Markets hold steady with firm demand, and wide quality spreads as uneven moisture keeps the outlook cautious.

The May Feed Outlook report shows global coarse grains supply in 2026-27 is projected at 2,156 million metric tons (MT), 15 million MT lower than 2025-26. Spurring the projected supply decrease are expected declines in production, particularly in the U.S. but with notable declines in other major producing countries, including the European Union and Argentina.

Early yields give the first clear read on new‑crop performance, showing strong quality in some areas and lighter‑than‑expected tonnage in others.

Early cuttings hint at new‑crop promise, but drought and wide quality spreads keep hay markets cautious heading into summer.

The April Feed Outlook report shows global coarse grains production is raised for 2025-26. The foreign 2025-26 coarse grains supply forecast is raised slightly this month, driven primarily by an increased production forecast, with slight increases to beginning stocks and imports. 

Spring markets remain cautious as drought expands, inventories tighten and buyers watch early‑season moisture closely.

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.

The February Feed Outlook report shows this month’s global coarse grains trade forecasts for both the 2024-25 and 2025-26 trade year are made on the observed pace of shipments and supply adjustments. The forecast for global sorghum trade is unchanged from last month.

Winter is loosening, but markets stay cautious as drought signals, uneven forage quality and rising input costs shape early‑spring decisions.