In Friday’s World Agricultural Supply and Demand Estimates (WASDE) report, USDA pegged 2025/2026 corn and wheat ending stocks lower month-over-month and lower than the average trade expectation, while soybean ending stocks were increased month-over-month more than the average expectation.
Old-crop corn exports were increased 100 million bushels to 2.75 billion bushels. The 2025-26 production was lowered by 115 million bushels to 15.7 billion bushels. Corn planted acres were lowered 100,000 acres to 95.2 million acres, matching the June 30 crop report. Harvested acres are projected at 86.8 million, down 600,000 acres from June.
USDA integrated its 83.4-million-acre soybean planting estimate into its supply and demand forecast, resulting in a 5-million-bushel decline in production to 4.335 mb. The forecast for 2025-26 soybean ending stocks increased by 15 mb to 310 mb, within the range of pre-report expectations. Along with lower production, USDA increased its crush forecast by 50 mb to 2.54 mb while cutting exports by 70 mb.
Brian Basting, Commodity Research Analyst and Economist for Advance Trading, tells Michigan Ag Today that the overall data in USDA’s July WASDE Report was in line with trade expectations.
“We’re back to trading weather since the market just really couldn’t find anything to hang its hat on, as it were, with this report on Friday,” says Basting.
CLICK HERE to read the full report.
CLICK BELOW to hear Brian Basting with Advance Trading review USDA’s July WASDE Report and discuss other factors that are currently impacting the grain markets:
