Contact:
Heidi Gant
(O) 317-692-7828
(C) 317-966-3719
HGant@infb.org

(Indianapolis) – May 10, 2024 – Indiana Farm Bureau’s Chief Economist Todd Davis is offering up his insights on the latest U.S. Department of Agriculture (USDA) World Agricultural Supply and Demand Estimates (WASDE) report released earlier this afternoon.

According to Dr. Davis, the USDA is predicting soybean stocks to increase quite a bit – 105 million bushels more than 2023 – and corn stocks to increase at a more modest 80 million bushels from last year.

“The initial price projections show that margins will remain pretty tight for our farmers as increased stocks will lower prices from last year,” Davis said. “But it’s always important to keep in mind that these predictions are preliminary, assuming there won’t be any bad weather and everything comes together production-wise. There’s still a lot of room especially for Mother Nature to fiddle with those numbers.”

He also noted that weather events will impact the supply and use estimates. “USDA is currently assuming weather that would produce record yields, so any weather event that reduces yield potential would reduce supply and potentially reduce ending stocks,” Davis added. “The acreage report that will come from the USDA on June 28 will provide an updated outlook from actual planting data.”

Read Davis’s full insights here.

The WASDE report is released monthly and provides annual forecasts for the supply and use of crops. For more information about the WASDE process and data, visit the USDA’s FAQs page.

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About Indiana Farm Bureau: For more than 100 years, Indiana Farm Bureau (INFB) has protected and enhanced the future of agriculture and our communities. As the state’s largest general farm organization, INFB works diligently to cultivate a thriving agricultural ecosystem to strengthen the viability of Indiana agriculture. Learn more at INFB.org.