May WASDE Includes An initial U.S. Crop Assessment

The May World Ag Supply and Demand Estimates report includes USDA’s first assessment of domestic and international supply and demand prospects.

The 2024-2025 U.S. corn outlook calls for larger supplies, greater domestic use and exports, and higher ending stocks. The corn crop is projected at 14.9 billion bushels, down three percent from last year. The yield projection is 181 bushels per acre. Total corn supplies are forecast at 16.9 billion bushels. The season-average farm price is down 25 cents to $4.40.

The soybean outlook is for higher supplies, crush, exports, and ending stocks. The crop is projected at 4.45 billion bushels and ending stocks at 4.8 billion bushels, up by eight percent. The season-average price is forecast at $11.20 a bushel, down from $12.55 last year.

The wheat forecast is 1.85 billion bushels, up three percent from 2023. Yield will be 48.9 bushels, and the season average price is $6 per bushel.