USDA's Grains and Oilseeds Outlook for the upcoming 2024-25 marketing year sees the highest corn ending stocks since the 2005-2006 season, while the soybean stocks are forecast to increase 120 million bushels. Prices are forecast to average $4.40 per bushel of corn and $11.20 per bushel of soybeans.
The livestock sector will benefit from lower feed prices in 2024 as cattle and beef producers are projected to see higher prices as well. A trend in the livestock and poultry sectors is that exports will be challenged because of increased production by competitors, especially Brazil.
Agricultural Secretary Tom Vilsack has increasingly become more vocal over the impacts of California's law, which was upheld by the U.S. Supreme Court last May. The court's ruling now appears to grant the ability of states to dictate farm production practices to farmers outside their state borders and ignore federal food-safety standards.
Quote of the Day
"There's no present. There's only the immediate future and the recent past."