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.

The USDA’s World Ag Supply and Demand Estimates (WASDE) report offers forecasts for dairy, beef and feedstuffs.

The U.S. dairy product export market stumbled in February as cheese continued its strong growth performance, recording a 7% year-over-year improvement in milk solid equivalents (MSE), but nonfat dry milk/skim milk powder (NFDM/SMP) fell to its lowest export value since 2019, leading to a year-over-year 5% fall in total dairy product exports. Here’s Progressive Dairy’s 30,000-foot look at dairy-related export categories.

The USDA National Agricultural Statistics Service (NASS) released its Agricultural Prices report March 31, which includes feed costs and milk prices used to calculate the February Dairy Margin Coverage (DMC) program margins and indemnity payments. February’s margin was $13.12 per hundredweight (cwt), the result of an improved market for corn coupled with a 50-cent drop in the all-milk price.

Dairy cull cows marketed through U.S. slaughter plants in February lowest since 2008.

Nineteen states including California, Wisconsin, Minnesota and Washington reduced milk production a combined 554 million pounds in February.

The March Feed Outlook report shows global coarse grains production prospects are raised for 2024-25. This month’s 2024-25 U.S. coarse grains outlook is for a slight reduction in supplies, with greater declines in use – ultimately, lifting ending stocks by nearly 0.5 million tons.

The March World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2024-25 U.S. corn outlook is unchanged relative to last month. The season-average corn price received by producers is unchanged at $4.35 per bushel.