Key facts
- U.S. feed grains ending stocks for the 2026/27 marketing year are projected to decrease.
- Corn ending stocks are expected to fall to 42 million metric tons for 2026/27.
- Increased export forecasts are a primary driver for lower corn ending stocks.
- Sorghum ending stocks are also projected to decline.
- The USDA Agricultural Outlook Forum included discussions on agricultural markets and trade.
U.S. feed grains ending stocks for the 2026/27 marketing year are projected to be lower, according to the USDA's latest outlook report. Corn ending stocks are expected to decrease by 3.5 million metric tons from the previous month to 42 million MT. This reduction is primarily driven by increased usage expectations, including larger export forecasts for the 2025/26 and 2026/27 marketing years, as production levels remain largely unchanged.
Sorghum ending stocks are also forecast to decline by 0.3 million MT due to reduced production expectations, partially offset by a lowered forecast for total use. Including minor adjustments to barley and oats, total U.S. feed grains ending stocks for 2026/27 are projected at 44.4 million MT, which is 7.9 million MT below the revised 2025/26 level.
These projections were discussed at the USDA's 102nd annual Agricultural Outlook Forum, held on February 19-20, 2026. The event featured remarks from Secretary of Agriculture Brooke Rollins and a presentation on agricultural markets and trade by USDA Chief Economist Justin Benavdez. The forum also included numerous breakout sessions addressing the agricultural economy, commodity markets, and trade issues.