Washington Report

USDA’s February 2025 World Agricultural Supply and Demand Estimates (WASDE) report showed potential future decreases in exports while prices and production are expected to remain steady.

Chicken: Broiler production for 2025 is expected to remain unchanged, although a slower rate of slaughter is anticipated in the first quarter. This slowdown is partly due to culling related to Highly Pathogenic Avian Influenza (HPAI) but is expected to be balanced out by increased production in the third quarter. However, based on recent trade data and heightened competition in global exports, the forecast for broiler exports has been revised downward. The price forecast for broilers in 2025 remains steady, as the lower price expectations for the first quarter, driven by recent price trends, are offset by an increase in price expectations for the second half of the year.

Corn: This month’s 2024/25 U.S. corn supply and use outlook is unchanged from last month. The projected season-average farm price is raised 10 cents to $4.35 per bushel. Global coarse grain production for 2024/25 is forecast to be 1.8 million tons lower than 1.492 billion. This month’s foreign coarse grain outlook is for reduced production, trade, and ending stocks.

Soybeans: The projections for U.S. soybean supply and use for the 2024/25 season remain unchanged this month. The season-average price for soybeans is forecasted to be $10.10 per bushel, a decrease of 10 cents from last month. Prices for soybean meal and oil remain stable at $310 per short ton and 43 cents per pound, respectively. On a global scale, forecasts for soybean supply and use in 2024/25 indicate lower production, increased consumption, and reduced ending stocks. Production estimates have been lowered for Argentina and Paraguay due to ongoing heat and drought conditions experienced in January.

The complete February 2025 WASDE report can be found here.

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