December WASDE projects increases in corn utilized while soybean supply and use unchanged

HOUSTON (ICIS)–The US Department of Agriculture (USDA) is expecting increases in corn utilized for ethanol, larger exports, and lower ending stocks, while soybean supply and use projections are unchanged, according to the December World Agricultural Supply and Demand Estimate (WASDE) report.

In the monthly update, the USDA said corn used to produce ethanol is raised by 50 million bushels to 5.5 billion bushels. This lift is based on the most recent data from the Grain Crushings and Co-Products Production report and weekly ethanol production data for the month of November.

The agency said this data implies that corn used for ethanol during the September to November quarter was the highest since 2017.

The December WASDE shows corn exports raised by 150 million bushels to 2.5 billion bushels, which the USDA said reflects the pace of sales and shipments to date.

With no other use changes, corn ending stocks are reduced 200 million bushels to 1.7 billion.

The season-average corn price received by producers continues to be unchanged at $4.10 per bushel.

For soybeans, the supply and use projections are unchanged but the monthly update has lifted soybean oil production to 131.2 million tons, with the USDA saying it is up slightly due to an increase for cottonseed.

With higher soybean oil supplies and strong export commitments to date, exports are raised 500 million pounds to 1.1 billion pounds.

The December WASDE said the season-average soybean price is being forecasted at $10.20 per bushel, down $0.60 from last month.

The first WASDE report of 2025 will be released on 10 January.