JAPAN 1986/87 COMPOUND FEED OUTPUT UP 2.3 PCT
  Japanese compound feed output rose 2.3 pct
  to 25.80 mln tonnes in 1986/87 ended March 31 from 25.23 mln a
  year earlier, the Agriculture Ministry said.
      The marginal rise reflected slight growth in demand for
  poultry raising and a moderate increase in demand for beef
  cattle raising, Ministry officials said.
      Compound feed sales totalled 26.01 mln tonnes in 1986/87
  against 25.40 mln a year ago, while end-March stocks were
  217,554 tonnes against 224,101.
      Corn use in feed output in 1986/87 rose to 11.71 mln tonnes
  from 11.02 mln a year earlier due to low import prices.
      The officials said corn imports rose because the world
  surplus and the yen's strength against the dollar reduced
  Chicago prices. The corn compounding ratio rose to 45.2 pct in
  1986/87 from 43.4 pct a year earlier.
      Sorghum use rose marginally to 4.80 mln tonnes in 1986/87
  from 4.79 mln, but the compounding ratio fell to 18.5 pct from
  18.9 pct because of greater corn use. Higher import prices due
  to poor harvests last year in major producing nations such as
  Argentina made feed makers reluctant to use sorghum.
      Soybean meal use fell to 2.58 mln tonnes from 2.63 mln and
  the compounding ratio declined to 10.0 pct from 10.3 pct.
      The drop in soybean meal consumption resulted from
  increased use of cheaper rapeseed meal, the officials said.
      Rapeseed consumption in 1986/87 was 563,889 tonnes against
  528,152 a year earlier. The compounding ratio rose to 2.2 pct
  from 2.1 pct.
  

