The USDA increased its ending stocks projection for U.S. wheat.
Domestic 2024/25 wheat ending stocks are now pegged at 819 million bushels, up 25 million from February with the USDA raising imports and cutting exports, while lowering the price outlook $.05 to $5.50 per bushel. The average farm price for 2023/24 was $6.96 per bushel.
There were no changes to the balance sheets for either corn or soybeans, but the USDA did reduce its average soybean price guess to $9.95 per bushel, a drop of $.15 from last month. Corn held at $4.35. For 2023/24, the average farm price was $4.55 for corn and $12.40 for soybeans.
Globally, wheat ending stocks were up, but the world corn and soybean carryouts were both down.
There were no changes to South American corn or soybean production, but the USDA did lower Brazil’s corn export guess due to the U.S. price advantage.
In this round of numbers, the USDA does not take into account the delayed U.S. tariffs on Canada and Mexico, but does include Canada’s tariffs on the U.S. and the current trade battle between the U.S. and China.
The 2024/25 marketing year began June 1st, 2024 for wheat, September 1st, 2024 for beans and corn, and October 1st, 2024 for soybean products.
The USDA’s next round of supply and demand estimates is out April 10th.
