See the latest Corn and Other Feedgrains Outlook report.
U.S. Coarse Grains Supply Is Slashed on Lower Corn Production
This month’s 2024/25 U.S. coarse grains outlook is for reduced supplies, as a decrease in expected corn output more than offsets gains in sorghum production. A slight bump to September 1 corn stocks does little to offset the cut to production—stemming from slashed yields. This reduction is expected to impact feed and residual corn use along with export potential. However, with supply falling more than use, corn stocks are revised down this month. Higher harvested sorghum acreage and yields boost production expectations and consequently, use. Sorghum supply and use changes are mostly offsetting, leaving ending stocks relatively unchanged from last month.
Global output for each coarse grain is reduced this month. Nonetheless, an increase in foreign corn production (driven by China) partially offsets the U.S. corn production cut. Brazil drives foreign corn consumption higher and foreign corn trade lower. The decrease in Brazil’s projected exports is partly offset by higher export prospects for Argentina. China’s level of expected imports is lowered. While the levels of global corn stocks are reduced on lower U.S. supplies, foreign corn ending stocks are higher, reflecting an increase in China’s corn production. Global barley and sorghum trade are mostly unchanged.