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Today, USDA released the March 2025 World Agricultural Supply and Demand Estimates (WASDE) report.
2024/2025 U.S. Ending Stocks
While the average trade expectation was for decreased 2024/2025 U.S. corn ending stocks, and slightly higher soybean ending stocks, USDA held both estimates steady month-over-month. U.S. wheat ending stocks, however, were increased more than expected.
“The outlook for 2024/2025 U.S. wheat this month is for larger supplies, unchanged domestic use, lower exports, and higher ending stocks,” said USDA in the report.
| 2024/2025 U.S. Ending Stocks Estimates (Bushels) | |||
|---|---|---|---|
| March | Trade Expectations | February | |
| Corn | 1.540 billion | 1.523 billion | 1.540 billion |
| Soybeans | 380 million | 381 million | 380 million |
| Wheat | 819 million | 796 million | 794 million |
2024/2025 Global Ending Stocks
For 2024/2025 global corn and soybean ending stocks, USDA lowered estimates more than the average trade expectation. Concerning wheat, USDA went higher when the average trade expectation was for a slight decrease.
| 2024/2025 Global Ending Stocks Estimates (Million Metric Tons) | |||
|---|---|---|---|
| March | Trade Expectations | February | |
| Corn | 288.9 | 290 | 290.3 |
| Soybeans | 121.4 | 124.2 | 124.3 |
| Wheat | 260.1 | 257.5 | 257.6 |
2024/2025 Argentina and Brazil Crop Production
The average trade expectation was for downward adjustments to Argentina’s 2024/2025 corn and soybean production estimates, and for slight increases for Brazil. USDA held estimates steady month-over month.
| Argentina Production (Million Metric Tons) | |||
|---|---|---|---|
| March | Trade Expectations | February | |
| Corn | 50 | 49 | 50 |
| Soybeans | 49 | 48.6 | 49 |
| Brazil Production (Million Metric Tons) | |||
|---|---|---|---|
| March | Trade Expectations | February | |
| Corn | 126 | 126.2 | 126 |
| Soybeans | 169 | 169.3 | 169 |
Note: Trade expectations are sourced from Bloomberg.
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