The June World Agricultural Supply and Demand Estimates report (WASDE) showed no change to the 2024-25 U.S. corn outlook relative to last month. The season average price received by producers remains at $4.40 per bushel.
Global coarse grain production for 2024-25 is forecast 1.4 million tons lower to 1.511 billion. This month’s foreign coarse grain outlook is for lower production, slightly higher trade and smaller ending stocks relative to last month. Foreign corn production is marginally higher. Global corn ending stocks, at 310.8 million tons, are down 1.5 million.
The 2024-25 outlook for U.S. soybeans includes higher beginning and ending stocks. With increased supplies for 2024-25 and no use changes, soybean ending stocks are projected at 455 million bushels, up 10 million. The soybean price is forecast at $11.20 per bushel, unchanged from last month. Soybean meal and oil prices are also unchanged, at $330 per short ton and 42 cents per pound, respectively. The 2024-25 global soybean outlook includes lower beginning and ending stocks. Global soybean ending stocks are lowered 0.6 million tons to 127.9 million.
The outlook for 2024-25 U.S. wheat this month is for larger supplies, unchanged domestic use, increased exports and lower stocks. Supplies are raised as all wheat production is forecast at 1,875 million bushels, up 17 million from last month. The all-wheat yield is 49.4 bushels per acre, up 0.5 bushel from last month. The export forecast is raised 25 million bushels to 800 million, as U.S. wheat prices are expected to be increasingly competitive with reduced exportable Black Sea supplies. Ending stocks are lowered slightly to 758 million bushels but still significantly higher than the previous year. The 2024-25 season-average farm price is raised 50 cents per bushel to $6.50 on higher expected futures and cash prices and tightening global wheat supplies.
The total U.S. red meat and poultry production forecast for 2024 is raised from last month. Beef production is virtually unchanged for the year with largely offsetting changes in the quarters as lower expected slaughter is largely offset by higher dressed weights. For 2025, the red meat and poultry production forecast is raised on higher expected beef production. The beef production forecast is raised on higher expected placements in the fourth quarter of 2024 and faster expected pace of marketings during the first half. In addition, dressed weights are expected to remain relatively high into 2025.
No changes are made to beef trade for 2024 or 2025. The 2024 cattle price forecast is raised from last month on recent prices. For 2025, strength in cattle prices is carried forward into the first quarter of 2025.
Find additional information on the USDA WASDE report from June.
