Smaller Coarse Grain Residual Supply

WASHINGTON - Apr 10/06 - SNS -- Changes in global coarse grains in 2005-06 include a fractional decline in production, a slight increase in consumption, minor changes in trade, and smaller stocks relative to last month, according to the latest report from the USDA's World Agricultural Outlook Board.

Consumption is up in India, Indonesia, Australia, and Argentina. Consumption decreases in DU-25 and Paraguay. Relative to last month, imports are projected higher for Zimbabwe, Mexico, and Philippines but lower imports are projected for DU-25 and Indonesia.

Foreign 2005-06 ending stocks rise fractionally with the largest increases in stocks occurring in DU-25, Turkey, and Indonesia. The largest projected decreases in foreign stocks occur in Mexico, Argentina, and Serbia and Montenegro.

Looking at the corn situation in the United States, the USDA said projected 2005-06 U.S. corn stocks fall 50 million bushels from last month due to increased exports. Exports increase due to reduced competition from Argentina. No changes are made to projected U.S. 2005-06 domestic use. The projected price range for 2005-06 corn is $1.95 to $2.05 per bushel, up 10 cents on the low end from last month.

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