Market Outlook

See the latest Corn and Other Feedgrains Outlook report.

Global 2023/24 corn stocks reduced

Foreign corn production is lower this month, with the largest reductions for South Africa, Ukraine, and Mexico. Despite lower projected output, Ukraine has sufficient corn supplies from accumulated stocks to export more and its success with recent exports boosts the country’s grain exports. Increased 2022/23 and 2023/24 corn output, competitive prices, and a swift pace of exports bolster Argentina’s export prospects. Corn exports by Brazil are down because of a continued sluggish export pace. Global barley and sorghum trade are projected slightly higher and China’s imports of these crops are increased.

There are no changes to the 2023/24 U.S. corn outlook this month. The season-average price forecast received by U.S. farmers is lowered to $4.75 per bushel from $4.80, based on prices observed to date. The 2023/24 season-average barley and oats prices are also revised this month. Updated trade data provide support for adjustments to barley and oats trade forecasts. U.S. 2023/24 barley imports and exports are raised by 1 million bushels each, to 15 and 4 million bushels, respectively. Oats imports are lowered by 3 million bushels to 77 million, on prospects of lower imports from Canada.

Download chart data in Excel format