The August World Agricultural Supply and Demand Estimates report (WASDE) showed larger supplies, lower domestic use, greater exports and smaller ending stocks. Projected beginning stocks for 2024-25 are 10 million bushels lower based on a slightly higher use forecast for 2023-24. Corn production for 2024-25 is forecast at 15.1 billion bushels, up 47 million from the past month. The season-average corn price received by producers is lowered 10 cents to $4.20 per bushel.
The 2024-25 outlook for U.S. soybeans includes higher production, exports and ending stocks. Soybean production for 2024-25 is forecast at 4.6 billion bushels, up 154 million on higher area and yield. Harvested area is forecast at 86.3 million acres, up 1 million from July. The first survey-based soybean yield forecast is 53.2 bushels per acre, up 1.2 bushels from last month. Soybean supplies for 2024-25 are projected at 4.9 billion bushels, up 11% from last year. With soybean exports up 25 million bushels on higher supplies and crush unchanged, ending stocks are forecast at 560 million bushels, up 125 million from last month. The U.S. season-average soybean price for 2024-25 is forecast at $10.80 per bushel, down 30 cents from last month.
The outlook for 2024-25 U.S. wheat is for lower supplies, slightly higher domestic use, unchanged exports and smaller ending stocks. Supplies are reduced on lower production, down 26 million bushels to 1,982 million, as a reduced harvested area was only partly offset by a higher average yield. Harvested area is lowered 0.9 million acres to 37.9 million, and the all-wheat yield is raised 0.4 bushels per acre to 52.2. The season-average farm price is unchanged at $5.70 per bushel.
The forecast for 2024 red meat and poultry production is reduced from last month. Beef production is raised on higher steer and heifer and cow slaughter, which more than offsets lighter dressed weights. For 2025, beef production was lowered, reflecting reduced steer and heifer slaughter in the first quarter.
Beef imports for 2024 are adjusted to reflect reported trade data through the first half of the year, as well as higher expected imports for the third and fourth quarters. The beef export forecast is also raised for 2024, reflecting continued strength in global beef demand. Beef import and export forecasts are unchanged for 2025. Cattle price forecasts for 2024 are raised for both the third and fourth quarters based on recent stronger-than-expected demand for fed cattle. The higher price forecasts are carried into the first quarter of 2025.
Find additional information on the USDA WASDE report from August.
