According to World Agricultural Supply & Demand Estimates (WASDE) from the US Department of Agriculture, the 2024/25 outlook for U.S. soybeans is for higher supplies, crush, exports, and ending stocks compared with 2023/24. The soybean crop is projected at 4.45 billion bushels, up 285 million on higher area and trend yield. With higher beginning stocks and production, soybean supplies are forecast at 4.8 billion bushels, up 8% from 2023/24.

Global soybean production is rising 28.9 million tons to 687.1 million mainly due to higher soybean production in South America, the United States, and South Africa. Brazil’s soybean production is forecast at 169.0 million tons, up from the revised 2023/24 crop of 154.0 million, which was reduced due to flooding in Rio Grande do Sul.

The outlook for 2024/25 U.S. wheat is for larger supplies, modestly higher domestic use, increased exports, and higher stocks. Supplies are projected to increase 6% from 2023/24 on larger carry-in stocks and production. All wheat production is projected at 1,858 million bushels, up 3% from last year on higher harvested acreage and yields.

The global wheat outlook for 2024/25 is for slightly lower supplies, increased consumption, modestly higher trade, and reduced stocks. Supplies are projected to decrease 2.2 million tons to 1,056 million with production projected at a record 798.2 million tons. Increased output for India, China, Australia, Kazakhstan, Canada, and the United States is expected to more than offset reductions for Russia, the United Kingdom, the EU, and Ukraine.