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U.S. corn production outlook lowered by 187M bushels

The USDA's 2013/14 U.S. feed grain supply outlook is reduced this month with lower forecast production for corn and sorghum. Corn production for 2013/14 is lowered 187M bushels to 13.8B. The first survey-based corn yield forecast, at 154.4 bushels per acre, is down 2.1 bushels from last month’s projection. Sorghum production is forecast 36M bushels lower with the forecast yield 5.9 bushels per acre below last month’s projection. Corn beginning stocks for 2013/14 are projected 10M bushels lower with a 15-M-bushel increase in 2012/13 exports only partly offset by a 5-M-bushel increase in imports. Exports are projected 25M bushels lower with reduced domestic supplies and increased foreign competition. Ending stocks for 2013/14 are projected 122M bushels lower.