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Wheat: 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 go up six percent from 2023/24 on larger carry-in stocks and production. All wheat production is projected at 1858 million bushels, up three percent from last year on higher harvested acreage and yields. The all-wheat yield is projected at 48.9 bushels per acre, up 0.3 bushels. The first 2024 NASS survey-based winter wheat production forecast of 1278 million bushels is up two percent from 2023 on increased Hard Red Winter and White Winter production more than offsetting lower Soft Red Winter production. Total 2024/25 domestic use is projected up one percent, primarily on higher feed and residual use. Exports are projected at 775 million bushels, up 55 million from the revised 2023/24 exports, which remain at a 52-year low. Increased U.S. exportable supplies and more competitive prices are expected to result in higher exports. Projected 2024/25 ending stocks are 11 percent above last year at 766 million bushels, the highest level in four years. The projected 2024/25 season-average farm price (SAFP) is $6 per bushel, down $1.10 from last year’s SAFP on higher stocks and lower projected U.S. corn prices.