While the United States Department of Agriculture raised its yield projections for 2024/25 in its latest supply and demand report on Aug. 12, production varied from the July estimates due to changes in the amount of planted acres. The August edition of the USDA’s World Agricultural Supply and Demand Estimates is its first report in 2024 to have included surveyed planted acre data rather than department-generated projections.
Soybean production in the U.S. was bumped up to 4.589 billion bushels from 4.435 billion in the July WASDE and 4.165 billion harvested in 2023/24. That’s based on a one million-acre increase in planted area at 87.1 million acres, with yields up by one bushel per acre at a record high of 53.2 bu./ac. In 2023/24 soybean yields were 50.6 bu./ac. with planted acres at 83.6 million.
Read Also
Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
The USDA tacked on 125 million bushels to is estimate for 2024/25 soybean ending stocks of 560 million bushels. That’s up from the 345 million in 2023/24 carryout expected for 2023/24.
U.S. corn output for 2024/25 rose by 47.0 million bushels from the July report to now 15.147 billion. The USDA upped its call on yields to 183.1 bu./ac. from 181.0, while planted acres slipped to 90.7 million from 91.5 million. Last year, the U.S. reaped 15.347 billion bushels on a yield of 177.3 bu./ac. while planted acres amount to 94.6 million.
The 2024/25 carryover for U.S. corn was eased back to 2.073 billion bushels from the department’s previous projection of 2.097 billion. Ending stocks for 2023/24 were cut by 10 million bushels to 1.867 billion.
Meanwhile, U.S. wheat production took a small step back with the department pegging it at 1.982 billion bushels versus July’s 2.008 billion. Wheat yields inched up to 52.2 bu./ac. from 51.8 as planted acres dipped to 46.3 million from 47.2 million. However, that’s still an improvement over 2023/24, when wheat production was 1.812 billion bushels on a yield of 48.6 bu./ac. with planted acres at 49.6 million.
Wheat ending stocks for 2024/25 drop to 828 million bushels from the USDA’s July call of 856 million. In 2023/24, the carryover came in at 702 million bushels.
As for the USDA’s projection on Canadian canola production, it held its projection for 2024/25 at 20.0 million tonnes versus last year’s estimate of 18.8 million. Canola exports were slotted at 7.45 million tonnes compared to the 6.90 million in 2023/24. Domestic use is to climb by one million tonnes at 12.70 million, and ending stocks are to slip to 1.956 million tonnes from 2.006 million.
