Higher 2023/24 U.S. Corn Yields Boost Total Feed Grain Supply
Despite a 6-bushel-per-acre reduction to 2023/24 U.S. sorghum yields, the U.S. feed grain supply is expected to grow by 3.4 million metric tons to 439.4 million (see figure 1). A projected 1.9-bushel-peracre boost in corn yields propels the 2023/24 corn production forecast up by 170 million bushels to 15.2 billion.
This increase more than offsets a cut to the 2023/24 U.S. sorghum crop, which is expected to contribute 47 percent more to the total U.S. feed grain supply than last year.
Global and U.S. coarse grain exports are projected higher this month, with the increase for corn partly offset by a reduction for sorghum. A rise in world corn exports is pushing the record-high trade (for the international October-September trade year) further up. An increase in supplies (higher beginning stocks and greater output) exceeds the rise in coarse grain use, boosting stocks.