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, despite the lower production in the 2012/2013 marketing year (MY12/13) due to the drought.
While the amount of corn used for ethanol production was lower in MY12/13 relative to MY13/14, MY14/15, and MY15/16, the amount of corn used for ethanol production has been stable in the past three 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, and have been influenced by multiple factors, including plentiful supply and strong export demand.
The 2012 drought resulting in lower production greatly drew down the MY12/13 ending stocks, the lowest in many years. However, the large crops in MY13/14, MY14/15, and MY15/16 have helped rebuild ending stocks