Introduction

The USDA released its updated WASDE report on September 12th, 2025. Each September, NASS has the opportunity to revise planted and harvested average estimates for corn and soybeans based on all available.  

2024/25 Marketing Year 

U.S. corn ending stocks increased by 20 million bushels (mb) to 1,325 mb in the 2024/25, while U.S. soybean and wheat ending stocks were unchanged for the 2024/25 marketing year at 330 mb and 851 mb respectively. Corn ending stocks exceeded trade analysts' expectations by 13 mb and soybean ending stocks were 1 mb more than the average trade expectation.

World corn ending stocks increased by 1.07 million metric tons (MMT) to 284.18 MMT, but world soybean and wheat ending stocks both decreased by 1.61 MMT and 0.28 MMT for the 2024/25 marketing year.

2025/26 Marketing Year

For the 2025/26 marketing year, U.S. corn and wheat ending stocks deceased by 7 mb and 25 mb respectively, while U.S. soybean ending stocks increased by 10 mb to 300 mb. Corn ending stocks exceeded trade...