The February World Agricultural Supply and Demand Estimates report (WASDE) showed the 2023-24 U.S. corn outlook is for lower food, seed and industrial use and larger ending stocks. Corn used for glucose and dextrose is reduced 10 million bushels based on indicated usage to date. With no other use changes, U.S. corn ending stocks are up 10 million bushels from last month. The season-average corn price received by producers is unchanged at $4.80 per bushel.
The U.S. soybean outlook has lower soybean exports and higher ending stocks. Soybean exports are forecast at 1.72 billion bushels, down 35 million from last month, reflecting the slow pace of shipments through January and strong competition with Brazil. With crush unchanged, ending stocks are forecast at 315 million bushels, up 35 million. The U.S. season-average soybean price for 2023-24 is forecast at $12.65 per bushel, down 10 cents from last month. The soybean meal price is forecast unchanged at $380 per short ton. The soybean oil price is forecast at 51 cents per pound, down 3 cents.
U.S. wheat looks to have stable supplies, lower domestic use, unchanged exports and higher ending stocks. The 2023-24 season-average farm price forecast is $7.20 per bushel. The global wheat outlook for 2023-24 is for increased supplies, consumption and trade but lower ending stocks. World trade is raised 1.2 million tons to 210.7 million with higher exports by Ukraine, Argentina, Australia and Turkey that more than offset reduced exports from the United Kingdom and Brazil. Projected 2023-24 ending stocks are lowered 0.7 million tons to 259.4 million, the lowest level since 2015-16, on decreases for India, China and Ukraine.
The report also shows for 2024 beef production that slaughter will be lower for the first half of 2024, reflecting a slower pace of cattle slaughter. For the second half, steer and heifer slaughter is raised as the USDA’s January Cattle report implied a smaller decline in cattle outside feedlots than previously expected and to the extent these cattle are placed on feed in the first half, they will likely be marketed and slaughtered in the second half. Carcass weights for the second half are also raised. Beef imports for 2024 are raised for the year, while the beef export forecast is unchanged.
Find additional information on the USDA WASDE report from February.
