B. U.S. Corn Use and Ending Stocks
- U.S. corn use for food, seed and other non-ethanol industrial purposes has remained fairly constant over the past four completed marketing years.
- While the amount of corn used for ethanol production was lower in the 2012/2013 marketing year (MY12/13) relative to MY11/12, MY13/14 and MY14/15, the proportion of corn used for ethanol production to overall use has not changed greatly in the past four completed marketing years.
- After rebounding from MY12/13 to MY13/14, direct consumption of corn as a feed ingredient in domestic livestock and poultry rations has remained strong due to ample corn supplies and lower corn prices relative to other feed ingredients.
- U.S. corn exports have remained high since MY12/13, mostly due to record U.S. corn production and lower prices.
- The 2012 drought resulting in lower production greatly drew down the MY12/13 ending stocks, the lowest in many years. However, large crops since have helped rebuild ending stocks