Market Outlook

See the latest Corn and Other Feedgrains Outlook report.

Reductions to Foreign Coarse Grains Output Overshadow Gains in the United States for 2024/25

This month’s 2024/25 U.S. coarse grains outlook is for reduced supplies, despite an increase in output. Although sorghum supplies are raised on higher production and beginning stocks, lower corn carry-in for 2024/25 more than offsets these gains—including a corn production bump. A decrease in 2024/25 barley yields slightly reduces output, placing further downward pressure on U.S. coarse grains supplies. Total coarse grains use is raised slightly this month, as an increase in corn use—reflecting greater exports—and oats use is offset by a reduction in barley use (feed and residual).

World 2024/25 coarse grains production is projected lower this month. A reduced foreign coarse grains output projection outpaces gains in U.S. coarse grains output, as lower corn and barley outputs are slightly offset by increases in sorghum and oats. 2023/24 foreign corn trade (international trade year) is forecast lower and elevates the 2024/25 foreign corn-beginning stocks. 2024/25 global domestic corn use is forecast higher, while projected 2024/25 foreign trade is forecast lower. 2024/25 global corn stocks are projected lower.