By Jamie Martin
The USDA’s July WASDE and June Acreage reports reveal that while U.S. farmers continue to plant strong crop acres and yields remain steady, prices for corn, soybeans, and wheat are falling.
Corn:
Corn acres were adjusted slightly to 95.2 million in the June Acreage Report. This is still a 5% increase from the previous year. The USDA keeps yield estimates steady and updates production to 15.7 billion bushels. Ending stocks are forecast at 1.66 billion bushels. While corn exports are lowered to 2.675 billion bushels, prices remain flat at $4.20 per bushel—lower than last year.
Soybeans:
Planted soybean acres are now estimated at 83.4 million, a 4% drop from 2024. Production is expected to reach 4.34 billion bushels with a stable yield of 52.5 bushels per acre. Ending stocks are projected at 310 million bushels. Soybean prices dip to $10.10 per bushel. USDA lowers export forecasts to 1.745 billion bushels, citing weaker global demand. However, soybean crush use increases due to strong biofuel demand and federal incentives.
Wheat:
Wheat acres are down slightly to 45.4 million, while yield is raised to 52.6 bushels per acre. Total production is set at 1.9 billion bushels. Ending stocks fall slightly to 890 million bushels. Wheat prices hold at $5.40 per bushel, lower than the previous year’s average.
These reports show that while U.S. crop production remains strong, increased global supply and reduced demand from major buyers like China are putting pressure on prices.
Photo Credit: istock-fotokostic
Categories: National