Corn feed demand outlook

Introduction: on September 30, the U.S Department of Agriculture released a quarterly inventory report showing that corn inventory was 1.899 billion bushels Corn demand from June to August was 2.025 billion bushels, a record for the summer quarter, according to inventory data Record demand is mainly due to strong feed usage According to our calculation, the summer corn feed consumption is about 950 million bushels, which is the record of the summer quarter, 7 percentage points higher than the same period last year The increase in the number of Cattle Fed also contributes to the sustainability of consumption demand, but the feed demand for corn also benefits from the reduction of other diets and the feed use of wheat In 2001, the output of wheat, oats and barley were significantly lower than that of last year, so the available feed supply was also reduced Sorghum is in short supply because of its poor yield last year Therefore, the price of sorghum is relatively strong compared with corn, which leads to the consumption of Sorghum in feed raw materials being restrained In terms of the new agricultural year, we expect feed demand for corn to be flat or slightly reduced Our estimates of livestock production show that the cumulative animal units will be roughly flat The reduction in the number of live cattle replacements for the rest of the year is expected to lead to a reduction in the number of cattle fed in 2002 Pork production has yet to show signs of a significant expansion next year However, the increase in milk and poultry production will offset the decrease in beef production, resulting in little change in the total number of livestock compared to 2000 / 01 In addition, if the weather is normal in 2002, the output of wheat, barley and oats should be higher than this year, so that they will return to the ranks of feed materials in the next summer If so, it will replace the feed use of some corn, and the total feed amount of corn will also be restricted We expect that the feed demand of corn in 2001 / 02 will be reduced by 50 million to 75 million bushels compared with nearly 6 billion bushels in 2000 / 01 While feed demand will continue to dominate all other consumption categories, next year's demand growth is likely to depend on exports and ethanol production (author:) share to feed Weibo share to: