The USDA’s February Feed Outlook report shows no changes to the 2024-25 US corn supply and demand outlook. Corn prices are rising due to strong demand, with the average price forecast at US$4.35 per bushel, up 10 cents from last month’s projection.
The outlook for US corn supply remains unchanged from January, with production estimated at 14.87 billion bushels. Beginning stocks are steady at 1.76 billion bushels, and imports are forecast at 25 million bushels. This results in a total corn supply of 16.66 billion bushels, consistent with previous reports.
Corn export prospects for the 2024-25 marketing year are also stable, with exports projected at 2.45 billion bushels. US corn exports saw a significant increase in the first part of the marketing year, with exports for the September-December period up 29.4% from the previous year. As of 30 January, 2025, corn inspections were up 33.3%, and export commitments were up 28.2%, reaching 1.76 billion bushels, the third-highest on record.
Despite strong export numbers to countries like Mexico and the European Union, exports to China, once a major buyer, have fallen to a six-year low. China’s import prospects for the 2024-25 trade year are projected to be less than half of the previous year’s level, further contributing to the reduced demand from that market.
Meanwhile, export commitments to other countries are thriving, particularly in the European Union, where US corn exports have reached the highest levels in a decade due to EU production losses.