The USDA’s July World Agricultural Supply and Demand Estimates report predicts record-high corn per acre yields and total production. The USDA forecasts an average of 181.0 bushels per acre and total production at 15.705 billion bushels.

Corn usage forecasts were cut by 50 million bushels due to lower feed and residual use. The season-average farm price remained at $4.20 per bushel. Domestic ending stocks fell from 1.365 billion bushels in June to 1.349 billion.

The USDA increased its corn export forecast for the fourth consecutive month. The 2024-25 exports have increased by 100 million bushels. This would be a record 2.75 billion bushels.

Lower corn supplies in the U.S. and China are anticipated to decrease 2025/26 global ending stocks. The USDA anticipates global ending stocks at 272.08 million metric tons. This is down from 275.25 million metric tons in June.

The USDA expects soybeans to yield 52.5 bushels per acre. Production has decreased to 4.335 billion bushels from 4.340 billion bushels in June. The 2025/26 soy crush increased to 50 million bushels, reaching 2.543 billion, due to increased biofuel demand.

Domestic soybean ending stocks remained unchanged at 350 million bushels. The season-average farm price came in at $10.10. This is 15 cents lower than June.

Global soybean ending stocks for 2025/26 increased 125.30 million metric tons in June to 126.07 million metric tons.

The USDA forecast all-wheat production for 2025/26 at 1.929 billion bushels. Domestic ending stocks were forecast at 851 million bushels. Ending stocks for 2025/26 are projected at 890 million bushels. The season-average farm price was steady at $5.40 per bushel.

Global wheat ending stocks for 2025/26 decreased to 261.52 million metric tons from 262.76 million metric tons in June.

Read more from the July WASDE report here.