(WASHINGTON D.C.) — On Friday, USDA left corn and soybean yields unchanged while we saw a drop in corn ending stocks and a rise in soybeans ending stocks. The July World Agricultural Supply and Demand Estimates left both U.S. corn and soybean yield estimates unchanged at 181 bushels per acre and 52.5 bushels per acre respectively. However, crop production estimates did fall slightly due to a smaller harvested area forecast. Corn production came in this month at 15.705 billion bushels with soybean production at 4.335 billion bushels.
U.S. corn ending stocks for 2025-26 came in at 1.660 billion bushels, down 90 million from last month’s estimate. U.S. soybean ending stocks rose to 310 million bushels, up 15 million from the June estimate. U.S. wheat ending stocks for 2025-2026 came in slightly lower at 890 million, down eight million from the June report. USDA also lowered old crop corn ending stocks and left old crop soybean ending stocks unchanged. Old crop corn came in at 1.340 billion bushels while old crop soybeans stayed at 350 million bushels.
USDA raised old-crop corn exports by 100 million bushels on this report but reduced feed usage by 75 million bushels. Old-crop soybean exports were raised by 15 million bushels for the current marketing year. USDA did raise current marketing year wheat exports to 850 million bushels, up 25 million from last month’s estimate.
For South America, USDA did raise Brazil’s corn crop estimate to 132 million metric tons, up from 130 last month while Brazilian soybean numbers were left unchanged. Argentina corn production was left unchanged while their soybean crop was raised slightly to 49.9 million metric tons, up from 49 million metric tons last month.
World ending stocks for corn and wheat were lower while soybeans were slightly higher this month.
VIEW THE WASDE HERE: https://www.usda.gov/about-usda/general-information/staff-offices/office-chief-economist/commodity-markets/wasde-report
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