Market Outlook

See the latest Corn and Other Feedgrains Outlook report.

U.S. Feed Grain Supplies Decline on Lower

Total U.S. feed grain production in 2022 is forecast down 11.4 million tons in the September World Agricultural Supply and Demand (WASDE) report, on lower corn and sorghum yields and markedly lower corn harvested area. U.S. corn production is reduced 415 million bushels this month, on a 2.9 bushel per acre yield drop to 172.5 bushels and a 1-million acre reduction in harvested area. Corn production is forecast to total 13,944 million bushels in 2022/23. U.S. sorghum production is revised down 34 million bushels in September, on a 7.2 bushel per acre yield reduction, which more than offset a 2 percent increase in forecasted harvested area. U.S. farmers are projected to harvest 252 million bushels of sorghum for the new marketing year, the lowest level since 2012/13.

The United States drives world coarse grain production down. World foreign corn production is increased this month, with higher output in China and Ukraine but lower in the European Union. Global corn trade is projected 1.5 million tons lower for the 2022/23 international trade year. A 2.0-million-ton drop in U.S. exports is partly offset by a 0.5-million-ton increase for Ukraine. Only a small part of the increase in Ukrainian corn output is expected to be exported because of the great uncertainty surrounding the developments that affect its ability to export grain. Lower U.S. corn exports assume reduced shipments to Canada, while a slower shipment pace has reduced Vietnam’s imports by 0.5 million tons. Global corn stocks are projected lower, while foreign stocks are increased.