Items Tagged with 'WASDE'

USDA is lowering its estimates of global corn and soybean stocks in a report that doesn’t account yet for the impact of reciprocal tariffs or of new duties on Canada and Mexico that President Donald Trump plans for April.

USDA is raising its estimated average farm-gate price for the 2024 corn crop by 10 cents to $4.35 a bushel, while shaving the expected price for soybeans by 10 cents to $10.10 a bushel.

Corn and soybean prices fell Friday following USDA’s release of its latest World Agricultural Supply and Demand Estimates report, which projects a record soybean crop and “smaller supplies, larger exports, and reduced ending stocks” for corn.

USDA is projecting corn and soybean yields at record highs this year and has sharply raised its forecast for both soybean production and ending stocks, prompting another drop on the futures markets Monday.

The Agriculture Department raised its estimate for corn production to 15.1 billion bushels, a jump from its June projection of 14.8 billion, but slightly lowered its prediction for ending stocks, in its World Agricultural Supply and Demand Estimates report issued Friday.

USDA on Friday projected higher ending stocks for major row crops that will be harvested this year.

USDA continued to lower its price estimates for the 2023 harvest despite lower forecasts for U.S. and world supplies for some commodities.

The Department of Agriculture lowered its U.S. soybean export forecast as Brazilian competition hinders American sales in key foreign markets.