Usage updates in USDA’s World Agricultural Supply and Demand Estimates (WASDE) Report on Thursday will reflect March 1 stocks and trade policies that are currently in effect. Typically, the April report is rather uneventful, though how the agency will handle usage forecasts in the face of the trade/tariffs turmoil adds some uncertainty. The following pre-report estimates are from Reuters; Bloomberg for cotton.
| Expectations for U.S. Carryover |
| Corn – billion bushels | |
| 2023-24 | 2024-25 |
| Average est. | NA | 1.510 |
| Range | NA | 1.405 – 1.605 |
| USDA March | 1.763 | 1.540 |
| |
| Soybeans – million bushels | |
| 2023-24 | 2024-25 |
| Average est. | NA | 379 |
| Range | NA | 320 – 405 |
| USDA March | 342 | 380 |
| |
| Wheat – million bushels | |
| 2023-24 | 2024-25 |
| Average est. | NA | 825 |
| Range | NA | 803 – 854 |
| USDA March | 696 | 819 |
| |
| Cotton – million bales | |
| 2023-24 | 2024-25 |
| Average est. | NA | 4.91 |
| Range | NA | 4.60 – 5.20 |
| USDA March | 3.15 | 4.9 |
| Expectations for Global Carryover |
| Corn – MMT |
| 2023-24 | 2024-25 |
| Average est. | NA | 288.18 |
| Range | NA | 286.30 – 290.00 |
| USDA March | 313.95 | 288.94 |
| |
| Soybeans – MMT |
| 2023-24 | 2024-25 |
| Average est. | NA | 122.07 |
| Range | NA | 121.00 – 123.00 |
| USDA March | 112.55 | 121.41 |
| |
| Wheat – MMT |
| 2023-24 | 2024-25 |
| Average est. | NA | 260.39 |
| Range | NA | 259.60 – 261.00 |
| USDA March | 269.50 | 260.08 |
| |
| Cotton – million bales |
| 2023-24 | 2024-25 |
| Average est. | NA | 78.41 |
| Range | NA | 77.25 – 80.00 |
| USDA March | 73.71 | 78.33 |
