Market Summary Framework
1. Corn Market Outlook
- Yield Estimate: 183.1 bushels per acre (record high)
- Production: 15.146 billion bushels (195 million bushels less than last year)
- Planted and Harvested Acres: Decreased from last year
- Demand: Increased by 36 million bushels
- Ending Stocks: 2.073 billion bushels (206 million bushel increase from 2023/24)
- Average Farm Price: $4.20 per bushel (10 cents lower than prior estimate)
2. Sorghum Market Outlook
- Yield Estimate: 52.9 bu/ac (up 0.9 bu/ac from 2023)
- Production: 278.8 million bushels (down 38.9 million bushels from last year)
- Exports: 195 million bushels (down 50 million bushels from prior report)
3. Barley Market Outlook
- Planted and Harvested Acres: Lowered
- Yield Estimate: 79.1 bu/ac (up 4.9 bu/ac from prior report)
- Total Supply: 241 million bushels (down 23 million bushels from last year)
- Exports: 3 million bushels
- Ending Stocks: 73 million bushels
4. Soybean Market Outlook
- Planted Acreage: Increased
- Harvested Acreage: Estimated at 86.3 million acres (up 3.9 million acres from last year)
- Yield Estimate: 53.2 bu/ac (up 1.2 bu/ac from prior report)
- Total Supply: 4.949 billion bushels
- Ending Stocks: 560 million bushels (125 million bushel increase from prior report)
- Average Farm Price: $10.80 per bushel (down $0.30 per bushel from prior report)
5. Current Market Values
- Corn: Prices increased after initial drop
- Soybeans: Fell to new contract lows after report
6. U.S. Weather/Crop Progress
- Corn: 60% in dough or ear-fill stage
- Sorghum: Heading at 73%
- Barley: Harvest underway with 18% harvested
- Soybeans: Pod set at 72%
- Crop Condition: Good/Excellent ratings for corn and soybeans
7. Distiller’s Dried Grains with Solubles (DDGS)
- Prices: Averaged $142 per short ton
- DDGS/Cash Corn Ratio: 1.05
- DDGS/KC Soybean Meal Ratio: 0.41
8. Ocean Freight Markets and Spreads
- Railroad Labor Dispute: Potential impact on grain exports
- ILA Strike Threat: Potential impact on container terminals and vessels
- Red Sea and Arabian Sea: U.S. led alliance striking down Houthi drones and vessels
- Baltic Dry Index: Increased by nearly 2%
- U.S. Gulf to Japan Route: Lowered by $0.52 per metric ton
- U.S. Gulf to China Route: Lowered slightly
9. U.S. Export Statistics
- Corn: Net sales down significantly, exports down from previous week
- Barley: No net sales or exports reported
- Sorghum: Net sales and exports down significantly
