USDA Corn Stocks Raise Questions on Livestock Feed Estimates

The USDA is re-evaluating its estimates for livestock feed consumption during the 2025–26 marketing year after recording surprisingly large grain stockpiles.

The agency originally estimated feed and residual use at 6.35 billion bushels, but its September 30 stocks report revealed over 2 billion bushels of corn still in storage—a 35% jump from last year. Unlike export and ethanol figures, feed use isn’t directly measured; it’s calculated using process-of-elimination arithmetic. With the national cattle herd at a 75-year low, market analysts suspect feed usage was overestimated.

For Iowa, this statistical uncertainty hits close to home. Local livestock herds consume hundreds of millions of bushels of grain each year, making feed demand a key pillar of Iowa’s agricultural economy. Any downward revision by the USDA in its upcoming supply-and-demand reports could pressure local grain prices, forcing producers across the state to adjust their harvest marketing strategies.