The USDA’s World Agricultural Supply and Demand Estimates report shows the 2024-2025 U.S. corn outlook is unchanged relative to last month. The big news in the corn market is the major global trade changes in 2024-2025, which include reduced corn exports for Brazil and South Africa. The season-average corn price received by U.S. producers is unchanged at $4.35 per bushel. U.S. 2024-2025 soybean projections are unchanged this month as well.
The season-average soybean price is projected at $9.95 a bushel, down 15 cents from last month. The soybean oil balance sheet includes higher exports and lower soybean oil used for biofuel.
The 2024-2025 wheat outlook calls for larger supplies, unchanged domestic use, lower exports, and higher ending stocks. Supplies are raised on increased imports, up 10 million bushels to 140 million at a continued robust pace. The season-average farm price dropped five cents a bushel from last month to $5.50.