Based on the January WASDE Report, USDA projects the following (Pro Farmer members will receive more in-depth reactions and historical comparisons):
Corn: Planted acreage of 91.0 million, with harvested acres of 83.1 million. A national average corn yield of 181.0 bu. per acre would produce a crop of 15.040 billion bushels. Total use is projected at 14.705 billion bu., with feed and residual use of 5.750 billion bu., food, seed & industrial use of 6.805 billion bu. (5.400 billion bu. for ethanol) and exports of 2.150 billion bushels. Carryover: 2.532 billion bushels (17.2% stocks:use). Price: $4.40.
Soybeans: Planted acreage of 87.5 million, with harvested acres at 86.6 million. A national average bean yield of 52.0 bu. per acre would result in a crop of 4.505 billion bushels. Total use is projected at 4.400 billion bu., including 2.400 billion bu. of crush and exports of 1.875 billion bushels. Carryover: 435 million bushels (9.9% stocks:use). Price: $11.20
Wheat: Planted acreage of 47.0 million, with harvested acres at 38.4 million. A national average yield of 49.5 bu. per acre would produce a crop of 1.900 billion bushels. Total domestic use is projected at 1.134 billion bu., with exports forecast at 775 million bushels. Carryover: 769 million bushels (40.3% stocks:use). Price: $6.00.
Cotton: Planted acreage of 11.0 million, with harvested acres at 9.29 million and a national average yield of 827 lbs. per acre. That would produce a crop of 16.0 million bales. Total use is projected at 15.5 million bales, including exports of 13.8 million bales. Carryover: 3.5 million bales (22.6% stocks:use). Price: 80.0¢.
Cattle: U.S. beef production is projected at 26.19 billion lbs., down 3% from 2023. Exports are projected to 2.785 billion lbs., down 8.3% from last year. Cash price: $180.00, which would be a record and up $4.46 from last year.
Hogs: U.S. pork production is projected at 27.88 billion lbs., up about 2% from last year. Exports are expected to rise 3.8% to 7.080 billion pounds. Cash price: $60.00, up $1.41 from last year.
Broilers: U.S. production is projected to be a record 46.8 billion lbs., up just under 1% from last year. Broiler meat exports projected at 7.22 billion lbs., down fractionally from 2023. Wholesale broiler price: $1.27 per lb., up 2.4% from last year and a record.
Dairy: Milk cow numbers are seen lower in 2024, with milk production projected at 228.2 billion lbs., up 0.7% as production per cow is seen rising 0.9%. Exports are projected to rise 10% with a 1% increase in domestic use on a fat basis while use on a skim-solids basis is seen declining 1% but remaining above the five-year average. The all-milk price is projected to be $20.95 per cwt., up from $20.48 in 2023.
