
The U.S. Department of Agriculture's latest World Agricultural Supply and Demand Estimates (WASDE) report, released on January 10, 2025, presents a mixed outlook for major crops in the 2024/25 marketing year. Key highlights include:
Wheat: U.S. ending stocks are projected to rise 15% year-over-year to 798 million bushels, despite a slight decrease in the season-average farm price to $5.55 per bushel.
Corn: Production is estimated at 14.9 billion bushels, down 3% from 2023, with a record high average yield of 179.3 bushels per acre. The season-average price is raised to $4.25 per bushel.
Soybeans: Production is estimated at 4.4 billion bushels, with ending stocks projected at 380 million bushels. The season-average price remains unchanged at $10.20 per bushel.
Cotton: U.S. production is increased to 14.4 million bales, with exports lowered to 11.0 million bales. The season-average upland farm price is reduced to 65 cents per pound.
Rice: U.S. production is estimated at 222.1 million cwt, up 2.3 million from the previous estimate, with a record average yield of 7,748 pounds per acre.
Globally, the report indicates lower wheat consumption and trade, with Russia's exports forecast at 46.0 million tons, down 1.0 million from last month. China's corn production is raised to a record 294.9 million tons.
These adjustments reflect changing weather patterns, trade dynamics, and global demand, signaling potential shifts in agricultural markets that could impact farmers, traders, and consumers in the coming year.