Global Coarse Grains Production Forecast Is Lower for 2024/25 but projected price in unchanged.
Plantings of the 2024/25 U.S. corn crop have moved forward and are largely completed. With the production projection unchanged and no changes to the 2023/24 corn supply and demand estimates, total supply for the 2024/25 corn crop remains at 16,907 million bushels. Usage projections are unchanged relative to last month, resulting in no changes in ending stocks. Consequently, corn prices remain projected at $4.40 per bushel for 2024/25. The production and use projections for 2024/25 U.S. feed grains also remain unchanged.
In response to variable weather conditions across the globe, the 2024/25 coarse grains production forecast is lowered by 1.4 million to 1,511.2 million tons this month. This reduction is largely attributed to a lower barley output projection, partly offset by higher projected global corn output. Global coarse grains trade for 2024/25 is forecast higher this month as higher global corn export volumes outweigh reductions in global barley trade.
