U.S. corn sales have benefited from a lull in the intensity of competition from other corn exporters.
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Feed and residual use for the four feed grains plus wheat is forecast lower this month according to latest Feed Outlook report from USDA. Accordingly, compared to February and also to the previous year, the number of grain-consuming animal units is also lower.
USDA increased its corn export projections for 2013-2014 this month to 1,625 million bushels, up 25 million. According to the report, corn sales and shipments have accelerated in recent weeks, and outstanding sales at the end of February reached the highest level since February 14, 2008. U.S. corn sales have benefited from a lull in the intensity of competition from other corn exporters, and the recent pace in sales indicates an increase in shipments of U.S. corn in the coming months.