WASDE Report Lowers Old-Crop and New-Crop Corn Ending Stocks
The USDA’s June WASDE and Crop Production reports revealed a 50 million bushel increase in old-crop corn exports, reducing old-crop ending stocks to 1.365 billion bushels. New crop ending stocks were lowered from 1.8 billion bushels to 1.75 billion bushels.
Production for the 2025-26 corn is forecast at 15.82 billion bushels on 95.3 million planted acres with a 181 bushel per acre yield. Domestic use is projected at 12.785 billion bushels. This includes 5.5 billion for ethanol.
The farmgate price for the 2025-26 corn crop is forecast at $4.20 per bushel. Global corn production is expected at 1,265.98 million metric tons. Global ending stocks are forecast to be down 2.6 million metric tons from May.
The USDA left soybean estimates unchanged. U.S. production for 2025-26 is projected at 4.34 billion bushels, with ending stocks at 295 million bushels. The national average farmgate price is projected at $10.25. Global ending stocks for 2025-26 rose by almost 1 million metric tons to 125.3 million metric tons.
Wheat saw a 20 million bushel increase in 2024-25 exports. New-crop production and yield forecasts were unchanged, but ending stocks dropped to 898 million bushels in May. Predicted farmgate prices rose to $5.40. Globally, wheat output saw slight increases in the EU and Ukraine.
In livestock, beef production for 2025 was lowered by 65 million pounds, supporting higher steer prices. Pork production held steady, but prices rose modestly across all quarters. Imports rose for both types of meat, while pork exports declined and beef exports increased.