The October World Agricultural Supply and Demand Estimates report (WASDE) showed the 2024-25 U.S. corn outlook is for smaller supplies, larger exports and reduced ending stocks. Projected beginning stocks for 2024-25 are 52 million bushels lower based on the Grain Stocks report. Corn production is forecast at 15.2 billion bushels, up 17 million from last month on a 0.2-bushel increase in yield to 183.8 bushels per acre. Harvested area for grain is unchanged at 82.7 million acres. Total use is raised slightly to 15 billion bushels, reflecting greater exports. With supply falling and use rising, ending stocks are cut 58 million bushels to 2 billion. The season-average corn price received by producers is unchanged at $4.10 per bushel.
U.S. oilseed production for 2024-25 is forecast at 134.4 million tons, down 0.3 million from last month with lower soybean, cottonseed, peanut and sunflower seed production partly offset by higher canola production. Soybean production is forecast at 4.6 billion bushels, down 4 million on lower yields. Harvested area is unchanged at 86.3 million acres. The soybean yield is projected at 53.1 bushels per acre, down 0.1 bushel from the September forecast. With lower production partly offset by slightly higher beginning stocks, supplies are lowered 2 million bushels to 4.9 billion. With a slightly lower residual and no change to exports and crush, ending stocks are unchanged from last month at 550 million bushels. The U.S. season-average soybean price for 2024-25 is unchanged at $10.80 per bushel.
The outlook for 2024-25 U.S. wheat this month is for reduced supplies, larger domestic use, unchanged exports and lower ending stocks. Supplies are lowered 6 million bushels to 2,783 million, as reduced beginning stocks and lower production are partly offset by larger imports. Production is reduced 11 million bushels to 1,971 million, as reported in the NASS Small Grains annual summary released Sept. 30. Projected ending stocks are lowered by 16 million bushels to 812 million but still up 17% from the previous year. The season-average farm price is unchanged at $5.70 per bushel.
The forecast for 2024 red meat and poultry production is raised from last month, as higher beef production more than offsets lower pork, broiler and turkey production. Beef production is raised on higher cattle slaughter and heavier dressed weights for the third and fourth quarters.
The forecast for 2025 red meat and poultry production is raised on higher beef, pork and broiler production. Beef production is raised on higher steer and heifer slaughter, particularly in the first half of the year, and heavier weights.
Beef import forecasts for 2024 and 2025 are raised on continued strength in demand and availability of supplies from Oceania and South America. Beef exports are lowered for 2024 on recent trade data. There are no changes to the 2025 beef export forecast. Cattle prices for 2024 are raised in the third and fourth quarters on reported data for September and continued strong demand for cattle through the end of the year. The price strength is carried into the first quarter of 2025.
Find additional information on the USDA WASDE report from October.
