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USDA adjusts old crop ending stocks estimates, issues new crop guesses
The USDA raised its 2025/26 ending stocks estimates for corn while cutting the outlook for wheat and soybeans.
Corn ending stocks for the current marketing year are seen at 2.142 billion bushels, up 15 million from April on a cut to food, seed, and industrial use. The average estimated 2025/26 farm price is $4.15 per bushel, unchanged.
Wheat is pegged at 935 million bushels, down 3 million due to an increase in exports. The average estimated 2025/26 farm price is $5 per bushel, steady on the month.
Soybeans are seen at 340 million bushels, down 10 million, with a bigger domestic crush guess against a reduction in exports. The average estimated 2025/26 farm price is $10.40 per bushel, up $.10.
In the first official projections of the 2026/27 marketing year, the USDA is projecting tighter balance sheets for corn and wheat due to lower production, while soybean ending stocks next marketing year could be down due to better export demand. For 2026/27, the USDA sees the average estimated farm price for corn at $4.40 per bushel, with wheat at $6.50 and soybeans at $11.40.
The new crop projections are highly tentative due to ongoing planting, crop development weather, and geopolitical factors.
The new marketing year starts June 1st for wheat, September 1st for beans and corn, and October 1st for soybean products.
The USDA’s next round of supply, demand, and production estimates is out June 11th.
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