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Back in mid-February, the USDA conducted its 100^th annual Agricultural Outlook Forum which gave the market its initial, official government take on the prospective outlook for corn, soybeans, wheat and other major agricultural products. Our goal here is to summarize some of the immediate takeaways for corn and soybeans.

To cut to the bottom line, USDA economists expect ending 2024-25 corn stocks to rise by 360 million bushels or over 16% to 2.53 billion. With a modest 1%/150 mbu expansion in demand, the closely watched stocks-to-use ratio is estimated at 17.2%, up from 14.9% this year.

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