USDA says the 2024-2025 corn outlook calls for larger supplies, greater domestic use and exports, and lower ending stocks in its World Agricultural Supply and Demand Estimates (WASDE) report for July.
Corn production is forecast up by 240 million bushels on greater planted and harvested area from the June Acreage Report. Yield is unchanged at 181 bushels an acre, and ending stocks are down by five million bushels. The season-average farm price is down ten cents to $4.30 a bushel.
Soybean production is projected at 4.4 billion bushels, 15 million lower on less harvested area. The yield forecast is unchanged at 52 bushels, and ending stocks are down 20 million bushels from June. The season-average soybean price is down a dime to $11.10.
The wheat outlook is for larger supplies, domestic use, exports, and ending stocks. Ending stocks are predicted at 856 million bushels, the highest in five years. The season-average price is down 80 cents at $5.70.
Click BELOW to hear Brian Basting, Commodity Research Analyst at Advance Trading, as he provides analysis of USDA’s July WASDE Report for Hoosier Ag Today.
