The USDA March Crop Production and World Agricultural Supply and Demand Estimates (WASDE) report left domestic corn and soybean numbers virtually unchanged from the previous month. The most significant changes were in wheat and livestock numbers.

U.S. 2024 -2025 wheat ending stocks were estimated at 819 million bushels in March. This is up from 794 million in February. The USDA lowered wheat export projections to 835 million bushels, down from 850 million bushels last month. The average U.S. farm gate price for wheat decreased slightly to $5.50 from $5.55.

Global ending wheat stocks increased to 260.08 million metric tons. This is up from 257.56 million metric tons last month. World wheat production was estimated at 797.23 million metric tons. This is slightly higher than February’s 793.79 million. Russian production marginally increased to 81.6 million metric tons, and Ukraine’s production rose to 23.4 million metric tons. Australia’s wheat production was revised up to 34.11 million metric tons.

Beef production was increased by 120 million pounds to 26,685 million pounds. This was due to higher carcass weights, which offset reduced slaughter speeds. However, steer price projections were lower, with slight reductions in the first and second quarters. The third and fourth quarters remained steady at $200. Beef exports rose by 25 million pounds.

Pork production decreased by 105 million pounds due to slower-than-expected processing speeds in the first quarter. Hog prices remained steady at $62 in the first quarter and then fell to $65 in the second quarter. The third quarter came in at $68, while the fourth quarter came in at $56. Pork imports increased by 30 million pounds, while exports were also 30 million pounds.

Read more from the March WASDE report here.