August WASDE Calls for Lower Corn, Higher Soybean Ending Stocks

The 2024-2025 World Agricultural Supply and Demand Estimates report is calling for larger corn supplies, lower domestic use, greater exports, and smaller ending stocks. Corn production is forecast at 15.1 billion bushels, 47 million higher than last month. Ending stocks are forecast down 24 million bushels to 2.1 billion. The season-average corn price dropped a dime to $4.20 a bushel. The outlook for soybeans includes higher production, exports, and ending stocks. Production is forecast at 4.6 billion bushels, 154 million higher than in July. Ending stocks are forecast at 560 million bushels, 125 million more than last month. The season-average soybean price dropped 30 cents to $10.80 per bushel. The wheat outlook is for lower supplies, slightly higher domestic use, unchanged exports, and smaller ending stocks. Projected ending stocks are down 28 million bushels to 828 million. The season-average farm price is unchanged from last month at $5.70 per bushel.