(WASHINGTON D.C.)– Not many changes were expected in the December supply and demand report and those expectations were mostly met on Tuesday.
USDA released the December 2024 World Agricultural Supply and Demand Estimates report and showed very minimal changes to the balance sheets this month. There were no changes to U.S. corn, soybean and wheat production estimates as expected.
One exception though was on the corn side as ending stocks for the U.S. came in below trade expectations at 1.738 billion bushels this month. Soybean ending stocks for the U.S. were unchanged this month at 470 million bushels while wheat stocks fell 20 million this month, now standing at 795 million bushels.
The season-average U.S. corn price received by producers is unchanged at $4.10 per bushel. The U.S. season-average soybean price is forecast at $10.20 per bushel, down $0.60 from last month. The soybean meal price forecast is reduced $20 to $300 per short ton. The soybean oil price is forecast unchanged at 43 cents per pound. The season-average farm price for U.S. wheat is unchanged at $5.60 per bushel.
U.S. corn exports were raised by 150 million bushels on this report with ethanol usage up by another 50 million bushels. USDA also slightly increased soybean production for Argentina by one million metric tons (MMT) up to 52 MMT while leaving Argentine corn and Brazil’s production unchanged.
Find the full WASDE Report here: https://www.usda.gov/oce/commodity/wasde
