Market Outlook

See the latest Corn and Other Feedgrains Outlook report.

Total U.S. Feed Grain Production Is Lifted Slightly
on Gains for Corn

The U.S. feed grain production forecast for 2023 elevated modestly this month at 398.7 million metric tons, capturing near offsetting changes in corn and sorghum output. Reflecting the net effects of a forecasted decrease in yields to 173.8 bushels per acre and an increase in harvested acreage (raised to 87.1 million acres), U.S. corn production rose 23.1 million bushels this month to 15.1 billion. Competing changes to the back-year corn balance sheet result in lower beginning stocks for 2023/24, slightly counteracting production gains, bringing total supply to 16.6 billion bushels. Total corn use remains unchanged, resulting in an increase in 2023/24 ending stocks to 2.22 billion bushels from 2.2 billion.

Global coarse grain production in 2023/24 is projected down 0.8 million tons this month at 1,496 million tons. Foreign coarse grain production (global minus U.S. output) for 2023/24 is projected 1 million tons lower—driven by reduced barley and oat output—but higher foreign corn production slightly offset those reductions. Barley production in Canada (which is down 1.2 million tons) is a major contributor to the decline of global production. Global coarse grain trade and global domestic use are each down for 2023/24, reflecting the projected lower production.

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