This month’s 2024/2025 U.S. corn outlook is for lower production and ending stocks, according to the November WASDE report from USDA.
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.
U.S. soybean supply and use changes for 2024/2025 include lower production, exports, crush, and ending stocks. Soybean production is forecast at 4.5 billion bushels, down 121 million on reduced yields. The largest production changes are for Iowa, Illinois, and Minnesota. Exports are lowered 25 million bushels to 1.8 billion on lower supplies and sales to date.
Crush is lowered 15 million bushels to 2.4 billion, reflecting lower soybean meal domestic disappearance and exports. Soybean ending stocks are lowered 80 million bushels to 470 million bushels.
CLICK BELOW to hear further analysis from Brian Basting with Advance Trading, Inc. of the USDA’s WASDE report for November:
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