Market Outlook

See the latest Corn and Other Feedgrains Outlook report.

U.S. Feed Grain Supplies Are Expected To Increase in 2024/25

U.S. feed grain production is projected to be lower than a year ago due to lower expected acreage in 2024/25. Although production is down, the supply of feed grain is projected to be above the 2023/24 level. Corn is driving the increase in feed grain stocks and overall supply, following a record production year in 2023/24. Larger supplies are expected to prompt greater feed grain use, and ending stocks are projected higher for 2024/25, at 56.4 million metric tons, up 2.3 million metric tons from the already large ending stocks estimated at the end of 2023/24.

Global coarse grain production in 2024/25 is projected to reach 1,512.6 million tons, up 10.5 million tons from the previous year. Although U.S. coarse grain production in 2024/25 is expected to slip, it is more than offset by higher foreign production (global minus the United States), driven mostly by Brazil and the European Union. Expected lower export volumes for Argentina, Brazil, Russia, and Ukraine are projected to benefit the 2024/25 U.S. corn export campaign. Growth in global corn feed use more than offsets the projected reduction in food, seed, and industrial use. The net result is projected growth in corn domestic consumption and lower projected ending-global socks.