WASDE: Coarse Grain Outlook
Corn production is estimated at 14.9 billion bushels, down 276 million as a 3.8-bushel per acre cut in yield to 179.3 bushels is partially offset by a 0.2-million acre increase in harvested area...
WASDE: Coarse Grain Outlook
This month’s 2024/25 U.S. corn outlook is for lower production, feed and residual use, exports, and ending stocks. Corn production is estimated at 14.9 billion bushels, down 276 million as a 3.8-bushel per acre cut in yield to 179.3 bushels is partially offset by a 0.2-million acre increase in harvested area. Total corn use is down 75 million bushels to 15.1 billion. Feed and residual use is reduced 50 million bushels to 5.8 billion, based on indicated disappearance during the September-November quarter as reflected by the Grain Stocks report. Exports are cut 25 million bushels to 2.5 billion reflecting lower supplies. With supply falling more than use, corn stocks are lowered 198 million bushels. The season-average corn price received by producers is raised 15 cents to $4.25 per bushel.
Global coarse grain production for 2024/25 is forecast down 4.8 million tons to 1.494 billion. This month’s foreign coarse grain outlook is for greater production, reduced trade, and higher ending stocks. Foreign corn production is forecast higher with increases for China, Ghana, and Russia. China corn production is raised to a record 294.9 million tons based on the latest data from the National Bureau of Statistics. Corn production is higher for Russia based on the latest information from Rosstat.
Major global coarse grain trade changes for 2024/25 include lower corn exports for the United States and Brazil. Corn imports are raised for Turkey but lowered for China, South Korea, and Japan. Foreign corn ending stocks are higher mostly reflecting an increase for China. Global corn stocks, at 293.3 million tons, are down 3.1 million.