The March Feed Outlook report shows global coarse grains production is raised for 2025-26. Foreign 2025-26 coarse grains production forecast is raised slightly this month, with gains expected across barley, corn, oats and sorghum and small reductions expected for millet and rye. The largest increase is for corn production – particularly Ukraine. Complemented by higher corn production prospects in Brazil and Australia, reductions for Argentina, Kazakhstan and Moldova are more than offset. The increase in forecast 2025-26 barley production is driven by higher expected output in Australia, with smaller increases in Brazil and Moldova. These barley increases are partially offset by reduced output projections for Kazakhstan and Ukraine. This month also sees increased global beginning stocks, particularly for corn. With only a minimal increase in global domestic consumption, global coarse grains ending stocks are also increased.
This month’s 2025-26 U.S. corn outlook is unchanged from last month. Import volumes through December 2025 suggest that the U.S. is on track to hit the forecast 25 million bushels. With no changes to beginning stocks or production, the 2025-26 corn supply estimate remains at 18,597 million bushels.
Data from the U.S. Department of Commerce Bureau of the Census indicate U.S. corn exports through December 2025 were 1,101 million bushels, the highest on record through December and outpacing 2024-25 by 51%. More recent data on corn export commitments from the USDA Foreign Agricultural Service (FAS) and corn export inspections from the USDA Federal Grain Inspection Service (FGIS) suggest that U.S. corn exports will remain elevated and are on track to reach the current forecast of 3,300 million bushels in 2025-26. For the week ending Feb. 26, 2026, total export commitments stood at 2,558 million bushels, the highest for the week on record, surpassing the same week from 2020-21 (2,328 million bushels).
The total commitments reported by FAS represent the grand total of outstanding sales plus accumulated exports. The FGIS data capture corn that has been inspected for export. Inspections are mandatory with a few important exceptions, such as corn exports under 15,000 metric tons and grain exported by rail or truck to Canada or Mexico. As of March 5, 2026, total corn inspected for export had reached 1,622 million bushels, exceeding the same period from last year by 42%.
Find additional information on the USDA Feed Outlook report from March.
