March 11

3/11 – In Friday’s WASDE report, the USDA left corn and wheat balance sheets mostly unchanged, while lowering its 2023/24 corn price forecast to $4.75 per bushel, and wheat to $7.15. At Feb’s Agricultural Outlook Forum, the USDA said 2024/25 prices will be even lower: $4.40 for corn and $6.00 per bushel for wheat. The USDA also cut its 2023/24 soy-oil projection to $.49 per pound, down 24.9% from a year ago. 2024/25 is forecast even lower at $.45. Lower carbon intensity oils - canola, animal fat, used cooking oil – have become the primary renewable diesel stock, lessening previously expected demand for soy-oil. Over the past 2 months, the USDA raised its forecast for 2024 beef imports (mostly lean 90s trim from Australia) from 1.7% to 12.0% above 2023 levels. Even so, lean 90s beef trimmings have soared from $2.53 to $3.24 per pound so far in 2024 and look to average $3.30 or better in Q2.