WASHINGTON, DC – USDA’s September World Agricultural Supply and Demand Estimates report shows shifting global supply and demand patterns across corn, soybeans, wheat, and cotton.
For corn, global production is forecast at a record 1.25 billion metric tons (MMT), led by larger U.S. output. Brazil’s crop was raised slightly to 125 MMT, while Ukraine’s harvest remains at 26 MMT. Despite record supplies, world ending stocks are projected at 322 MMT, up 4 MMT from last month.
Soybeans saw reduced global production, with Argentina trimmed to 47 MMT due to dry conditions, though Brazil remains at 162 MMT. U.S. production was lowered slightly, but strong South American output keeps world supplies ample. Global soybean ending stocks are projected at 127 MMT, up 2 MMT from last month, as weaker U.S. exports shift demand toward Brazil and Russia.
For wheat, global production is raised 5 MMT to 795 MMT, driven by larger crops in Canada, Russia, and Ukraine. However, global trade remains competitive. Exports are raised for the U.S. and Canada, while Russia stays dominant at 54 MMT. World wheat ending stocks are pegged at 256 MMT, the lowest in nine years, reflecting steady demand growth.
Cotton markets remain tight. Global production is forecast at 116 MMT, down 2 MMT from last month, with reductions in India and Pakistan outweighing a modest increase in Brazil. Global ending stocks are trimmed to 83 MMT, tightening supplies and supporting prices near 80 cents per pound on the world market.
Farm-Level Takeaway: USDA projects record global corn supplies and bigger wheat crops, while soybean demand shifts further toward South America. Cotton supplies remain tight, keeping world prices supported. U.S. farmers face more competition abroad but benefit from stronger wheat exports and firm cotton values.