Market Outlook

See the latest Corn and Other Feedgrains Outlook report.

U.S. Feed Supplies Are Reduced on
Significant Cuts to Corn, Sorghum Harvested Area

U.S. corn production for the 2022/23 marketing year (September/August) is reduced 200 million bushels this month to 13,730 million bushels as a sharp decline in harvested area more than offset an upward revision in yield. Total corn use is projected to fall to 13,915 million bushels—down 185 million bushels from USDA’s December World Agricultural Supply and Demand Estimates (WASDE) report—due to reductions in both domestic use and exports. The January forecast for 2022/23 corn ending stocks is 1,242 million bushels (down 15 million bushels from last month).

U.S. sorghum production is revised down 48 million bushels from last month (to 188 million bushels) as a 1.9-bushel-per-acre yield reduction compounded a revised loss of 900,000 harvested acres. The sorghum ending stocks forecast is up slightly from last month to 25 million bushels for the marketing year, as lower exports more than offset tight supplies. The outlook for barley ending stocks fell slightly from December (to 61 million bushels) while oat ending stocks saw a modest upward revision (to 32 million bushels).

Global coarse grain prospects in 2022/23 are projected down 7.3 million tons this month. U.S. corn and sorghum production and exports are lowered. Argentine and Brazilian corn production are also lowered due to drought conditions in this South American region. Argentine corn exports are reduced, while Ukrainian and Brazilian corn exports are projected higher. Chinese sorghum imports are projected lower.

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