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USDA lowers corn, wheat ending stocks expectations
The USDA has tightened the balance sheets for U.S. corn and wheat, while raising the ending stocks guess for soybeans.
New crop corn ending stocks are now pegged at 1.66 billion bushels, down 90 million from June on lower beginning stocks, a smaller crop because of acreage adjustments, and decreased feed use.
The average 2025/26 farm price is estimated at $4.20 per bushel, unchanged from a month ago and $.10 lower than the current estimate for 2024/25.
The USDA has 2025 U.S. corn production at 15.705 million bushels, a decline of 115 million, with planted area now at 95.2 million acres and harvested area at 86.8 million, decreases of 100,000 and 600,000 acres, respectively.
Wheat ending stocks are seen at 890 million bushels, 8 million under last month with higher production and beginning stocks canceled out by expectations for better exports.
The average 2025/26 farm price is estimated at $5.40 per bushel, steady on the month and $.12 under 2024/25.
Total 2025 U.S. wheat production is expected to be 1.929 billion bushels, 8 million more than last month, with planted area of 45.5 million acres, 100,000 higher, harvested area of 36.6 million acres, 600,000 lower, and an average yield of 52.6 bushels per acre, a month-to-month gain of 1 bushel.
Soybean ending stocks came out at 310 million bushels, up 15 million on the month with a slight decrease in production due to acreage adjustments and a larger crush against a big cut in exports.
The average 2025/26 farm price is estimated at $10.10 per bushel, $.15 below June, but $.10 above the current 2024/25 estimate.
The 2025 U.S. soybean crop is projected at 4.335 billion bushels, a dip of 5 million, with harvested area of 83.4 million acres, down 100,000, harvested area of 82.5 million acres, 200,000 lower.
Those corn and soybean acreage adjustments followed the USDA’s June 30th Acreage report, with no changes yet for yield.
The 2025/26 marketing year got underway June 1st for wheat and will start September 1st for beans and corn.
The USDA’s next round of supply, demand, and production numbers is out August 12th.
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