WASDE: Coarse Grain Outlook

WASDE:   Coarse Grain Outlook

This month’s 2024/25 U.S. corn supply and use outlook is unchanged from last month. The projected season-average farm price is raised 10 cents to $4.35 per bushel.

Global coarse grain production for 2024/25 is forecast 1.8 million tons lower to 1.492 billion. This month’s foreign coarse grain outlook is for reduced production, trade, and ending stocks. Foreign corn production is forecast down with declines for Argentina and Brazil. Production is reduced for Argentina reflecting a cut in yield, as heat and dryness during January and into early February reduce yield prospects for early-planted corn in key central growing areas. For Brazil, the corn production forecast is reduced as slow second-crop planting progress in the Center-West lowers yield prospects.

Major global trade changes for 2024/25 include smaller projected corn exports for Brazil, Ukraine, and South Africa. Corn imports are cut for China but raised for Vietnam and Chile. Foreign corn ending stocks are reduced reflecting a reduction for China. Global corn ending stocks, at 290.3 million tons, are down 3.0 million.