October U.S. feed grain production is forecast at 396.6 million tons for the 2023-2024 marketing year, down 1.8 million tons on reduced corn and sorghum output. With lower beginning stocks partly offset by a slight bump in imports, the total feed grain supply is projected 4.1 million tons lower this month at 436 million.
Reflecting a slight yield decrease to 173 bushels per acre on unchanged harvested acreage, U.S. corn production is 69.5 million bushels lower this month at 15.06 billion. The September 30 Grain Stocks Report estimated American corn stocks on September 1 at 1.36 billion bushels, down 90 million from the September WASDE report. With reductions in food, seed, and industrial use and exports based on observed data, 2022-2023 feed and residual disappearance is higher than previously forecast.
These factors contribute to smaller carry-in for the 2023-2024 marketing year and, ultimately, a lower corn supply, projected at 16.45 billion bushels.
