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 2009/2010 marketing year (MY09/10).
- Corn use for ethanol production has continued to support overall domestic use during the past four completed marketing years, with much of the demand driven by the Renewable Fuels Standard mandate.
- Direct consumption of corn as a feed ingredient in domestic livestock and poultry rations had a downward trend the past four completed marketing years. Several factors were driving this decline in use including decreasing domestic beef demand, tight corn supplies, and high corn prices. This trend was accompanied by increased production and use of distiller’s dried grains with solubles (DDGS) (a co-product of ethanol production) in livestock and poultry diets, thus increasing the indirect consumption of corn by livestock and poultry.
- U.S. corn exports during MY12/13 were about half the previous marketing year, mostly due to tight U.S. corn supplies and high corn prices dampening U.S. competitiveness in the global market.
- The 2012 drought and lower production greatly drew down the MY12/13 ending stocks and dropped the stocks-to-use ratio.