The USDA’s latest WASDA report presents an optimistic outlook for the 2024/25 corn market, with notable increases in both U.S. and global supplies.
U.S. corn production is forecasted to increase by 240 million bushels to 15.3 billion bushels while ending stocks are slightly down by 5 million bushels to 2.2 billion bushels.
Global coarse grain production is expected to rise by 1.2 million tons to 1.512 billion tons, with global corn stocks up 0.9 million tons to 311.6 million tons.
U.S. corn exports are projected to increase by 75 million bushels, with global trade dynamics reflecting higher exports from the U.S. and reduced exports from Russia and the EU.
The U.S. corn market is forecasted to see larger supplies, with production expected to rise by 240 million bushels, reaching 15.3 billion bushels. This increase is driven by greater planted and harvested areas, despite the yield remaining unchanged at 181.0 bushels per acre. However, ending stocks are projected to decrease slightly by 5 million bushels, totaling 2.2 billion bushels.
On a global scale, coarse grain production for 2024/25 is anticipated to rise by 1.2 million tons to 1.512 billion tons. Despite a reduction in foreign corn production due to lower yields in the EU, Canada, and Russia, global corn stocks are projected to increase by 0.9 million tons to 311.6 million tons, with significant contributions from Pakistan, Mexico, and Turkey.
U.S. corn exports are set to increase by 75 million bushels, reflecting strong current sales and shipments. However, global trade changes include reduced corn exports from Russia and the EU, offset by higher exports from the United States. Corn imports are expected to rise for Canada and Mexico but decline for Iran and Bangladesh.
The overall outlook for the 2024/25 corn market is positive, with increased production and steady trade dynamics. The season-average farm price for U.S. corn is lowered to $4.30 per bushel, reflecting larger supplies and lower expected prices.
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The information provided in this market insight is for general informational purposes and should not be considered financial advice. It is not intended to offer any financial recommendations or endorsements. Any decisions made based on the content are the sole responsibility of the reader.
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