Market Outlook

See the latest Corn and Other Feedgrains Outlook report.

U.S. Corn Exports Are Revised Down in March,
Feed Grain Prices See Modest Declines

This month, there are no changes to the 2022/23 domestic supply or domestic use projections for corn, sorghum, barley, or oats. Corn exports for 2022/23 are revised down 75 million bushels in the March World Agricultural Supply and Demand Estimates (WASDE) report (to 1,850 million bushels), on a slow pace of sales and shipments thus far in the marketing year. With domestic use unchanged, the corn ending stocks forecast is raised commensurately to 1,342 million bushels. The 2022/23 projected season-average farm prices for both corn and oats are revised down this month to $6.60 per bushel and $4.75 per bushel, respectively. The projected season-average farm price for all barley (of $7.30 per bushel) and for sorghum (of $6.90 per bushel) are both unchanged from the February WASDE report.

Global corn production and trade are both projected lower this month. Hot temperatures and continued drought conditions are driving Argentine corn production projection down, which is partially offset by higher output for India and Paraguay. Lower supplies have led to a decrease in Argentina’s exports. U.S. corn exports are also revised down, a reflection of the slow pace of exports and low outstanding sales so far this year. Lower corn exports by the United States and Argentina are partially offset by increases in exports by Brazil, Ukraine, and India.

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