The US Department of Agriculture on Friday published the May edition of its monthly Wasde report, including first crop forecasts for 2024-25.
Below key data in the briefing, and how they differed from the expectations of investors, as polled by Reuters.
| USDA forecasts for 2024 US corn, soybean production |
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| Crop | USDA forecast |
Change on year |
Change on Outlook Forum forecast |
Difference from market expectation |
| Corn yield | 181.0 | +2.7 | in line | +0.5 |
| Corn production | 14,860 | -475 | -173 | -7 |
| Soybean yield | 52.0 | +1.4 | in line | +0.1 |
| Soybean production | 4,450 | +285 | -55 | -3 |
| Yield data in bushels per acre. Production data in billion bushels | ||||
| USDA forecasts for US grain stocks, close of 2023-24 |
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| Crop | USDA forecast |
Difference from last month’s estimate |
Difference from market expectation |
| Corn | 2,022 | -100 | -68 |
| Soybeans | 340 | +1 | unchanged |
| All wheat | 688 | -10 | -7 |
| Data in million bushels | |||
| USDA forecasts for US grain stocks, close of 2024-25 |
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| Crop | USDA forecast |
Difference from February Outlook Forum | Difference from market expectation |
| Corn | 2,102 | -430 | -185 |
| Soybeans | 445 | +10 | +9 |
| All wheat | 766 | -3 | -11 |
| Data in million bushels | |||
| USDA forecasts for world grain stocks, close of 2023-24 |
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| Crop | USDA forecast |
Difference from last month’s estimate | Difference from market expectation |
| Corn | 313.08 | -5.20 | -1.6 |
| Soybeans | 111.78 | -2.44 | -0.2 |
| All wheat | 257.80 | -0.427 | +0.7 |
| Data in million tonnes | |||
| USDA forecasts for world grain stocks, close of 2024-25 |
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| Crop | USDA forecast |
Difference from last month’s estimate | Difference from market expectation |
| Corn | 312.27 | N/A | -5.1 |
| Soybeans | 128.50 | N/A | +9.5 |
| All wheat | 253.61 | N/A | -2.8 |
| Data in million tonnes | |||
| USDA estimates for US winter wheat harvest, 2024-25 |
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| Crop | USDA forecast | Change on year |
Difference from market expectation |
| Hard red | |||
| Soft red | |||
| White | |||
| Total winter wheat | |||
| Implied spring wheat, durum | |||
| All wheat | |||
| Data in thousand bushels |
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