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USDA cuts corn ending stocks, lowers soybeans slightly
The USDA has lowered U.S. ending stocks estimates for corn and soybeans, while raising the carryout for wheat.
Corn ending stocks are now seen at 1.465 billion bushels, a drop of 75 million from March with a cut to feed use more than canceled out by a larger export guess. The average estimated 2024/25 farm price was steady at $4.35 per bushel, compared to $4.55 for 2023/24.
Soybeans are pegged at 375 million bushels, down 5 million, on higher domestic crush demand against more imports. The average estimated 2024/25 farm price held at $9.95 per bushel, compared to $12.40 in 2023/24.
Wheat ending stocks are expected to be 846 million bushels, up 27 million, on an increase for imports, along with decreases in seed and export use. The average 2024/25 farm price is estimated at $5.50 per bushel, steady with last month and below the 2023/24 average of $6.96.
Globally, the USDA left corn and soybean production and exports unchanged for Argentina and Brazil, while making minor adjustments to the world balance sheet for wheat. On the production side of things, guesses were modestly higher for Argentina and North Africa and modestly lower for the European Union and the Middle East. In the trade section, exports were down for Australia, the European Union, and Russia, and up for Canada and Ukraine.
The USDA says the numbers do include the impact of trade policies in effect at the time of publication, with the assumption those policies will continue unless there’s a specified end date.
The 2024/25 U.S. marketing year began June 1st, 2024 for wheat, September 1st, 2024 for beans and corn, and October 1st, 2024 for soybean products.
The USDA’s next round of supply, demand, and production numbers is out May 12th.
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