NASHVILLE, TN – USDA’s July WASDE report projects a record-setting corn harvest for marketing year 2025/26, with output forecast at 398.9 million metric tons (mmt). That would surpass the previous record of 389.7 mmt set just two years earlier. Soybean and wheat harvests are projected at 118.0 mmt and 52.5 mmt, respectively.
Corn export projections fell slightly to 67.9 mmt, though strong early sales to Mexico pushed new-crop unshipped balances 49 percent above last year’s level. Mexico alone accounts for 64 percent of that volume.
Wheat export projections increased from 22.5 to 23.1 mmt after a strong June start to the wheat marketing year. As of July 3, wheat unshipped balances were 8 percent ahead of 2024’s pace.
For soybeans, crush projections rose to 69.1 mmt, driven by expanded biofuel use of soybean oil. That demand pushed domestic use higher, while exports are forecast to drop to 47.5 mmt. Notably, China had not yet booked any new-crop soybeans.
(Source: USDA World Agricultural Supply and Demand Estimates, July 2025)