The March World Agricultural Supply and Demand Estimates report (WASDE) showed the 2023-24 U.S. corn outlook remains relatively unchanged compared to last month’s with only a 5-cent decrease in the season-average price to $4.75 per bushel. Foreign corn production is forecast lower, leading to a prediction of lowered corn imports for many of those countries. Foreign corn ending stocks are lower, mostly reflecting a decline for Ukraine that is partly offset by an increase for Brazil. Global corn ending stocks, at 319.6 million tons, are down 2.4 million.
The outlook for U.S. soybean supply and use for 2023-24 is unchanged this month. While soybean crush is unchanged, the soybean meal extraction rate is increased slightly, and higher soybean meal exports are mostly offset by lower domestic use. The U.S. season-average soybean price and the soybean meal price forecasts are unchanged for 2023-24. The soybean oil price is reduced 2 cents to 49 cents per pound. Global soybean production is reduced 1.4 million tons, and global 2023-24 soybean supply and demand forecasts include lower beginning stocks, lower production, lower crush, higher exports and lower ending stocks compared to last month. Global soybean ending stocks are lowered 1.8 million tons to 114.3 million on lower stocks for Brazil that are partly offset by higher Chinese stocks.
Wheat this month shows unchanged supplies and domestic use, lower exports and higher ending stocks. Exports are reduced 15 million bushels to 710 million with reductions for soft red winter and hard red winter. Ending stocks are raised by an equivalent amount to 673 million bushels and are 18% higher than last year. The season-average farm price is reduced 5 cents per bushel to $7.15. The global wheat outlook for 2023-24 is for larger supplies, consumption and trade with reduced stocks. Projected 2023-24 global ending stocks are lowered 0.6 million tons to 258.8 million, the lowest since 2015-16.
This month estimates for 2024 show total red meat and poultry production forecasts are raised from last month with higher beef, pork and broiler production more than offsetting lower turkey production. The beef production forecast is raised as lower expected slaughter in the first quarter is more than offset by higher slaughter for outlying quarters. The beef import forecast for 2024 is raised based on recent trade data, but exports are unchanged. Additionally for 2024, cattle prices are raised for all quarters based on recent prices and firm demand for fed cattle.
Find additional information on the USDA WASDE report from March.
