The April World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2024-25 U.S. corn outlook is for greater exports, reduced feed and residual use, and smaller ending stocks. Feed and residual use is cut 25 million bushels to 5.8 billion based on disappearance during the December-February quarter, as indicated in the March 31 Grain Stocks report. Exports are raised 100 million bushels, reflecting the pace of sales and shipments to date and relatively competitive U.S. prices. With no other use changes, ending stocks are down 75 million bushels from last month to 1.5 billion. The season-average corn price received by producers is unchanged at $4.35 per bushel.
The outlook for U.S. soybean supply and use for 2024-25 includes higher imports and crush, and lower ending stocks. Soybean crush is raised 10 million bushels to 4.42 billion on higher soybean meal domestic use and soybean oil exports. Soybean oil exports are increased based on export commitments. Soybean oil for biofuel is lowered based on pace to date. However, stronger use is forecast for the last part of the marketing year due to tariffs impacting imports of other biofuel feedstocks, like used cooking oil. With soybean exports unchanged and imports increased slightly, soybean ending stocks are lowered 5 million bushels to 375 million. The U.S. season-average soybean price for 2024-25 is forecast unchanged at $9.95 per bushel. The soybean meal price is lowered $10 to $300 per short ton and the soybean oil price is raised 2 cents to 45 cents per pound.
This month’s supply and demand outlook for 2024-25 U.S. wheat is for larger supplies, slightly smaller domestic use, reduced exports and increased ending stocks. Supplies are raised on higher projected imports, up 10 million bushels to 150 million, with increases for hard red spring (HRS), durum, white and hard red winter (HRW). At this level, imports would be the largest since 2017-18. Domestic consumption is forecast 2 million bushels lower on reduced seed use, based primarily on the March NASS Prospective Plantings report. Feed and residual use is unchanged at 120 million bushels, but there are offsetting by-class revisions based on the March 31 NASS Grain Stocks report. Exports are lowered 15 million bushels to 820 million with reductions to HRS and HRW. Projected 2024-25 ending stocks are raised 27 million bushels to 846 million, 22% above the previous year. The season average farm price is unchanged at $5.50 per bushel.
For 2025, total red meat and poultry production is lowered. Beef production is raised as heavier dressed weights and higher cow and bull slaughter are partially offset by lower steer and heifer slaughter. Beef exports are lowered for 2025 based on recent trade data, as well as newly imposed tariffs and nontariff barriers faced by U.S. beef exports to China. Beef imports are lowered based on higher tariff rates for foreign suppliers for the remainder of the year. Cattle prices are raised on reported data through the first quarter and expected robust demand for the remainder of the year.
Find additional information on the USDA WASDE report from April.
