The November World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2024-25 U.S. corn outlook is for lower production and ending stocks. Corn production is forecast at 15.1 billion bushels, down 60 million from last month on a 0.7-bushel reduction in yield to 183.1 bushels per acre. Harvested area for grain is unchanged at 82.7 million acres. Total use is unchanged at 15 billion bushels. With supply falling and no change to use, corn ending stocks are down to 1.9 billion bushels. The season-average corn price received by producers is unchanged at $4.10 per bushel.
U.S. soybean supply and use changes for 2024-25 include lower production, exports, crush and ending stocks. Soybean production is forecast at 4.5 billion bushels, down 121 million on reduced yields. The U.S. season-average soybean price for 2024-25 is forecast unchanged at $10.80 per bushel. The soybean meal price is unchanged at $320 per short ton. The soybean oil price is increased 1 cent to 43 cents per pound.
The outlook for 2024-25 U.S. wheat this month is for slightly larger supplies, domestic use and ending stocks but unchanged exports. Supplies are raised on higher imports, increased 5 million bushels to 120 million, all on hard red spring. Domestic use is raised, all on food use, based mainly on the NASS Flour Milling Products report. Exports are unchanged at 825 million bushels but there are offsetting by-class changes. Projected 2024-25 ending stocks are increased 3 million bushels to 815 million, up 17% from last year. The season-average farm price is lowered 10 cents per bushel to $5.60 on NASS prices reported to date and expectations for futures and cash prices for the remainder of the marketing year.
The forecast for 2024 red meat and poultry production is raised from last month with higher beef, broiler and turkey production forecasts, partially offset by lower pork production. Beef production is raised, as higher dressed weights and cow slaughter more than offset lower expected steer and heifer slaughter.
For 2025, the beef production forecast is raised due to heavier expected dressed weights and higher expected steer and heifer slaughter, partially stemming from higher than previously expected placements during the second half of 2024.
The beef import forecast for 2024 is raised on recent trade data and stronger-than-expected imports from Oceania and South America during the fourth quarter. For 2025, beef imports are raised based on continued strong demand for processing beef. The beef export forecast for 2024 is raised based on reported data through September. For 2025, the forecast is raised based on relatively higher expected global demand.
The cattle price forecast for the fourth quarter of 2024 is raised based on recent prices and the continued strength in beef demand. The increase is carried into 2025.
Find additional information on the USDA WASDE report from November.
