USDA Sees Growth in Corn and Soybeans, Decline in Wheat
The USDA's latest supply and demand report has revealed mixed expectations for US agriculture. Corn and soybean production are expected to rise, while wheat supplies will be lower. The report forecasts U.S. corn production at 16 billion bushels, up 13 million from last month, due to a 1.2 million-acre increase in harvested area.
Corn use is predicted to increase by 75 million bushels to 16.3 billion, while exports are expected to rise to 3.3 billion bushels. This growth is attributed to increased global demand and reduced Ukrainian exports.
Soybean production is projected at 4.5 billion bushels, up 44 million due to a 1.4 million-acre increase in soybean acres. The soybean crush estimate has also risen by 30 million bushels to 2.78 billion, driven by robust crush margins and stronger demand for soybean meal and oil.
The dairy forecast remains unchanged for this year at 236.6 billion pounds but is lowered for 2027 to 238.1 billion pounds due to reduced growth. The USDA expects lower exports of lactose and nonfat dry milk, along with increased shipments of butter, cheese, and milk proteins.