USDA Projects Ample 2025 Supplies Across Major Crops

Strong U.S. yields and steady demand leave most major crops well supplied, keeping price pressure in place unless usage strengthens or weather shifts outlooks.

Corn-Soybeans_AlfRibeiro-AdobeStock_335629402_1920x1080.jpg

AlfRibeiro – stock.adobe.com

WASHINGTON, D.C. (RFD-TV) — The USDA’s November WASDE report points to a well-supplied outlook across major U.S. crops, with corn, soybeans, wheat, and cotton all showing comfortable production levels heading into 2025. The update reflects strong yields, steady acreage, and demand that remains firm enough to support movement but not tight enough to draw down carryout significantly.

Corn remains the most significant driver of overall supply. USDA trimmed yield to 186 bushels per acre and lowered production slightly to 16.8 billion bushels, but larger beginning stocks more than offset those reductions. Exports were raised to 3.1 billion bushels on record fall shipment pace, pushing total demand higher. Even so, ending stocks increased to 2.2 billion bushels, and USDA raised the season-average price to $4.00 per bushel.

Soybean supplies tightened modestly due to lower carry-in and a smaller crop. Production is now estimated at 4.3 billion bushels with a 53-bushel yield, down slightly from prior expectations. USDA trimmed exports by 50 million bushels to 1.64 billion as U.S. price advantages narrowed against Brazil and Argentina. Ending stocks slipped only marginally, but stronger prices led USDA to raise the season-average price to $10.50 per bushel.

Wheat posted one of the report’s biggest supply increases. A record all-wheat yield lifted production to 1.985 billion bushels, up 58 million. With domestic use unchanged, nearly all the added supply flowed straight into ending stocks. USDA lowered the season-average price to $5.00 per bushel, reflecting both stronger production and softer market expectations for the remainder of the marketing year.

Cotton saw another sizable production increase as improved yields across most major states pushed output to 14.1 million bales — nearly 900,000 above September. USDA lifted exports to 12.2 million bales but raised ending stocks almost 20% to 4.3 million, generating a burdensome stocks-to-use ratio near 31%. The season-average upland price was lowered to 62 cents per pound as abundant supplies continue to weigh on the market.

Farm-Level Takeaway: Strong U.S. yields and steady demand leave most major crops well supplied, keeping price pressure in place unless usage strengthens or weather shifts outlooks.
Tony St. James, RFD-TV Markets Specialist
Related Stories
Jed Bower, the incoming president of the National Corn Growers Association, joined us for his sector’s perspective on the ongoing government shutdown.
Treasury Secretary Scott Bessent last week said an announcement would be made on Tuesday. However, that self-imposed deadline has now passed.
George Baird, with the American Society of Farm Managers and Rural Appraisers (ASFMRA), joins us with updates on how this year’s rice harvest is shaping up.
Expect firm demand for dependable HRS and SW, steady movement in HRW, more sorting on SRW, and selective bids on durum until full milling results are released.
Market analyst Kevin Huddleston said news of trade deals could rebound cotton prices in late fall, and producers need to be ready to strike deals.
Lewis Williamson, from HTS Commodities, joined us to share insights on the farm economy from producers in the field.
Harvest Builds As Logistics And Input Costs Shape Fall Decisions
Despite tariffs having a less significant impact on exports, corn producers struggle with tariff-related increases on inputs, which complicates their bottom line.
Jack Daniel’s will end its Cow Feeder Program, which served around 100 livestock operations near the distillery, and redirect spent grains to its anaerobic digester.

Tony St. James joined the RFD-TV talent team in August 2024, bringing a wealth of experience and a fresh perspective to RFD-TV and Rural Radio Channel 147 Sirius XM. In addition to his role as Market Specialist (collaborating with Scott “The Cow Guy” Shellady to provide radio and TV audiences with the latest updates on ag commodity markets), he hosts “Rural America Live” and serves as talent for trade shows.

LATEST STORIES BY THIS AUTHOR:

Pork producers should prioritize health and productivity gains, hedge feed and hogs selectively, and watch Brazil’s export pace and China’s sow policy for price signals.
For tight margins, contract grazing leverages existing acres into new income streams and spreads risk. Here are some tips for row crop farmers looking to diversify.
Global nitrogen and phosphate prices remain high despite improved supply fundamentals, with limited Chinese exports and stronger fall applications tightening availability.
Record output, larger stocks, and softer exports point to a well-supplied domestic ethanol market as harvest progresses.
The Court may limit emergency tariff powers, complicating a key bargaining tool; ag could see shifts in input costs and export dynamics as China, Brazil, and India talks evolve.
U.S. sugar producers and processors should brace for price pressure and challenging export logistics with global sugar supply ramping up — driven by Brazil, India, and Thailand — especially at the raw processing level.
Agriculture Shows
From soil to harvest. Top Crop is an all-new series about four of the best farmers in the world—Dan Luepkes, of Oregan, Illinois; Cory Atley, of Cedarville, Ohio; Shelby Fite, of Jackson Center, Ohio; Russell Hedrick, of Hickory, North Carolina—reveals what it takes for them to make a profitable crop. It all starts with good soil, patience, and a strong planter setup.
Champions of Rural America is a half-hour dive into the legislative priorities for Rural America. Join us as we interview members of the Congressional Western Caucus to learn about efforts in Washington to preserve agriculture and tackles the most important topics in the ag industry on Champions of Rural America!
Featuring members of Congress, federal and state officials, ag and food leaders, farmers, and roundtable panelists for debates and discussions.
The goal of “Where the Food Comes From” is as simple as its name implies — host Chip Carter takes you along on the journey of where our food comes from — and we don’t just mean to the supermarket (though that’s part of the big picture!). But beyond where it comes from, how it gets there, and all the links in the chain that make that happen.
Join markets specialist Scott Shellady, better known as the Cow Guy, as he covers the market-close, breaking down headlines that drive the commodities and equities markets with commentary from respected industry heavyweights.