Market Outlook

See the latest Corn and Other Feedgrains Outlook report.

2024/25 U.S. Coarse Grains Supplies Are Reduced on Lower Corn Yields

The 2024/25 U.S. coarse grain supply forecast is lower this month, as a slight decrease in corn yields offsets gains in sorghum supplies realized through elevated yields. With the 2024/25 U.S. corn supply falling 1.5 million tons, and no use changes, corn-ending stocks are revised down to 49.2 million tons. The 5-percent increase in sorghum supplies is expected to contribute to higher feed requirements, as grain consuming animal units are projected higher this month. Thus, with overall supplies falling and use rising, coarse grains ending stocks are reduced this month to just over 52 million tons.

Global coarse grain production is projected lower as an increase in corn and oats output is more than offset by lower barley, sorghum, and millet output. While U.S. corn production is down, foreign corn production is higher. An increase in foreign- (global minus U.S.) corn-domestic consumption outweighs the increase in production, pulling foreign stocks down. Corn trade-year exports are forecast slightly lower, with a reduction in exports forecast for Brazil—partly offset by an increase for Argentina, Burma, and Uganda. Global corn stocks are projected lower. Foreign barley production is reduced on a lower expected output from Russia.