Market reaction Ahead of the report, corn futures were trading around 3 cents lower , soybeans were 6 to 7 cents lower and wheat futures were 2 to 3 cents lower. As of 11:30 a.m. CT, corn is trading 6 to 7 cents lower, soybeans are 8 to 10 cents lower, winter wheat markets are 10 to 12 cents lower and spring wheat is around 4 cents lower.
Quarterly Grain Stocks Report
Corn: 1.532 billion bu.; traders expected 1.337 billion bu.— compares with 4.643 billion bu. June 1 and 1.763 billion bu. September 1, 2024
Soybeans: 316.5 billion bu.; traders expected 323 million bu.— compares with 1.008 billion bu. June 1 and 342 million bu. September 1, 2024
Wheat: 2.120 million bu.; traders expected 2.054 billion bu.— compares with 851 million bu. June 1 and 1.992 billion bu. September 1, 2024
Corn stocks in all positions came in 195 million bu. above the average pre-report trade estimate and well above the top of the guess range. Stocks at 1.532 billion are down 231 million bu. (13.1%) from year-ago. Corn stored on-farm on September 1 totaled 643 million bu., down 137 million bu. from year-ago (17.6%). Corn stored off-farm totaled 888 million bu., down 95 million bu. (9.7%). On-farm stocks make up 42% of total supplies; Off-farm stocks are 58%. Implied disappearance in the 4th quarter of the 2024-25 marketing year totaled 3.11 billion bu., down 120 million (3.7%) from same quarter last year.
Soybean stocks in all positions came in 6.5 million bu. below the average pre-report trade guess. Total soybean stocks at 316.5 million are down 26 million bu. (7.6%) from year-ago. Soybeans stored on-farm totaled 91.5 million bu., down 19.7 million bu. (17.7%) from year-ago. Beans stored off-farm totaled 225 million bu., down 6 million bu. (2.6%) from year-ago. On-farm bean stocks make up 28.9% of total supplies; Off-farm stocks are 71.1%. Implied disappearance for the last quarter of the 2024-25 marketing year is 691 million bu., up 10% from the same period last year.
Wheat stocks in all positions came in 66 million bu. above the average pre-report trade estimate. Total stocks at 2.120 billion bu. are up 128 million bu. (6.4%) from year-ago. On-farm wheat stocks at 692 million bu. are up 28 million bu. (4.2%) from year-ago. Off-farm wheat stocks at 1.428 billion bu. are up 100 million bu. (7.5%) from year-ago. On-farm wheat stocks make up 32.6% of total supplies; Off-farm stocks are 67.4%. Implied disappearance of wheat in the 1st quarter of the 2025-26 marketing year totaled 715 million bu., up 5% from last year.
U.S. wheat production
All wheat: 1.985 billion bu.; trade expected 1.921 billion bu.— compares with 1.927 billion bu. in August; 1.979 billion bu. in 2024.
All winter wheat: 1.402 billion bu.; trade expected 1.352 billion bu.— compares with 1.355 billion bu. in August; 1.354 billion bu. in 2024.
HRW: 804 million bu.; trade expected 768 million bu.— compares with 769 million bu. in August; 773 million bu. in 2024.
SRW: 352 million bu.; trade expected 339 million bu.— compares with 339 million bu. in August; 344 million bu. in 2024.
White winter: 244 million bu.; trade expected 246 million bu.— compares with 247 million bu. in August; 236 million bu. in 2024.
Other spring wheat: 497 million bu.; trade expected 482 million bu.— compares with 484 million bu. in August; 544 million bu. in 2024.
Durum wheat: 86 million bu.; trade expected 86 million bu.— compares with 87 million bu. in August; 80 million bu. in 2024.
All wheat production totaled 1.98 billion bushels in 2025, up less than 1 percent from the revised 2024 total. That is up 58 million bushels from August. Winter wheat production increased 47 million bu., with HRW up 35 million bu., SRW up 13 million bu., and white winter down 3 million bu. from August. USDA raised the other spring wheat estimate 13 million bushels. Area harvested for grain totaled 37.2 million acres, down 4 percent from the previous year. The average yield in the United States was estimated at 53.3 bushels per acre, up 0.6 bushels from August and 2.1 bushels from the previous year. The levels of production and changes from 2024 by type were: winter wheat, 1.40 billion bushels, up 3 percent; other spring wheat, 497 million bushels, down 9 percent; and Durum wheat, 86.2 million bushels, up 8 percent.