USDA released its September World Agriculture Supply & Demand Estimates on Sept. 12.   

This month’s 2024/25 U.S. corn outlook is for smaller supplies and a modest decline in ending stocks. Projected beginning stocks for 2024/25 are 55 million bushels lower based on increases in exports and corn used for ethanol for 2023/24. Corn production for 2024/25 is forecast at 15.2 billion bushels, up 39 million from last month. With supply falling and use unchanged, ending stocks are reduced 16 million bushels to 2.1 billion. The season-average corn price received by producers is lowered 10 cents to $4.10 per bushel.    

U.S. soybean supply and use changes for 2024/25 include lower beginning stocks, production, and ending stocks. Lower beginning stocks reflect a slight increase to crush for 2023/24. Soybean production for 2024/25 is projected down 3 million bushels to 4.6 billion. With 2024/25 soybean crush and exports unchanged, ending stocks are projected at 550 million bushels, down 10 million from last month. The U.S. season-average soybean price is forecast unchanged at $10.80 per bushel.   

Analysts with JP Morgan said they view the September report as “modestly positive for farmers to the extent lower new crop ending stocks for soybeans could support crop prices.

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