WASDE Report: Wheat, Corn, Rice, and Other Key Commodities

Key Takeaways

• Wheat: According to the WASDE Report, U.S. exports raised by 25 million bushels, while global supplies and trade outlook decline.
• Coarse Grains: U.S. corn ethanol use and exports increase, reducing ending stocks by 200 million bushels.
• Rice: Global trade reaches a record 58.1 million tons, driven by higher exports from Asia and Brazil.
• Oilseeds: Soybean prices reduced to $10.20 per bushel, while global vegetable oil stocks decline.
• Sugar: U.S. supply grows due to increased imports, pushing ending stocks higher.
• Livestock & Poultry: Beef production rises for 2024 but is reduced for 2025 due to import restrictions.
• Cotton: U.S. production increases to 14.3 million bales; global stocks also rise, led by India.

WASDE Wheat Report For December

• U.S. Outlook:
  • Supplies: Slightly increased due to higher imports (up 5 million bushels to 125 million).
  • Exports: Raised by 25 million bushels to 850 million, driven by increased shipments of White, Soft Red Winter, and Hard Red Spring wheat.
  • Ending Stocks: Reduced by 20 million bushels to 795 million, but still 14% above last year.
  • Price: Unchanged at $5.60 per bushel.
• Global Outlook:
  • Supplies: Reduced by 0.6 million tons due to lower production in the EU and Brazil.
  • Trade: Down 1 million tons, primarily due to lower exports from the EU and Russia.
  • Ending Stocks: Raised slightly to 257.9 million tons, the lowest since 2015/16.

WASDE Coarse Grains Report

• U.S. Corn Outlook:
  • Ethanol Use: Increased by 50 million bushels to 5.5 billion.
  • Exports: Raised by 150 million bushels to 2.5 billion.
  • Ending Stocks: Reduced by 200 million bushels to 1.7 billion.
  • Price: Remains at $4.10 per bushel.
• Global Coarse Grains:
  • Production: Reduced by 0.6 million tons, with declines in the EU, Mexico, and Indonesia partially offset by increases in Ukraine.
  • Ending Stocks: Lowered by 7.7 million tons to 296.4 million.

WASDE Rice Report

• U.S. Outlook:
  • Exports: Adjusted between long-grain (down 2 million cwt) and medium/short-grain (up 2 million cwt).
  • Price: Unchanged at $15.60 per cwt.
• Global Outlook:
  • Supplies: Reduced by 0.3 million tons, largely due to typhoon damage in the Philippines.
  • Trade: Raised to a record 58.1 million tons, with higher exports from Cambodia, Vietnam, Thailand, and Brazil.
  • Ending Stocks: Lowered slightly to 182.5 million tons.

WASDE Oilseeds Report

• U.S. Soybeans:
  • Production: Unchanged.
  • Exports: Increased by 500 million pounds for soybean oil due to strong demand.
  • Price: Soybean price forecast lowered to $10.20 per bushel.
• Global Oilseeds:
  • Production: Increased, led by higher soybean yields in Argentina, Bolivia, and Canada.
  • Vegetable Oil: Ending stocks reduced by 2%, reflecting lower palm oil production in Indonesia and Malaysia.

WASDE Sugar Report

• U.S. Outlook:
  • Supply: Increased to 14.251 million STRV, driven by higher imports.
  • Ending Stocks: Raised to 1.696 million STRV, with a stocks-to-use ratio of 13.5%.
• Mexico Outlook:
  • Exports to the U.S.: Increased, offset by reduced exports to other countries.

Livestock, Poultry, and Dairy

• Beef: Production forecast increased for 2024 but lowered for 2025 due to import restrictions on Mexican cattle.
• Pork: Reduced production outlook for both years due to lighter weights.
• Poultry: Higher broiler production for 2025 based on hatchery data, but turkey production is lowered due to HPAI-related culling.
• Milk: Production forecast raised for 2024 and 2025 on higher cow numbers.
• Prices:
  • Beef: Higher for 2025 due to tighter supplies.
  • Eggs: Prices raised for both years due to reduced inventories.
  • Milk: All milk price forecast lowered to $22.55 per cwt for 2025.

WASDE Cotton Report

• U.S. Outlook:
  • Production: Increased to 14.3 million bales, driven by higher yields in the Southeast and Delta regions.
  • Ending Stocks: Raised to 4.4 million bales.
  • Price: Unchanged at 66 cents per pound.
• Global Outlook:
  • Production: Increased by 1.2 million bales, led by India.
  • Ending Stocks: Raised by 267,000 bales, reflecting larger stocks in the U.S., Argentina, and Pakistan.

Read the complete report here.