Corse Grain Supply Up, Residuals Down

WASHINGTON - Apr 9/08 - SNS -- World coarse grain supplies for 2007-08 are projected higher this month on increases in beginning stocks and production, according to the latest supply and demand update from the USDA's World Agricultural Outlook Board.

A 2.2 million metric ton (MT) increase in carryin to 137.69 million reflects back year revisions to production and use in Iran and a number of other Middle East countries. Coarse grain production for 2007-08 is raised 2.5 million MT to 1058.68 million mostly reflecting higher corn production, up 2 million MT globally, with increases for Ethiopia, Indonesia, Iran, EU- 27, and Egypt. Partly offsetting are reductions for Serbia and Venezuela.

Global barley production is raised 0.7 million MT with increases for Ethiopia, Argentina, and Morocco, more than offsetting reductions for Afghanistan and Brazil. World sorghum production is lowered 0.2 million with increases for Australia and Yemen outweighed by a reduction for Brazil.

Changes to global coarse grains exports, consumption, and ending stocks are driven largely by this month's changes to the U.S. corn balance sheet. Global corn exports are increased 1.3 million MT reflecting the higher U.S. export projection. World corn feed use is raised 5.3 million MT mostly on the U.S. increase of 5.1 million MT. Other corn feeding changes include a 1.0- million-ton increase for EU-27 and a 0.3 million MT increase for Indonesia. Offsetting are reductions of 0.8 million MT for Egypt, 0.2 million for Syria, and 0.1 million for Serbia. Other notable coarse grains changes include a 0.2 million MT increase in Argentina sorghum exports; increased EU-27 sorghum imports and feeding, both up 0.2 million MT; and higher barley exports for Canada, up 0.3 million MT.

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