WASHINGTON, DC – USDA’s July World Agricultural Supply and Demand Estimates (WASDE) trimmed projected U.S. corn and soybean output while increasing wheat production and cotton stocks.
Corn production for 2025/26 was lowered to 14.86 billion bushels, down 115 million from last month, based on reduced acreage. The average yield was unchanged at 181 bushels per acre. Corn ending stocks were cut by 90 million bushels to 2.097 billion. USDA left the season-average farm price steady at $4.20 per bushel.
Soybean production was reduced slightly to 4.3 billion bushels, with lower harvested acres offsetting a steady yield of 52.5 bushels per acre. Crush estimates rose 50 million bushels due to stronger demand for soybean oil in biofuels. Exports were cut by 70 million bushels, and ending stocks increased to 310 million. The average price was lowered to $10.10 per bushel.
Wheat production was revised up by 8 million bushels to 1.93 billion, thanks to higher yields. However, winter wheat was revised down, while spring and durum wheat showed modest gains. Exports were raised by 25 million bushels to 850 million, and ending stocks were trimmed slightly. The season-average price held steady at $5.40 per bushel.
Cotton production was revised higher to 14.6 million bales, up 600,000 from last month, as improved planting and lower abandonment in the Southwest offset a slight drop in yield. Ending stocks were raised to 4.6 million bales. The average price remains 62 cents per pound.
Globally, USDA lowered 2025/26 corn ending stocks by 3.2 million metric tons due to lower production in key regions. Global soybean stocks increased slightly, while global wheat stocks declined due to smaller carry-in and reduced output in Canada and Ukraine.