USDA made a minor upward adjustment to the 2024 US wheat planted area estimate as a result of the June area survey and a more meaningful increase in the 2024 harvested wheat acres forecast. Assuming USDA wheat usage and yield estimates published earlier this month, the 2024/25 crop year carryout Read more…
USDA’ June acreage survey found US farmers planting 86 million acres of soybeans in 2024. The June survey is 400 thousand acres less than the March survey forecast, but still greater than the US soybean area in 2023. The modest reduction in soybean acres from March reduces the expected new Read more…
USDA estimates US corn planted area in 2024 at 91.4 million acres, a significant increase from the March survey, but three million acres less than was planted last year. We have derived a revised US corn supply/usage table with the June survey acreage data and holding all other variables at Read more…
USDA estimated the June 1, 2024 Hog herd at 74.5 million head, a 1% increase from a year ago. Market hogs were up 2% on a year over year basis. Earlier this month USDA estimated US pork production during the second half of 2024 would increase 5% on a year Read more…
The US cattle herd likely declined to the smallest level in more than 50 years on July 1. We calculate US cattle numbers on July 1, 2024 at 93 million head, a 3% year over year decline and a 10 million head plunge in just 4 years. Cattlemen are taking Read more…
USDA rated 71% of the spring wheat crop in good or excellent condition on 6/23/2024 which is in the upper 50 % of the mid June data collected since 1994 Our regression model using historical condition & yield data suggests a US spring wheat yield of nearly 50 bushels per Read more…
USDA reported 69% of the US corn crop was in good or excellent condition as of 6/23/2024 which is modestly better than the 66% average for the same week since the mid 1980’s.Top Soil in the US Midwest was rated adequate or surplus in 66% of the crop area on Read more…
This month the USDA forecast an increase in new crop (2024/2025) US soybean carryout stocks. For the next two months the key to possible changes in the soybean supply/usage balance is weather and the impact on yield. This month USDA assumed a national average soybean yield of 52 bushels per Read more…
USDA has forecast another increase in US wheat carryout stocks in the 2024/25 crop year. Increased production and just a modest increase in US wheat exports are key variables in the new crop US wheat supply/usage balance. US Wheat Supply/Usage (Million Bu./ Acres) Crop Years 2020/21 2021/22 2022/23 2023/2024 2024/2025 Read more…
USDA expects pork production to increase over the next eighteen months. US Pork exports are also expected to expand, to the best level since China imported US pork in 2021 and 2022. USDA’s pork supply/demand balance sheet would project domestic per capita pork supply up significantly in 2024 but off Read more…
USDA made only modest changes in the US soybean supply/usage forecasts this month’s WASDE report. The old crop US soybean crush estimate was reduced by 10 million bushels which carried through to a 10 million bushel increase in old crop and new crop carryout stocks. USDA expects an increase Read more…
The June 2024 World Agricultural Supply and Demand Estimates (WASDE) report brought some surprising news for the beef industry. Let’s break down the key points regarding beef supply, demand, and prices: Supply: The USDA US beef production for 2024 estimate remained virtually unchanged from the previous report. However, there were Read more…
The latest World Agricultural Supply and Demand Estimates (WASDE) report from the USDA, released in June 2024, paints a generally positive picture for the U.S. corn industry. Here are some key takeaways: Production: The USDA maintained its forecast for “new crop” corn production at 14.86 billion bushels, with a yield Read more…