(WASHINGTON D.C.) — We saw USDA make modest increases to old crop U.S. corn and soybeans while showing all wheat stocks and production higher in their latest round of reports. On Tuesday, USDA released it’s new Quarterly Grain Stocks and Small Grains Summary reports.
USDA shows old crop corn increase slightly to 14.892 billion bushels from its previous estimate while old crop soybeans increased slightly to 4.374 billion bushels. 2024 yields were left unchanged at 179.3 bu/acre and 50.7 bu/acre respectively. USDA’s September 1st stocks estimates saw corn higher than pre-report estimates, wheat near the top of the range and soybeans within expectations. Corn was 1.532 billion bushels, soybeans at 316 million bushels and wheat at 2.120 billion bushels. In terms of percentage changes according to USDA, corn stocks were down 13% from last year, soybeans stocks were down 8% and wheat stocks were up 6%.
Of the total corn stocks, 643 million bushels were stored on farms, down 18% from last year. Off-farm stocks, at 888 million bushels, were down 10% from a year ago. The June-August 2025 indicated disappearance was 3.11 billion bushels, compared with 3.23 billion bushels during the same period a year earlier.
Old crop soybeans stored in all positions on Sept. 1, 2025, totaled 316 million bushels, down 8% from Sept. 1, 2024. Soybean stocks stored on farms totaled 91.5 million bushels, down 18% from a year ago. Off-farm stocks, at 225 million bushels, were down 3% from last September. Indicated disappearance for June-August 2025 totaled 691 million bushels, up 10% from the same period a year earlier.
This report also contains revisions to the previous season’s production for corn and soybeans, which is normal for this time of year since the marketing year is complete. Production for 2024 corn and soybeans were each revised up slightly from the previous estimate.
All wheat stored in all positions on Sept. 1, 2025, totaled 2.12 billion bushels, up 6% from a year ago. On-farm stocks were estimated at 692 million bushels, up 4% from last September. Off-farm stocks, at 1.43 billion bushels, were up 7% from a year ago. The June-August 2025 indicated disappearance was 715 million bushels, up 5% from the same period last year.
Durum wheat stocks in all positions on Sept. 1, 2025, totaled 71.1 million bushels, up 6% from a year ago. On-farm stocks, at 51.5 million bushels, were up 9% from Sept. 1, 2024. Off-farm stocks totaled 19.6 million bushels, down 3% from a year ago. The June-August 2025 indicated disappearance of 43.0 million bushels was up 27% from the same period last year.
View the latest grain stocks report here: https://usda.library.cornell.edu/concern/publications/xg94hp534
On USDA’s latest Small Grains Summary, they projected all wheat production above expectations thanks to larger winter wheat production. All wheat production came in at 1.985 billion bushels with all winter wheat coming in above expectations at 1.402 billion bushels. All spring wheat came in at 497 million bushels and durum wheat came in at 86 million bushels.
Key findings from that report include:
- All wheat production totaled 1.98 billion bushels in 2025, up less than 1 percent from the revised 2024 total.
- Area harvested for grain totaled 37.2 million acres, down 4% from 2024.
- The U.S. yield was estimated at 53.3 bushels per acre, up 4% from 2024.
The levels of production and changes from 2024 to 2025 by type were:
- Winter wheat, 1.40 billion bushels, up 3%.
- Other spring wheat, 497 million bushels, down 9%.
- Durum wheat, 86.2 million bushels, up 8%.
View the Small Grains Summary here: https://downloads.usda.library.cornell.edu/usda-esmis/files/5t34sj573/dv141t059/nv937208j/smgr0925.pdf
***AUDIO*** Listen to analysis and recap of the USDA reports with Arlan Suderman, Chief Commodities Economist at StoneX in our Market Talk Midday Commentary below:
