News
USDA sees big new crop corn, wheat ending stocks
The USDA is projecting big new crop corn and wheat ending stocks.
The USDA has the carryout for new crop corn at 1.8 billion bushels, expecting a big crop along with record supply and total use, while trimming old stocks 50 million bushels to 1.415 billion on export demand expectations. The average estimated 2024/25 farm price is $4.35 per bushel, unchanged from April, with 2025/26 at $4.20.
New crop wheat stocks are seen at 923 million bushels with the USDA anticipating improved domestic use, a smaller crop, and slower exports, with old crop stocks down modestly 5 million bushels on the month at 841 million bushels due to higher food use. The average estimated 2024/25 farm price is $5.50 per bushel, steady on the month, with 2025/26 at $4.20.
New crop soybean ending stocks are pegged at 295 million bushels on projected cuts to imports and exports, in addition to lower production this year than last year, while cutting old crop stocks 25 million bushels to 350 million on expectations for better fourth quarter global demand. The average estimated 2024/25 farm price is $9.95 per bushel, matching last month, with 2025/26 at $10.25.
The 2025 corn and soybean U.S. production estimates are based on the prospective plantings numbers and assumed yield, while wheat production is tied to field-based surveys.
The new marketing year starts June 1st for wheat and September 1st for soybeans and corn.
The USDA’s next round of supply, demand, and production estimates is out June 12th.
Add Comment