Washington Report

USDA’s January 2025 World Agricultural Supply and Demand Estimates (WASDE) report showed that broiler production was lowered for 2025. Additionally, broiler prices are projected to be higher in 2025, carrying over from 2024, according to USDA.

Chicken: Red meat and poultry production for 2024 is lowered from last month due to production from all animal sources in the fourth quarter. Broiler production for 2025 is lowered due to recent slaughter data showing lower-than-expected weights for birds. Broiler exports in 2024 and 2025 are reduced based on recent trade data and because of low supplies and strong price competition. Broiler prices are expected to rise in 2025 due to lower supplies and price competition.

Corn: This month’s 2024/25 U.S. corn outlook is for lower production, feed and residual use, exports, and ending stocks. Corn production is estimated at 14.9 billion bushels, down 276 million, as a 0.2-million acre increase in harvested area partially offsets a 3.8-bushel per acre cut in yield to 179.3 bushels. Total corn use is down 75 million bushels to 15.1 billion. Feed and residual use is reduced by 50 million bushels to 5.8 billion, based on indicated disappearance during the September-November quarter as reflected by the Grain Stocks report. With supply falling more than use, corn stocks are lowered by 198 million bushels. The season-average corn price received by producers has raised 15 cents to $4.25 per bushel.

Soybean: Soybean production is estimated at 4.4 billion bushels, down 95 million, led by decreases for Indiana, Kansas, South Dakota, Illinois, Iowa, and Ohio. The harvested area is estimated at 86.1 million acres, down 0.2 million. Yield is estimated at 50.7 bushels per acre, down 1.0 bushel. With lower production, slightly higher imports, and unchanged exports and crush, soybean ending stocks are projected at 380 million bushels, down 90 million. The soybean oil balance sheet adjustments include increased exports and lower soybean oil used for biofuel. The U.S. season-average soybean price for 2024/25 is projected at $10.20 per bushel, unchanged from last month. The soybean meal price is increased by $10 to $310 per short ton. The soybean oil price is forecast unchanged at 43 cents per pound.

The complete January 2025 WASDE report can be found here.

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