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

(Indianapolis) – Aug. 12, 2024 – Indiana Farm Bureau’s Chief Economist Dr. Todd Davis is offering up his insights on the latest World Agricultural Supply and Demand Estimates (WASDE) report released earlier this afternoon by the U.S. Department of Agriculture (USDA).

“The August WASDE is telling us that we’re going to see a record soybean crop,” said Davis. “The USDA is also predicting corn and soybean inventory to increase to the largest level we’ve seen since 2019. Corn inventory should be up 12% from last year, and soybeans are expecting an 11% increase.”

According to Davis, although record corn and soybean yields should be impressive this year, prices are going to take a hit.

“Demand unfortunately won’t keep pace with record supply of soybeans this year,” added Davis. “The soybean market tends to have a very short time span for inventory because of South America’s contribution to the world market, and this large level of relative stocks is going to be a big hurdle for prices to try to overcome.”

Read Dr. Davis’s full insights here.

The WASDE report is released monthly and provides annual forecasts for supply and use of U.S. and world wheat, rice, coarse grains, oilseeds and cotton. For more information about the report process and data, visit the USDA’s publications 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.