Today’s WASDE report maintained a view of ample supplies of corn, soybeans and wheat, and made minor adjustments toward production and demand categories. The September 30 Quarterly Grain Stocks Report will finalize old-crop ending stocks (23/24) and is not expected to include dramatic changes in ending stocks to today’s WASDE report.

For corn, the domestic 2024/25 balance sheet called for lower ending stocks through a combination of higher old crop usage that more than made up for an increase in yield expectations. Old crop demand for exports and corn used for ethanol were both raised, resulting in a 55 million bushel decrease in beginning stocks. National average yields were raised to 183.6, up 0.5 bushels from last month. Domestic ending stocks are forecast 16 million bushels lower this month to 2.057 billion bushels. Global corn supplies are expected to be down nominally from the prior forecast.

National average yields record large:

New crop export sales pace has picked up in recent weeks:

For soybeans, both the domestic 2024/25 balance sheet and the global balance sheet had non-consequential changes this month. The minor adjustments on the domestic balance sheet called for old crop crush increasing by 5 million bushels and production expected to be down by 3 million bushels. Domestic ending stocks are projected lower by 10 million bushels to 550 million bushels, but still up substantially from last year’s ending stocks of 340 million bushels. Global ending stocks had no major changes.

National yields:

Domestic ending stocks:

For wheat, the domestic 2024/25 balance sheet was left unrevised from last month. On the global front, the balance sheet showed larger beginning stocks that were offset by lower production forecasts. Global ending stocks are expected to be slightly higher than last month but remain smallest since the 2015/16 crop year.

Global ending stocks: