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WASDE Report (Dec 2024)
Maize
This month’s 2024/25 U.S. maize outlook is for greater maize used for ethanol, larger exports, and lower ending stocks.
US maize used to produce ethanol is raised 50 million bushels to 5.5 billion, based on the most recent data from the Grain Crushing and Co-Products Production report and weekly ethanol production data as reported by the Energy Information Administration for the month of November.
Foreign maize production is cut with declines for the EU, Mexico, and Indonesia partially offset by an increase for Ukraine.
EU maize production is down reflecting reductions for Italy, Romania, Croatia, and Austria that are partially offset by increases for Poland, Spain, and France. Mexico maize production is reduced reflecting lower winter maize area expectations.
Maize exports for 2024/25 are raised for the United States and Canada but lowered for the EU. Maize imports are higher for Bangladesh, the EU, Iran, and Mexico but cut for China.
Oilseed
Soybean supply and use projections are unchanged.
US soybean oil production is raised from last month on a higher extraction rate. With higher soybean oil supplies and strong export commitments to date, exports are raised 500 million pounds to 1.1 billion.
Global oilseed production for 2024/25 is raised this month mainly on higher soybean production partly offset by lower canola.
Soybean production is raised 1.7 million tons to 427.1 million on higher area for Argentina and Bolivia and higher yields for Canada.
Global sunflower seed production is nearly unchanged, with higher production for Ukraine and Russia mostly offset by a lower crop for the European Union.
The global 2024/25 soybean outlook includes higher production, exports, crush, and ending stocks.
Wheat
This month’s 2024/25 U.S. wheat outlook is for slightly larger supplies, unchanged domestic use, increased exports, and lower ending stocks.
The global wheat outlook for 2024/25 is for lower supplies, consumption, and trade and slightly higher ending stocks.
Supplies decline 0.6 million tons to 1,060.4 million, as larger beginning stocks are more than offset by lower global production.
Exports are forecast down 1.0 million tons to 47.0 million for Russia, despite a strong start to the marketing year, as the imposition of an export quota is expected to constrain exports for the remainder of the marketing year
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We focus on the AGRICULTURAL markets in South Africa, providing our viewer with the latest information and also giving some thoughts on where the markets are headed.