Tridge summary
The May World Agricultural Supply and Demand Estimates report for the 2024-25 crop marketing year anticipates a slight decrease in the corn crop production to 14.9 billion bushels, which is down by 3% from the previous year's record, but total corn supplies are expected to reach 16.9 billion bushels, the highest since 2017-18, due to higher beginning stocks. Despite the increase in supplies, the U.S. is set to be the world's leading corn exporter for the second year in a row. The report also forecasts an increase in soybean supplies, crush, exports, and ending stocks, alongside a decrease in the season-average soybean price. Wheat supplies are projected to increase by 6% from 2023-24, and the season-average farm price is expected to decrease to $6 per bushel. Additionally, the report forecasts a decrease in U.S. red meat and poultry production for 2025 due to tighter cattle supplies and increased retention of heifers and cows.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The May World Agricultural Supply and Demand Estimates report (WASDE) showed the first forecast for the 2024-25 crop marketing year. The corn crop is projected at 14.9 billion bushels, down 3% from last year’s record. With higher beginning stocks, total corn supplies are forecast at 16.9 billion bushels, the highest since 2017-18. Total U.S. corn use for 2024-25 is forecast to rise just under 1% relative to a year ago on higher domestic use and exports. U.S. corn exports for 2024-25 are forecast to rise 50 million bushels to 2.2 billion, supported by a combined 5.4 million ton reduction in exports for Argentina, Brazil, Russia and Ukraine. The U.S. is projected to be the world’s largest exporter for the second consecutive year, with an expected increase in global market share. With the total U.S. corn supply rising more than use, 2024-25 ending stocks are up 80 million bushels from last year and, if realized, would be the highest in absolute terms since 2018-19. Stocks would ...
Source: Progressivecattle
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