By Jamie Martin
The USDA's September Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports project a record corn yield of 183.6 bushels per acre (bpa), slightly above previous estimates. This increase brings U.S. corn production to 15.186 billion bushels, while harvested acres remain at 82.7 million acres.
While corn production saw a rise, the report for wheat remained neutral, with no significant changes. USDA expects U.S. wheat farmers to harvest 1.982 billion bushels for 2024-25, with a projected farm gate price of $5.70 per bushel. Global wheat stocks increased slightly, with Ukrainian wheat exports rising to 15.0 million metric tons (mmt).
Soybean production saw minimal changes, with the yield remaining at 53.2 bpa. The USDA slightly lowered soybean production to 4.586 billion bushels. The national average farm gate price for soybeans remains at $10.80 per bushel.
Globally, the USDA expects Brazil’s 2024-25 corn production at 127 mmt and Argentina’s at 51 mmt. For soybeans, Brazil is forecasted to produce 169 mmt.
In the livestock sector, beef production for 2024 is expected to rise, but steer prices are projected to decline. The USDA predicts an increase in both beef imports and exports through 2025.
Photo Credit: usda
Categories: National