The U.S. feed-grain outlook is for larger production and domestic use, lower exports, and greater ending stocks in 2019-20, according to the USDA’s World Agricultural Supply and Demand Estimates (WASDE), released May 10. 

The corn crop is projected at 15 billion bushels, up from last year and the second largest on record behind 2016-17. The yield projection is 176.0 bushels per acre, down less than a bushel from last month despite widespread planting delays. While beginning...