INFB chief economist weighs in on WASDE report

INDIANAPOLIS — Indiana Farm Bureau Chief Economist Todd Davis analyzed the latest World Agricultural Supply and Demand Estimates report and discussed implications for Hoosier farmers.

“On the demand side for corn, we’re looking at a carry out of 2.2 billion bushels, which is a 44% increase from last year,” he said. “That’s a pretty large amount of corn in the bins.”

Corn and soybean prices continue to decline from 2022 levels by $2.44 per bushel for corn and $4 per bushel for soybeans.

The U.S. Department of Agriculture trimmed the Indiana corn yield by 2 bushels, but increased the soybean yield by 0.5 bushels from the November estimates.

“USDA pegged the Indiana corn yield at a record 204 bushels per acre, which is 6 bushels larger, up 3%, than the 2024 corn crop,” Davis said. “The Indiana soybean crop yielded 59.5 bushels per acre, 0.5 bushels per acre higher than last year.”

Summary

• USDA reduced the Indiana corn yield by 2 bushels per acre, but increased the U.S. yield by 0.5 bushels per acre from the November estimates. Indiana and U.S. corn yields are records at 204 and 186.5 bushels, respectively.

• From the November estimates, the Indiana soybean yield was increased by 0.5 bushels per acre to 59.5, with the U.S. yield unchanged at 53 bushels per acre.

• Corn ending stocks are projected to exceed 2.2 billion bushels, which is a 44% increase from last year. The soybean ending stocks are projected at 350 million bushels, which is an 8% increase from 2024.

• USDA projects the 2025 U.S. corn price at $4.10 per bushel and the soybean price at $10.20 per bushel. If realized, the 2025 average corn prices will be 14 cents lower than the average price received last year. The 2025 soybean price would be 20 cents higher than 2024’s price.

• Corn and soybean prices continue to decline from 2022 levels by $2.44 per bushel for corn and $4 per bushel for soybeans. Tight and negative profit margins continue for Indiana farmers, contributing to financial stress.