date:Mar 13, 2013
The estimate of corn consumption during the quarter is subtracted from the estimate of total supply in order to forecast 1 March stocks. Corn is consumed in three categories: exports, domestic processing (mostly for ethanol and by-products), and feed and residual use. The USDA reported that export inspections during the second quarter of the marketing year totaled 155 million bushels. Census Bureau export estimates for December and January exceeded export inspection estimates by a total of 5 m