Washington Report

USDA’s August 2024 World Agricultural Supply and Demand Estimates (WASDE) report showed a slight increase in broiler production for the third and fourth quarters of 2024 based on recent production and hatchery data.

Chicken: The forecasts for broiler reproduction for 2025 are unchanged from the previous month. Broiler exports for 2024 are raised based on stronger-than-expected exports during the second quarter, which are expected to carry into the third quarter. There are no changes to 2025 broiler exports. Broiler price forecasts for 2024 are raised for the second half of the year based on stronger-than-previously-expected prices through July. Prices are also raised for the first quarter of 2025.

Corn: This month’s 2024/25 U.S. corn outlook is for larger supplies, lower domestic use, greater exports, and smaller ending stocks. Projected beginning stocks for 2024/25 are 10 million bushels lower based on a slightly higher use forecast for 2023/24. For 2023/24, higher corn exports are partly offset by reductions in corn used for glucose and dextrose and starch. Corn production for 2024/25 is forecast at 15.1 billion bushels, up 47 million from last month as a 0.7-million-acre decline in harvested area is more than offset by an increase in yield. The season’s first survey-based corn yield forecast, at a record 183.1 bushels per acre, is 2.1 bushels higher than last month’s projection. Total U.S. corn use for 2024/25 is forecast 60 million bushels higher to 15.0 billion. Corn used for glucose and dextrose and starch is projected lower based on observed use during 2023/24. Exports for 2024/25 are raised 75 million bushels to 2.3 billion reflecting U.S. export competitiveness and relatively low world market prices. With supply rising less than use, ending stocks are down 24 million bushels to 2.1 billion. The season-average corn price received by producers is lowered 10 cents to $4.20 per bushel.

Soybean: The 2024/25 outlook for U.S. soybeans includes higher production, exports, and ending stocks. Soybean production for 2024/25 is forecast at 4.6 billion bushels, up 154 million on higher area and yield. Harvested area is forecast at 86.3 million acres, up 1.0 million from July. The first survey-based soybean yield forecast is 53.2 bushels per acre, up 1.2 bushels from last month. Soybean supplies for 2024/25 are projected at 4.9 billion bushels, up 11 percent from last year. With soybean exports up 25 million bushels on higher supplies and crush unchanged, ending stocks are forecast at 560 million bushels, up 125 million from last month. The U.S. season-average soybean price for 2024/25 is forecast at $10.80 per bushel, down $0.30 from last month. The soybean meal price is forecast at $320 per short ton, down 10 dollars. The soybean oil price forecast is unchanged at 42 cents per pound.

The full report from which this information was derived can be found here.

###

###

###