July's projected 2013-2014 U.S. feed grain supplies are slightly lower, reflecting a reduction in harvested acres for corn and sorghum, according to the U.S. Department of Agriculture's latest feed outlook report. U.S. feed grain production is projected at 370.2 million tons, down 2.1 million from June numbers but up 84.4 million tons from the 2012-2013 estimate.

Corn planted acres for 2013-2014 are forecast to total 97.4 million acres, up slightly from the 2012-2013 estimate of 97.2 million acres, and 97,000 acres larger than March producer intentions. Prolonged wet conditions in parts of the Western Corn Belt reduced plantings, but area increases in the Eastern Corn Belt, Central Plains and across the South more than offset these losses, according to the USDA.

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U.S. corn import forecasts for both 2012-2013 and 2013-2014 are increased in July, and exports for marketing year 2013-2014 are cut 50 million bushels as a late harvest is expected to delay the time when U.S. export prices become competitive. Brazil's corn exports for trade year 2012-2013 are up 0.5 million tons in July to a record 27 million tons. There are no changes in forecast corn prices, according to the report.