A summary of today’s USDA report follows.
Market Impact:
- The higher production and significantly increased ending stocks for major grains generally presented unfriendly numbers for the markets. Time will tell if there is a bounce back, or weather event in South America to shake market confidence.
- Corn:
- Record 2025 production at 17.0 billion bushels (up 14% from 2024).
- Record yield of 186.5 bushels per acre.
- Higher harvested acreage (91.3 million acres).
- Ending stocks for 2025/2026 were raised significantly above expectations.
- Soybeans:
- Production and yield slightly higher than prior estimates, but mostly in line with expectations.
- Ending stocks for 2025/2026 also increased and surpassed analyst forecasts.
- Wheat:
- U.S. ending stocks projected to fall slightly, but world stocks were revised upward.
- Global production estimates saw increases.
