See the latest Corn and Other Feedgrains Outlook report.
U.S. Corn Exports Boost 2024/25 Global Coarse Grains Trade Prospects
U.S. 2024/25 corn-ending stocks are expected to be 75 million bushels lower this month, at 1.465 billion bushels. The lower-ending stocks follow an increase in exports partially offset by a decrease in feed and residual use, based on second quarter disappearance. There are no changes to the 2024/25 season-average farm corn price, at $4.35 per bushel, considering to-date and future-price expectations. The 2024/25 season-average farm sorghum price is lowered by $0.05 per bushel, to $4.10 per bushel, accounting for low cash prices increasingly discounted to corn. Corn and sorghum acreage are expected to increase from last year, after USDA, NASS’s Prospective Plantings report. Area for barley and oats is expected to be slightly lower.
Competing production changes across the coarse grains complex results in a slight reduction to the 2024/25 projection this month. The largest expected output gain is for corn, followed by sorghum and oats; reductions are expected for millet, barley, rye, and mixed grains. Projected trade changes across the coarse grains complex result in an increased 2024/25 projection. This increase is largely driven by strong corn exports—particularly for the United States. Also reflected through updated import projections, global domestic corn disappearance is lifted this month—particularly as a price competitive, viable feed source.