The February World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2024-25 U.S. corn supply and use outlook is unchanged from last month. The projected season-average farm price is raised 10 cents to $4.35 per bushel.
Global coarse grain production for 2024-25 is forecast 1.8 million tons lower to 1.492 billion. This month’s foreign coarse grain outlook is for reduced production, trade and ending stocks. Foreign corn production is forecast down with declines for Argentina and Brazil. Production is reduced for Argentina reflecting a cut in yield, as heat and dryness during January and into early February reduce yield prospects for early-planted corn in key central growing areas. For Brazil, the corn production forecast is reduced as slow second-crop planting progress in the Center-West lowers yield prospects.
U.S. 2024-25 soybean supply and use projections are unchanged this month. The season-average soybean price is projected at $10.10 per bushel, down 10 cents from last month. Soybean meal and oil prices are unchanged at $310 per short ton and 43 cents per pound, respectively.
Global 2024-25 soybean supply and use forecasts include lower production, higher use and lower ending stocks. Production is reduced for Argentina and Paraguay due to persistent heat and dryness during January. Brazilian soybean production is unchanged at 169 million tons. Beneficial weather in the Center-West is boosting soybean prospects, but drier weather in the South accelerated soybean development at the expense of yields.
The 2024-25 U.S. wheat supply and demand outlook is for slightly higher domestic use that leads to lower ending stocks. Food use is raised 4 million bushels to 970 million, as wheat flour grind during the October-December quarter was up 2% from last year as indicated in the National Agricultural Statistics Service (NASS) Flour Milling Products report. Projected ending stocks decrease 4 million bushels to 794 million but are 14% above last year. The season-average farm price is unchanged at $5.55 per bushel.
For 2025, the beef production forecast is raised from last month. On Feb. 1, 2025, the Animal and Plant Health Inspection Service (APHIS) announced the resumption of cattle imports from Mexico through approved facilities and newly implemented protocols to mitigate the spread of New World screwworm. Additionally, the USDA’s January Cattle report estimated a larger calf crop for 2024 and a smaller decline in cattle outside feedlots than previously expected. As a result, higher placements are expected for the year and slaughter is raised, primarily in the second half of the year. Dressed weights are also raised.
Beef exports for 2025 are raised on the increase in production and continued strong global beef demand. Beef imports are unchanged. For 2025, cattle prices are raised for all four quarters on recent prices and continued strong beef demand.
Find additional information on the USDA WASDE report from February.
