Farm Outlook

Estimated stocks of corn in all positions on July 1 totaled 1,735 million bushels - down 3 percent from a year earlier. Indicated domestic use during the first 9 months of the marketing year was about 2 percent less than in 1956-66. However, exports through July 28 was 34 percent lower than in the same period a year ago. Increased feed grain production in Europe, Argentina, and other areas contributed to this year's export decline. In addition, an exonomic slow-down limited growth and demand for livestock products and consequently for feed grains in Western Europe.