B. U.S. Corn Use and Ending Stocks
- U.S. corn use for food, seed and other nonethanol industrial purposes has remained fairly constant since the 2008/2009 marketing year (MY08/09).
- Corn use for ethanol production has supported overall domestic use in recent years through annual increases from MY06/07 through MY10/11. However, MY11/12 estimated corn use for ethanol is slightly lower than the previous marketing year.
- Direct consumption of corn as a feed ingredient in domestic livestock and poultry rations has continued to decline since MY07/08, in part due to declining meat demand in the United States, tight corn supplies, and record corn prices. However, indirect consumption of corn by livestock and poultry has been rising through increased production and use of distiller’s dried grains with solubles (DDGS) (a co-product of ethanol production) in livestock and poultry diets.
- The downward trend in U.S. exports of unprocessed corn has continued since MY09/10. U.S. exports have been hampered by high corn prices due to strong domestic demand, as well as by increased global competition.
- Corn ending stocks in the United States continue their historic lows, a reflection of strong demand exceeding supply.