The USDA’s February World Agricultural Supply and Demand Estimates report says the 2024-2025 U.S. corn supply and use outlook is unchanged from last month. The biggest change took place in global corn production, which is forecast to drop 1.8 million tons to 1.492 billion.
Foreign corn production is forecast down due to production declines in Brazil and Argentina. The projected season-average farm price is up 10 cents to $4.35 a bushel.
U.S. soybean supply and use forecasts are also unchanged. Global numbers also took center stage in soybeans, with the global supply forecast to drop because of reduced production in Argentina and Paraguay because of persistent heat and dryness in January. The season-average soybean price is projected at $10.10 a bushel, down ten cents.
The U.S. wheat supply and demand outlook is for slightly higher domestic use and lower ending stocks. The season-average wheat price is unchanged at $5.55 a bushel.