Market reaction
Ahead of the report, corn futures were trading around 2 cents higher, soybeans were around 8 cents higher and wheat futures were 1 to 3 cents lower.
As of 11:30 a.m. CT, corn is trading 16 to 18 cents lower, soybeans are 3 to 5 cents higher, winter wheat markets are 9 to 13 cents lower and spring wheat is around 4 cents lower.
Quarterly Grain Stocks Report
Corn: 2.095 billion bu.; traders expected 1.918 billion bu.— compares with 5.291 billion bu. June 1 and 1.551 billion bu. September 1, 2025
Soybeans: 315.1 million bu.; traders expected 324 million bu.— compares with 1.059 billion bu. June 1 and 324.8 million bu. September 1, 2025
Wheat: 1.845 billion bu.; traders expected 1.889 billion bu.— compares with 920 million bu. June 1 and 2.134 billion bu. September 1, 2025
Corn stocks in all positions came in 177 million bu. above the average pre-report trade estimate and above the highest estimate of 2.005 billion bushels. Stocks at 2.095 billion are up 544 million bu. (35.1%) from year-ago, and up 173 million bushels from the most recent WASDE estimate for ending stocks. Corn stored on-farm on September 1 totaled 787 million bu., up 144 million bu. from year-ago (22.4%). Corn stored off-farm totaled 1.307 billion bu., up 399 million bu. (43.9%). On-farm stocks make up 37.6% of total supplies; Off-farm stocks are 62.4%. Implied disappearance in the 4th quarter of the 2025-26 marketing year totaled 3.20 billion bu., up 100 million (3.2%) from the same quarter last year.
Soybean stocks in all positions came in 9 million bu. below the average pre-report trade guess. Total soybean stocks at 315.1 million are down 9 million bu. (2.8%) from year-ago. Soybeans stored on-farm totaled 90.4 million bu., down 1.1 million bu. (1.2%) from year-ago. Beans stored off-farm totaled 224 million bu., down 9 million bu. (3.8%) 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 2025-26 marketing year is 744 million bu., up 61 million bushels (8.9%) from the same period last year.
Wheat stocks in all positions came in 44 million bu. below the average pre-report trade estimate. Total stocks at 1.845 billion bu. are down 288.3 million bu. (14%) year-ago. On-farm wheat stocks at 547 million bushels are down 145.7 million bu. (21%) from year-ago. Off-farm wheat stocks at 1.299 billion bu. Are down 212.6 million bu. (15%) from year-ago. June – August 2026 indicated disappearance is 608 million bushels, compared with 710 million bushels during the same period a year ago, down 14%.
U.S. wheat production
All wheat: 1.534 billion bu.; trade expected 1.524 billion bu.— compares with 1.531 billion bu. in August; 1.989 billion bu. in 2025.
All winter wheat: 1.019 billion bu.; trade expected 988 million bu.— compares with 990 million bu. in August; 1.405 billion bu. in 2025.
HRW: 466 million bu.; trade expected 462 million bu.— compares with 463 million bu. in August; 806 million bu. in 2025.
SRW: 294 million bu.; trade expected 288 million bu.— compares with 287 million bu. in August; 353 million bu. in 2025.
White winter: 259 million bu.; trade expected 239 million bu.— compares with 240 million bu. in August; 246 million bu. in 2025.
Other spring wheat: 450 million bu.; trade expected 471 million bu.— compares with 474 million bu. in August; 498 million bu. in 2025.
Durum wheat: 65 million bu.; trade expected 66 million bu.— compares with 66 million bu. in August; 88 million bu. in 2025.
All wheat production totaled 1.53 billion bushels in 2026, down 23 percent from the revised 2025 total. Area harvested for grain totaled 31.9 million acres, down 15 percent from 2025. The average yield for the nation was 48.1 bushels per acre, down 5.2 bushels from the previous year. By type, production was estimated at 1.02 billion bushels for winter wheat (down 27%); 450 million bushels for other spring wheat (down 10%); and 64.8 million bushels for Durum wheat (down 26%).