Glacier FarmMedia | MarketsFarm — The United States Department of Agriculture’s May supply/demand estimates showed tighter-than-expected carryout for corn and soybeans at the end of the 2025-26 crop year.
Corn ending stocks were projected at 1.8 billion bushels, which was at the lower end of trade expectations but still above estimated 2024-25 ending stocks at 1.415 billion.
Corn production for 2025-26 was pegged at 15.82 billion bushels, slightly above average trade estimates, with the average yield at 181 bushels per acre slightly below. The estimated production and yield for 2024-25 were 14.867 billion bushels and 179.3 bu./ac., respectively.
Read Also
U.S. again halts cattle imports from Mexico over flesh-eating screwworms
The flesh-eating livestock pest New World screwworm has advanced closer to the U.S. border with Mexico, the U.S. Department of Agriculture said, prompting Washington to block imports of Mexican cattle just days after it allowed them to resume at a port of entry in Arizona.
U.S. soybean ending stocks were forecast at 295 million bushels, below the average trade estimate of 375 million. Ending stocks for 2024-25 were projected at 350 million.
Estimated new crop soybean production and the average yield were right on trade expectations at 4.34 billion bushels at 52.5 bu./ac. Old crop production and yield were pegged at 4.366 billion bushels and 50.7 bu./ac.
Ending stocks for 2025-26 U.S. wheat were projected to be 923 million bushels, higher than the average trade estimate of 857 million. Ending stocks for 2024-25 were estimated at 841 million bushels.
Projected new crop wheat production was 1.921 billion bushels, higher than the average estimate of 1.885 billion, with an average yield of 51.6 bu./ac. Old crop production was projected at 1.971 billion bushels with an average yield of 51.2 bu./ac.
The USDA’s 2025-26 world ending stock estimate for corn was 277.84 million tonnes, below the 298 million estimated by the trade. Production for Brazil and Argentina were pegged at 131 million and 53 million tonnes, respectively. For 2024-25, world carryout was projected at 287.29 million, with Brazil growing 130 million tonnes and Argentina producing 50 million.
Projected world carryout for new crop soybeans was 124.33 million tonnes. Production for Brazil was expected to be 175 million tonnes, as well as 48.5 million for Argentina. For old crop soybeans, world carryout was 123.18 million tonnes, with Brazilian production at 169 million tonnes and Argentine production at 49 million.
World carryout for new crop wheat was projected to be 265.73 million tonnes, slightly above the average trade estimate of 260.6 million. The European Union, Russia and Canada were projected to grow 136 million, 83 million and 36 million tonnes, respectively. Old crop ending stocks were set to total 265.21 million, above the 262.3 million estimated by the trade. Production by the European Union, Russia and Canada this year is projected to be 122.12 million, 81.6 million and 34.96 million tonnes respectively.
