Why does the USDA project tighter corn supplies in the July WASDE report?

The USDA projects tighter corn supplies due to a 125 million bushel reduction in beginning stocks—driven by a 150 million bushel increase in feed and residual use (reflecting stronger disappearance data from the 30 June Grain Stocks report) partially offset by a 25 million bushel decrease in corn used for ethanol—and a 170 million bushel decline in ending stocks to 1.8 billion bushels, as total use rises by 50 million bushels (mainly on higher exports) while supply falls.

What are the key changes to US soybean production and stocks in the July WASDE report?

The USDA raised US soybean production to 4.475 billion bushels—a 40 million bushel increase—due to higher harvested area (84.4 million acres, up 700,000 acres), while maintaining yield at 53.0 bushels per acre; soybean supplies rose by 30 million bushels (higher production partly offset by lower beginning stocks), exports increased by 30 million bushels, and ending stocks remained unchanged at 310 million bushels.

USDA projects tighter corn supplies, increased soybean production in July WASDE

Jul 10, 2026

The USDA's July WASDE report forecasts tighter corn supplies and lower ending stocks due to increased feed use, while projecting higher soybean production and exports. Season-average farm prices remain unchanged for both crops.

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