Market Outlook

See the the latest Corn and Other Feedgrains Outlook report.

Projected U.S. Feed Grain Supply Slightly Higher
for 2021/22 on More Production and Carryin

Projected corn production is raised to 15,019 million bushels for 2021/22, according to the National Agricultural Statistics Service’s most recent Crop Production report. Projected corn use for 2021/22 is lowered to 14,780 million bushels, with lower domestic use partially offset by higher exports. The projected season-average farm price for 2021/22 remains at $5.45 per bushel—an increase from the $4.53 per bushel reported for 2020/21. Projected sorghum production for 2021/22 is raised to 471 million bushels on higher yield forecasts. Projected feed and residual use and ending stocks are both raised, as well, with the season-average farm price lowered from $5.85 per bushel to $5.45.

World 2021/22 coarse grain production is projected lower this month. While foreign corn production revisions are mostly offsetting, output for all other coarse grain is projected lower. U.S. corn exports are projected higher, while trade-year-basis foreign corn grain trade is reduced—led by lower Brazilian, Russian, and Ukrainian exports. Barley trade is partly shifting from Canada and Russia to Australia, as the latter continues to reshape its barley export trade map in response to China’s imposition of tariffs on Australian barley that render imports by private enterprises economically unviable.