Market Outlook

See the latest Corn and Other Feedgrains Outlook report.

Increased U.S. Corn Production Lifts the 2024/25
Feed Grain Supply Projection

The 2024/25 U.S. feed grain supply forecast is 449.9 million metric tons this month, up 2.1 million metric tons from the June World Agricultural Supply and Demand Estimates (WASDE) forecast. An increase in corn planted and harvested acreage is the main driver of the increase in supply. Oats harvested area and yield are also forecasted higher. However, the production increase from oats is more than offset by lower expectations of production from sorghum and barley, on lower harvested acres and lower yields for barley. Projected total U.S. feed grain use is raised by 2.2 million metric tons, resulting in a slight decline in ending stocks that are projected at 56.3 million metric tons. The expected increase to overall U.S. feed grains production is expected to impact prices received by farmers.

Foreign coarse grain production for 2024/25 (global minus U.S. output) is projected lower this month, down 4.6 million tons. With fewer supplies available, domestic use is expected to fall with the largest impact in feed use. However, after accounting for the expected reduction in export volumes, the overall projected decline in overall total coarse grain use more than offsets output declines—lifting foreign ending stocks.