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