USDA Reports Summary
USDA Leaves US Corn, Soybean Balance Sheets, Ending Stocks Unchanged
This article was originally published at 11:05 a.m. CDT on Tuesday, March 11. It was last updated with additional information at 11:24 a.m. CDT on Tuesday, March 11.
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OMAHA (DTN) -- USDA released its March Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports on Tuesday.
USDA's relatively uneventful March report left domestic corn and soybean balance sheets and ending stocks unchanged. USDA left production estimates from Argentina and Brazil alone and made minor revisions to the wheat balance sheet.
Tuesday's U.S. ending stocks estimates were neutral for corn and soybeans, and moderately bearish for wheat, said DTN Lead Analyst Rhett Montgomery. World ending stocks estimates from USDA were slightly bullish for corn, slightly bullish for soybeans, and moderately bearish for wheat, he said.
Stay tuned throughout the morning and refresh this page often, as we will be sending a series of updates with the important highlights from Tuesday's reports, including commentary from our analysts.
You can also view the full reports here:
-- Crop Production: https://www.nass.usda.gov/…
-- World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…
CORN
USDA held pat on every corn domestic number and made few changes globally.
Corn production for the 2024-25 crop was 14.867 billion bushels (bb). USDA held the national yield at 179.3 bushels per acre. Harvested acres were 82.9 million.
For demand, projected total Feed and Residual use is 5.775 bb. Ethanol use is forecast at 5.5 bb. Total domestic use is forecast at 12.665 bb.
Corn exports are pegged at 2.45 bb.
Ending stocks for the 2024-25 crop were 1.54 bb.
The farmgate price for 2024-25 was $4.35 a bushel.
Globally, USDA also held pat on production for both Brazil and Argentina. Brazil's production was held at 126 million metric tons (mmt) but Brazil's exports were also lowered 2 mmt to 44 mmt. Argentina's production was maintained at 50 mmt and exports at 36 mmt.
Globally, 2024-25 corn beginning stocks came in at 313.95 million metric tons, down 1.86 mmt. Global ending stocks were pegged at 288.94 mmt, down 1.37 mmt.
SOYBEANS
USDA left soybean ending stocks unchanged at 380 million bushels (mb). The agency made no revisions to the supply and demand table, leaving production at 4.37 mb, crush at 2.4 mb and exports at 1.825 mb. The national average farmgate price declined 15 cents to $9.95 per bushel.
Globally, soybean ending stocks were cut nearly 3 million metric tons to 121.41 mmt, due mostly to higher crush. Argentina's production was left unchanged at 49 mmt; however, its domestic crush use was increased by 1 mmt. Brazil's 169-mmt production estimate was unchanged.
WHEAT
U.S. 2024-2025 wheat ending stocks were estimated at 819 million bushels in March, an increase from 794 mb in February.
USDA cut wheat exports at 835 mb in March, down from 850 mb last month.
The average U.S. farmgate price for wheat was pegged at $5.50 in the March report, down from $5.55 in February.
USDA pegs world ending wheat stocks at 260.08 million metric tons in March, an increase from 257.56 mmt last month.
World wheat production was estimated at 797.23 mmt, an increase from 793.79 mmt in February.
Russian production was pegged at 81.6 mmt, slightly up from 81.5 mmt last month. USDA boosted Ukraine production to 23.4 mmt in March, up from 22.9 mmt last month.
USDA bumped up wheat production in Australia to 34.11 mmt from 32.0 mmt in February.
Wheat exports from Russia were trimmed to 45.0 mmt, down from last month's 45.5 mmt. USDA estimated Ukraine exports at 15.5 mmt, unchanged from February. Australian wheat exports were bumped up to 26.0 mmt compared to 25.0 mmt last month.
LIVESTOCK
Tuesday's WASDE report shared mixed news for the cattle and beef markets for 2025, said DTN Livestock Analyst ShayLe Stewart.
"To start, beef production for 2025 was increased, as heavier carcass weights more than offset the reduction in slaughter speeds. 2025 beef production was increased by 120 million pounds to 26,685 million pounds compared to last month's data. The quarterly steer price projections were a little disappointing, as the first quarter was reduced to $202 (down $3 from last month), the second quarter was reduced to $198 (down $2 from last month), the third quarter remained steady at $198 and the fourth quarter remained steady at $200. Beef exports increased by 25 million pounds, but imports also increased by 105 million pounds."
Tuesday's WASDE report shared mixed results for the pork and hog markets of 2025, Stewart said.
"2025 pork production was decreased by 105 million pounds compared to a month ago, as processing speeds in the first quarter were lighter than anticipated. Quarterly hog prices were also slightly disappointing, as hog prices in the first quarter remained steady at $62, but second-quarter hog prices were reduced $1 to $65, third-quarter hog prices were reduced $2 to $68 and fourth-quarter hog prices remained steady at $56. 2025 pork imports were increased by 30 million pounds, and pork exports for 2025 were 30 million pounds."
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Join us for DTN's webinar at 12:30 p.m. CDT on Tuesday, March 11, as we discuss USDA's new estimates considering recent market events. Questions are welcome and registrants will receive a replay link for viewing at their convenience. Register here for Tuesday's March WASDE report webinar: https://www.dtn.com/….
| U.S. ENDING STOCKS (Million Bushels) 2024-25 | ||||||
| Mar | Avg | High | Low | Feb | 2023-24 | |
| Corn | 1,540 | 1,523 | 1,630 | 1,415 | 1,540 | 1,763 |
| Soybeans | 380 | 381 | 402 | 365 | 380 | 342 |
| Wheat | 819 | 796 | 815 | 779 | 794 | 696 |
| WORLD ENDING STOCKS (million metric tons) 2024-25 | ||||||
| Mar | Avg | High | Low | Feb | 2023-24 | |
| Corn | 288.9 | 290.0 | 291.6 | 288.0 | 290.3 | 315.8 |
| Soybeans | 121.4 | 124.2 | 125.0 | 122.2 | 124.3 | 112.5 |
| Wheat | 260.1 | 257.5 | 259.3 | 256.0 | 257.6 | 267.5 |
| WORLD PRODUCTION (million metric tons) 2024-25 | ||||||
| Mar | Avg | High | Low | Feb | 2023-24 | |
| CORN | ||||||
| Argentina | 50.0 | 49.0 | 50.0 | 47.0 | 50.0 | 50.0 |
| Brazil | 126.0 | 126.2 | 130.9 | 124.0 | 126.0 | 122.0 |
| SOYBEANS | ||||||
| Argentina | 49.0 | 48.6 | 49.0 | 47.5 | 49.0 | 48.2 |
| Brazil | 169.0 | 169.3 | 171.0 | 168.0 | 169.0 | 153.0 |
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