Acreage, production, use and carryover projections for 8 key commodities.
| | With USDA's initial look at 2024-25 (shown below), there is potential for high volatility in prices. Plus, when the key global and policy factors we reported on earlier are accounted for, striking on target prices will be vital when marketing your grain and livestock this year.
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| | Based on the January WASDE Report, USDA projects the following (Pro Farmer members will receive more in-depth reactions and historical comparisons): Corn: Planted acreage of 91.0 million, with harvested acres of 83.1 million. A national average corn yield of 181.0 bu. per acre would produce a crop of 15.040 billion bushels. Total use is projected at 14.705 billion bu., with feed and residual use of 5.750 billion bu., food, seed & industrial use of 6.805 billion bu. (5.400 billion bu. for ethanol) and exports of 2.150 billion bushels. Carryover: 2.532 billion bushels (17.2% stocks:use). Price: $4.40. Soybeans: Planted acreage of 87.5 million, with harvested acres at 86.6 million. A national average bean yield of 52.0 bu. per acre would result in a crop of 4.505 billion bushels. Total use is projected at 4.400 billion bu., including 2.400 billion bu. of crush and exports of 1.875 billion bushels. Carryover: 435 million bushels (9.9% stocks:use). Price: $11.20 Wheat: Planted acreage of 47.0 million, with harvested acres at 38.4 million. A national average yield of 49.5 bu. per acre would produce a crop of 1.900 billion bushels. Total domestic use is projected at 1.134 billion bu., with exports forecast at 775 million bushels. Carryover: 769 million bushels (40.3% stocks:use). Price: $6.00.
Cotton: Planted acreage of 11.0 million, with harvested acres at 9.29 million and a national average yield of 827 lbs. per acre. That would produce a crop of 16.0 million bales. Total use is projected at 15.5 million bales, including exports of 13.8 million bales. Carryover: 3.5 million bales (22.6% stocks:use). Price: 80.0¢. Cattle: U.S. beef production is projected at 26.19 billion lbs., down 3% from 2023. Exports are projected to 2.785 billion lbs., down 8.3% from last year. Cash price: $180.00, which would be a record and up $4.46 from last year. Hogs: U.S. pork production is projected at 27.88 billion lbs., up about 2% from last year. Exports are expected to rise 3.8% to 7.080 billion pounds. Cash price: $60.00, up $1.41 from last year. Broilers: U.S. production is projected to be a record 46.8 billion lbs., up just under 1% from last year. Broiler meat exports projected at 7.22 billion lbs., down fractionally from 2023. Wholesale broiler price: $1.27 per lb., up 2.4% from last year and a record. Dairy: Milk cow numbers are seen lower in 2024, with milk production projected at 228.2 billion lbs., up 0.7% as production per cow is seen rising 0.9%. Exports are projected to rise 10% with a 1% increase in domestic use on a fat basis while use on a skim-solids basis is seen declining 1% but remaining above the five-year average. The all-milk price is projected to be $20.95 per cwt., up from $20.48 in 2023. | | |
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