(WASHINGTON D.C.) — USDA projects lower corn and soybean yields this month on the latest World Agricultural Supply and Demand Estimates (WASDE) report.
The monthly report, released on Friday morning, predicts a national average corn yield of 183.1 bushels per acre (bpa) with production coming in at 15.143 billion bushels. The corn yield estimate is down from 183.8 bpa in the October report. For soybeans, the national average yield came in at 51.7 bpa with production at 4.461 billion bushels. The yield is down from October’s estimate of 53.1 bpa.
Both yield estimates for corn and soybeans came in below average trade expectations.
For U.S. ending stocks, corn drops to 1.938 billion bushels while soybeans fall to 470 million bushels and wheat ending stocks move up slightly to 815 million bushels. On the world side, corn ending stocks dropped to 304.14 million metric tons (mmt). Soybean world stocks fell to 131.74 mmt and wheat stocks were down slightly to 257.57 mmt.
Most South American crop estimates were left unchanged this month but USDA did raise Argentina’s 23/24 soybean crop slightly to 48.2 million tons. USDA also cut Argentina’s 24/25 wheat harvest projection to 17.5 million metric tons, down from 18 mmt last month.
View the full WASDE Report here: https://www.usda.gov/oce/commodity/wasde
Listen to WASDE analysis below from Arlan Suderman of StoneX:
