Glacier FarmMedia | MarketsFarm — The United States Department of Agriculture’s World Agricultural Supply and Demand Estimates (WASDE) report for the month of February projected tightening stocks for 2024-25 world grains as well as United States wheat.
The USDA estimated carryout for 2024-25 U.S. wheat at 794 million bushels, down four million from the previous year and down five million from the trade’s average pre-report estimate. A four-million bushel increase in food use at 970 million was the difference in the ending stocks, while production and exports remained at 1.971 billion and 850 million bushels, respectively. In 2023-24, wheat ending stocks were 696 million bushels.
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Projected U.S. corn stocks for 2024-25 were left unchanged at 1.540 billion bushels Estimated production and exports were also steady at 14.867 billion and 2.45 billion bushels, respectively. In 2023-24, ending stocks were 1.763 billion bushels.
For U.S. soybeans, the projected carryout saw no change at 380 million bushels. Estimated production was the same as in January at 4.366 billion, while projected exports were also unaltered at 1.825 billion. The 2023-24 carryout was 342 million bushels.
Projected 2024-25 world ending stocks for wheat declined by 1.26 million tonnes from January at 257.56 million, below the average trade estimate of 258.60 million. However, the world wheat production estimate increased by 550,000 tonnes at 793.79 million. Canadian wheat production was left unchanged at 34.96 million tonnes, with ending stocks up 70,000 tonnes at 4.59 million. The 2023-24 worldwide carryout for wheat was 267.49 million tonnes.
The USDA estimated the 2024-25 world carryout for corn at 290.31 million tonnes, down 3.03 million from January and down 2.21 million from the average trade estimate. Projected worldwide corn production declined by 1.88 million tonnes at 1.212 billion. In Argentina, expected corn production dropped by one million tonnes at 50 million, while in Brazil, estimated production also went down one million tonnes at 126 million. The 2023-24 worldwide carryout for corn was 315.81 million tonnes.
For soybeans, projected worldwide carryout was down 4.03 million tonnes from last month at 124.34 million, which was also 3.45 million tonnes lower than the average trade estimate. Expected production was down 3.5 million tonnes at 420.76 million. Argentine production lost three million tonnes at 49 million, while Brazilian production was left unchanged at 169 million. The 2023-24 worldwide carryout was 112.49 million tonnes.
The USDA will release the next monthly WASDE report on March 11.
