The September USDA 2025 World Agricultural Supply and Demand Estimates (WASDE) report unexpectedly raised U.S. corn and soybean production for 2025/2026. Despite lower yield projections, the report reflects increases in planted and harvested acreage.

U.S. corn production is forecast at 16.8 billion bushels. This is a 72 million increase from August. The harvested area is projected to be 90 million acres. This would be the highest since 1933. The planted area is estimated at 98.7 million acres. This is the highest since 1936.

Total corn is expected to reach 16.1 billion bushels. This includes record exports of 3 billion bushels, leading to slightly lower ending stocks of 2.1 billion bushels.

U.S. soybeans are projected at 4.3 billion bushels. This includes a modestly higher harvested area offset by a slight yield decline. Crush forecasts have increased by 15 million bushels due to strong soybean meal exports. Soybean exports are trimmed 20 million bushels amid competition from Russia, Canada and Argentina. Ending stocks rise to 300 million bushels.

U.S. wheat supplies remain steady. Exports increase by 25 million bushels. This will lower ending stocks to 844 million.

Globally, the USDA lowered 2025/2026 corn and soybean ending stocks. This contradicts trade expectations. Wheat ending stocks rose.

The report reflects a combination of larger U.S. acreage, competitive exports and shifting global supply dynamics.

Read more from the latest WASDE report here.