(WASHINGTON D.C.) — We saw USDA make modest increases to old crop U.S. corn and soybeans while showing all wheat stocks and production higher in their latest round of reports. On Tuesday, USDA released it’s new Quarterly Grain Stocks and Small Grains Summary reports.
USDA shows old crop corn increase slightly to 14.892 billion bushels from its previous estimate while old crop soybeans increased slightly to 4.374 billion bushels. 2024 yields were left unchanged at 179.3 bu/acre and 50.7 bu/acre respectively. USDA’s September 1st stocks estimates saw corn higher than pre-report estimates, wheat near the top of the range and soybeans within expectations. Corn was 1.532 billion bushels, soybeans at 316 million bushels and wheat at 2.120 billion bushels. In terms of percentage changes according to USDA, corn stocks were down 7% from June 1st, 2024, soybean stocks were up 4% from June 1st, 2024 and all wheat stocks were up 22% from June 1st, 2024.
View the latest grain stocks report here: https://downloads.usda.library.cornell.edu/usda-esmis/files/xg94hp534/668302938/9c67zm77t/grst0625.pdf
On USDA’s latest Small Grains Summary, they projected all wheat production above expectations thanks to larger winter wheat production. All wheat production came in at 1.985 billion bushels with all winter wheat coming in above expectations at 1.402 billion bushels. All spring wheat came in at 497 million bushels and durum wheat came in at 86 million bushels.
View the Small Grains Summary here: https://downloads.usda.library.cornell.edu/usda-esmis/files/5t34sj573/dv141t059/nv937208j/smgr0925.pdf
***AUDIO*** Listen to analysis and recap of the USDA reports with Arlan Suderman, Chief Commodities Economist at StoneX in our Market Talk Midday Commentary below:
