See the latest Corn and Other Feedgrains Outlook report.
2024/25 Global Coarse Grains Supply Is Reduced
There are no changes to the 2024/25 U.S. corn supply and demand outlook this month. Corn cash prices are rising in tandem with strong demand for U.S. corn. Consequently, the average 2024/25 corn price is projected $0.10 higher, at $4.35 per bushel. With China’s weak demand for U.S. sorghum, 2024/25 U.S. sorghum export prospects are reduced by 50 million bushels this month. The reduction is offset by higher expected domestic consumption. Sorghum for feed and residual use—and food, seed, and industrial usage—are each expected to be 25 million bushels higher for the 2024/25 MY, supported by lower sorghum cash prices compared to corn. As sorghum supply and use are unchanged, the average sorghum price remains projected at $4.25 per bushel.
Foreign 2024/25 coarse grains production is projected down this month. Reductions to corn and sorghum production forecasts more than offset higher expected output for barley and oats. Most of the reduction is for corn output, followed by sorghum—which is offset by an increase in barley output. Adjustments to 2023/24 balance-sheet estimates further contract 2024/25 supplies, with reduced beginning stocks constituting nearly 30 percent of this month’s decline in 2024/25 coarse grains supply. Supply reductions outweigh expected use declines, lowering 2024/25 coarse grains ending stocks.