WASDE Report

By Abygail Petersen, Economist and Policy Analyst

This year started off with a turbulent World Agricultural Supply and Demand Estimates (WASDE) report. The shake-up:U.S. corn ending stocks are now projected to be much higher than last year's reports indicated. Ending stocks for corn are 2.2 billion bushels, a198-million-bushel increase. Feed use and total corn use increased a combined190 million bushels. However, the increase in use was not enough to offset the production increases. This is due to a 0.5 bushel increase in yield with average yield rising to 186.5 bushels per acre. Accompanying this change is a1.3 million acre increase in harvested acres since the last WASDE, and a 4.5million acre increase since the July WASDE. With yield and harvested area increases, corn production for 2025 was increased to 17 billion bushels.

The report increased the season-average corn price received by producers to $4.10 per bushel. Corn futures were less than positive in reaction to the report. Increased estimated stocks drove markets to decline immediately, putting a lot of pressure on producers.

On the other hand, soybean numbers remained steady with unchanged yield and a slightly raised production at around4.3 billion bushels. Soybean crush and supply were raised 15 million bushels and 17 million bushels, respectively. Soybean exports declined 60 million bushels.This is due to higher exports and production from Brazil. Brazil has been projected by experts to have a record soybean crop this year. This may put some pressure on soybean markets as the year goes on. With less exports and more supply, ending stocks rose 60 million bushels to 350 million bushels. Soybeans markets remained steady after the release.

Full Report Here