July WASDE Calls for Lower Corn and Higher Soybean Ending Stocks

The April 2024 World Agricultural Supply and Demand Estimates Report predicts lower corn and higher soybean ending stocks. The 2023-2024 U.S. corn outlook is for greater corn used for ethanol, feed, and residual use. With no supply changes and use rising, ending stocks dropped 50 million bushels to 2.1 million. The season-average farm price is lowered five cents to $4.70 a bushel. The U.S. soybean outlook includes lower imports, residual use, exports, and higher ending stocks. With trade changes and slightly lower residual use, soybean ending stocks were raised 25 million bushels to 340 million. The season-average soybean price is forecast at $12.55 a bushel, down ten cents. The supply and demand outlook for U.S. wheat is for lower supplies, reduced domestic use, unchanged exports, and higher ending stocks, which are raised 25 million bushels to 698 million, 22 percent above 2023. The season-average farm price is down five cents at $7.10.