Washington Report

USDA’s May 2024 World Agricultural Supply and Demand Estimates (WASDE) report showed broiler production expected to increase on lower feed costs and tighter red meat supplies, while exports are lowered on increased competition from major exporters.

Below are key takeaways taken from the report for industry-relevant sectors:

Chicken:  Total U.S. red meat and poultry production for 2025 is forecast to be lower than 2024. Broiler production is expected to increase as lower feed costs and tighter red meat supplies support steady growth. Turkey production is forecast to increase, as it recovers from Highly Pathogenic Avian Influenza-related culls. Egg forecast is higher on flock rebuilding.

Broiler production for 2024 is lower based on slaughter data through the first quarter, with the forecast for the remainder of the year unchanged. Broiler exports are lowered on recent data and increased price competition from major exporters.

Corn:  The 2024/25 U.S. corn outlook is for larger supplies, greater domestic use and exports, and higher ending stocks. The corn crop is projected at 14.9 billion bushels, down three percent from last year’s record, as a decline in “area” is partially offset by an increase in yield. Total U.S. corn use for 2024/25 is forecast to rise just under 1 percent relative to a year ago on higher domestic use and exports. Food, seed, and industrial use is forecast at 6.9 billion bushels. Corn used for ethanol is unchanged relative to a year ago, based on expectations of essentially flat motor gasoline consumption. Feed and residual use is projected higher on larger supplies and lower expected prices.

Soybean:  The 2024/25 outlook for U.S. soybeans is for higher supplies, crush, exports, and ending stocks compared with 2023/24. The soybean crop is projected at 4.45 billion bushels, up 285 million on higher area and trend yield. With higher beginning stocks and production, soybean supplies are forecast at 4.8 billion bushels, up 8 percent from 2023/24. U.S. soybean crush for 2024/25 is projected at 2.43 billion bushels, up 125 million from the 2023/24 forecast on higher demand for soybean oil as a biofuel feedstock, projected to increase 1.0 billion pounds to 14.0 billion. Domestic soybean meal disappearance is forecast to increase 3 percent from 2023/24 on increased pork and poultry production.

The full report can be found here.

###

###

###