The U.S. Department of Agriculture's World Agricultural Outlook Board has released its March 2025 World Agricultural Supply and Demand Estimates (WASDE) report, revealing significant changes in global wheat and corn markets that could impact the grain handling and processing industry.
For wheat, the 2024/25 U.S. outlook shows larger supplies, unchanged domestic use, lower exports, and higher ending stocks. U.S. wheat imports are projected to increase by 10 million bushels to 140 million, driven by a robust import pace. However, exports are lowered by 15 million bushels to 835 million, based on Census data through January and expectations for the remainder of the marketing year.
The global wheat outlook for 2024/25 indicates larger supplies, higher consumption, reduced trade, and increased ending stocks. Global wheat production is notably higher, with Australia's output raised by 2.1 million tons to 34.1 million, marking the country's third-largest production on record.
In the coarse grains sector, the U.S. corn outlook remains unchanged from last month, with the season-average price holding steady at $4.35 per bushel. However, global coarse grain production for 2024/25 is forecast 3.2 million tons higher at 1.496 billion tons.
Foreign corn production shows increases for India, Russia, and Ukraine, partially offset by declines in South Africa and Mexico. India's corn production is raised due to increases in both area and yield, benefiting from exceptional monsoon rainfall.
Global corn trade projections for 2024/25 include reduced exports for Brazil and South Africa, while Argentina's exports are increased. China's corn imports are cut, reflecting changing demand patterns in the world's largest grain market.
The report also highlights shifts in the oilseed markets, with global soybean crush raised by 2.9 million tons to 352.8 million. China's soybean crush is notably increased by 2 million tons to 105 million, based on the current pace.
