The April Feed Outlook report shows the U.S. corn exports boost 2024-25 global coarse grains trade prospects. U.S. 2024-25 corn ending stocks are expected to be 75 million bushels lower this month at 1.465 billion bushels. The lower ending stocks follow an increase in exports partially offset by a decrease in feed and residual use, based on second-quarter disappearance.

Overall, the 2025 beef production forecast is raised fractionally from last month’s projection by 15 million pounds to 26.7 billion pounds. Compared to last month’s forecast, fewer steers and heifers are expected to be processed this year, but that decline is more than offset by an adjusted outlook for cow and bull slaughter and for heavier carcass weights in each quarter.

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 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.

Total beef production outlook for 2025 is projected up 120 million pounds from last month’s forecast to 26.685 billion pounds. This is the result of heavier expected carcass weights in each quarter more than offsetting lower-than-expected overall cattle slaughter since last month.

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.

The USDA National Agricultural Statistics Service (NASS) released its Cattle report on Jan. 31. The total of all cattle and calves on Jan. 1, 2025, was estimated at 86.662 million head, about 0.5 million fewer than the previous year.