Report Snapshot: Corn ending stocks well below expectations

USDA pegged new crop corn ending stocks at 1.790 billion bu., well below the average pre-report estimate of 1.873 billion bu. World ending stocks for corn, soybeans and wheat also landed below expectations.

USDA
USDA
(USDA)
U.S. Corn, Soybean and Cotton Production
Corn
Production (bil. bu.)Yield (bu. per acre)
USDA16.000183.0
Average est.15.975182.9
USDA June15.995183.0
Soybeans
Production (bil. bu.)Yield (bu. per acre)
USDA4.47553.0
Average est.4.45953.0
USDA June4.43553.0
Cotton
Production (mil. bales)Yield (lbs. per acre)
USDA13.70872
Average est.13.42N/A
USDA June13.30866

U.S. Wheat Production
All wheat – billion bu.
USDA1.536
Average est.1.525
USDA June1.543
Winter wheat – billion bu.
USDA0.990
Average est.1.001
USDA June1.030
HRW wheat – million bu.
USDA0.471
Average est.0.478
USDA June0.497
SRW wheat – million bu.
USDA0.287
Average est.0.292
USDA June0.300
White winter wheat – million bu.
USDA0.232
Average est.0.229
USDA June0.233
Other spring wheat – million bu.
USDA0.475
Average est.0.454
USDA JuneN/A
Durum wheat – million bu.
USDA0.071
Average est.0.075
USDA JuneN/A

U.S. Carryover
Corn – billion bushels
2025-262026-27
USDA2.0201.790
Average est.2.0731.873
USDA June2.1451.960
Soybeans – million bushels
2025-262026-27
USDA330310
Average est.338330
USDA June340310
Wheat – million bushels
2025-262026-27
USDA920722
Average est.N/A714
USDA June935744
Cotton – million bales
2025-262026-27
USDA4.204.10
Average est.N/A3.77
USDA June4.203.70

Global Carryover
Corn – MMT
2025-262026-27
USDA298.67275.26
Average est.N/A278.85
USDA June303.36281.22
Soybeans – MMT
2025-262026-27
USDA125.33124.17
Average est.N/A125.17
USDA June125.52124.88
Wheat – MMT
2025-262026-27
USDA279.04272.84
Average est.N/A273.17
USDA June279.95275.42
Cotton – million bales
2025-262026-27
USDA75.7271.22
Average est.N/A71.33
USDA June76.6371.13
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