The US Department of Agriculture will on Friday reveal the May edition of its monthly Wasde report, giving estimates for world ag supply and demand.
This edition is a particularly important one, in giving the USDA’s first full forecasts for 2023-24.
Below expectations of what investors, as polled by Reuters, expect the report to show.
| Market expectations for USDA forecasts for 2024 US corn, soybean production |
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| Crop | Mean forecast | Range of forecasts | USDA Outlook Forum | USDA 2023-24 |
| Corn yield | 180.3 | 177.3-181.5 | 181.0 | 177.3 |
| Corn production | 14,887 | 14,578-15,342 | 15,040 | 15,342 |
| Soybean yield | 51.9 | 50.6-53.0 | 52.0 | 50.6 |
| Soybean production | 4,440 | 4,165-4,554 | 4,505 | 4,165 |
| Yield data in bushels per acre. Production data in million bushels | ||||
| Market expectations for USDA estimates of US grain stocks, close of 2023-24 |
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| Crop | Mean forecast | Range of forecasts | USDA’s existing estimate |
| Corn | 2,090 | 1,967-2,172 | 2,122 |
| Soybeans | 339 | 304-365 | 340 |
| All wheat | 695 | 658-713 | 698 |
| All data in million bushels | |||
| Market expectations for USDA estimates of US grain stocks, close of 2024-25 |
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| Crop | Mean forecast | Range of forecasts | USDA Outlook Forum |
| Corn | 2,287 | 2,032-2,513 | 2,532 |
| Soybeans | 436 | 315-552 | 435 |
| All wheat | 777 | 652-879 | 769 |
| All data in million bushels | |||
| Market expectations for USDA estimates of world grain stocks, close of 2023-24 |
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| Crop | Mean forecast | Range of forecasts | USDA’s existing estimate |
| Corn | 314.7 | 310.0-317.2 | 318.3 |
| Soybeans | 112.0 | 109.0-115.0 | 114.2 |
| All wheat | 257.1 | 250.0-259.5 | 258.3 |
| All data in million tonnes | |||
| Market expectations for USDA estimates of world grain stocks, close of 2024-25 |
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| Crop | Mean forecast | Range of forecasts | USDA’s existing estimate |
| Corn | 317.4 | 310.0-321.5 | N/A |
| Soybeans | 119.0 | 109.5-130.2 | N/A |
| All wheat | 256.4 | 241.8-264.4 | N/A |
| All data in million tonnes | |||
| Market expectations for USDA estimates of US winter wheat harvest, 2024-25 |
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| Crop | Mean forecast | Range of forecasts | USDA’s 2023- 24 estimate |
| Hard red | 689 | 560-780 | 601 |
| Soft red | 404 | 343-486 | 449 |
| White | 212 | 190-233 | 198 |
| Total winter wheat | 1,311 | 1,210-1,395 | 1,248 |
| Spring wheat + durum | |||
| All wheat | 1,884 | 1,775-1,970 | 1,812 |
| All data in million bushels | |||
