Washington Report

USDA’s July 2024 World Agricultural Supply and Demand Estimates (WASDE) report showed a slight decline in broiler production for the second quarter of 2024 on lowered slaughter data and rate of growth for Q1 production.

Chicken:  The total U.S. red meat and poultry production forecast for 2024 is lowered slightly from last month with a lower forecast for broiler and turkey production offsetting higher beef and pork. Broiler production is lowered on slaughter data for the second quarter. Additionally, broiler production is lowered based on a slower rate of growth in first-quarter production. Broiler price forecasts are lowered slightly for 2024 based on recent price data, but the forecast for 2025 is unchanged.

Corn:  Corn beginning stocks are lowered by 145 million bushels, mostly reflecting a greater use forecast for 2023/24. Exports are raised 75 million bushels based on current outstanding sales and shipments to date. Feed and residual use is up 75 million bushels based on the indicated disappearance in the June Grain Stocks report. Corn production for 2024/25 is forecast to be up to 240 million bushels on greater planted and harvested area from the June Acreage report. The yield is unchanged at 181 bushels per acre. Total use is raised by 100 million bushels with increases to both feed and residual use and exports based on larger supplies and lower expected prices. With use rising slightly more than supply, ending stocks are down five million bushels.

Soybean:  Soybean production is projected at 4.4 billion bushels, down 15 million on lower harvested area. Harvested area, forecast at 85.3 million acres in the June Acreage report, is down 0.3 million from last month. The soybean yield forecast is unchanged at 52.0 bushels per acre. With slightly lower beginning stocks, reduced production, and unchanged use, ending stocks for 2024/25 are projected at 435 million bushels, down 20 million from last month. The U.S. season-average soybean price for 2024/25 is forecast at $11.10 per bushel, down $0.10 from last month. Soybean meal and oil prices are unchanged, at $330 per short ton and 42 cents per pound, respectively.

The full report, from which this information was derived, can be found here.

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