The USDA’s December WASDE Report shows a 2024-2025 U.S. corn outlook of greater corn used for ethanol, larger exports, and lower ending stocks. Corn used to produce ethanol was raised 50 million bushels to 5.5 billion. Exports rose by 150 million bushels. With no other use changes, corn ending stocks are reduced by 200 million bushels to 1.7 billion. The season-average corn price received by producers was steady at $4.10 a bushel.
U.S. soybean supply and use projections are unchanged from last month. The U.S. season-average soybean price is forecast at $10.20 a bushel, down sixty cents from last month. This month’s 2024-2025 wheat outlook is for slightly larger supplies, unchanged domestic use, increased exports, and lower ending stocks. While projected wheat ending stocks are reduced by 20 million bushels, it’s still 14 percent higher than last years number. The season-average farm price is unchanged at $5.60 per bushel.