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1、FeedOutlookFDS-20d
2、April13,2020Nextrelease:May14,2020TomCapehartInthisreport:OlgaLiefert-DomesticOutlookDavidOlson-InternationalOutlookSeismicDropInGasolineConsumptionSlashesCornForEthanolForecastProjectedcorndisappearancefor2019/20isreduced205millionbushelsto13,865milliononlowerfood,seed,
3、andindustrial(FSI)useasgasolineconsumptiondeclines.Feedandresidualuseandendingstocksareraised150and200millionbushelsrespectively.Theseasonaveragepriceofcornreceivedbyfarmersislowered$0.20perbushelto$3.60.Aslarger-than-expectedsalestoChinaadvancesorghumglobaltrade,U.S.sorghumexportsin2019/2
4、0areprojectedtoreach4.7milliontons,up1.3million(185millionbushels,up50millionforthelocalSeptember-Augustmarketingyear)thismonth.Inrecentweeks,U.S.cornsalesandshipmentshaveaccelerated.ThelevelofoutstandingsalesatthebeginningofAprilreached14.2milliontons,thehighestsinceMay2019.Despiteapickup
5、inrecentsalesandshipments,reflectingincreasinglycompetitiveU.S.cornexportprices,theexportprojectionisunchangedthismonthat47.0milliontons(1,725millionbushels),asthecurrentprojectionfortheUnitedStateshasenoughbuilt-inroomforgrowth.Figure1Cornsupplyanduse:percentchangefromlastmonth'sforecast(
6、2019/20)BeginningstocksProductionImportsSupply,totalFS&IEthanolforfuelDomestic,totalExportsUse,totalEndingstocks-12.0-10.0-8.0-6.0-4.0-2.00.02.04.06.0PercentChangeNote:FS&I=Food,seed,andindustrial.Source:USDA,EconomicsResearchServiceFeedGrainDatabase.ApprovedbytheWorldAgriculturalOutlookBo
7、ard.DomesticOutlookHugeDeclineinGasolineConsumptionSlashesCornforEthanolUseCornuseforethanolin2019/20isslashed375millionbushelsto5,050milliononanunprecedenteddeclineingasolineconsumptioncausedbysocialdistancingmeasuresrestrictingpeople’smovementstostemthespreadofCOVID-19.EnergyInformationA
8、dministrationdatafortheweekendingApril3reportedmotorgasolineproductsupplieddropped48percentrelativetoayearago,anda33-percentdropinfuelethanolproduction.Asaresultofthecollapseindemand,numerousethanolrefinerieshaveshutteredorcurtailedproduction.Figure2U.S.fuelet
