 83.4 million, up from 82.9 million in 1992-93.
″The gains are expected to occur in the poultry industry,″ the report said. ″Cattle on feed may rise slightly as well.″
WASHINGTON (AP) - Butter production was 120 million pounds in February, 14 percent below a year earlier and down 9 percent from January 1994.
The National Agricultural Statistics Service said American-type cheese production totaled 221 million pounds, 1 percent below February 1993 and 11 percent below January 1994.
Total cheese output, excluding cottage cheese, was 507 million pounds, 4 percent above February 1993 but 6 percent below January 1994.
Creamed cottage cheese production was 32.5 million pounds, 5 percent below February 1993 but slightly above January 1994. And low-fat cottage cheese production was 24.9 million pounds, 4 percent below February 1993 but 5 percent above January 1994.