Grain Stocks

Grain Stocks

🌽 Corn
On Farms: 787,300
Off Farms: 1,307,757
Total: 2,095,057

🌱 Soybeans
On Farms: 90,400
Off Farms: 224,733
Total: 315,133

🌾 Wheat
On Farms: 546,500
Off Farms: 1,299,243
Total: 1,845,743

Analysis 

2.10 billion bushels of corn, up 35% from a year ago. Off farm stocks jumped 44% year over year to 1.31 billion. Disappearance at 3.20 billion ran only 3% above last summer’s pace, so demand is not accelerating fast enough to work through the overhang. Soybeans at 315 million are down 3%, functionally flat, but disappearance at 744 million ran 9% above year ago and that is the second consecutive quarter where crush demand outpaced the prior year. NASS also revised 2025 corn and soybean acreage, yield, and production in this report, which reshuffles the balance sheet starting points going forward.

Wheat is the tightest of the three. 1.85 billion bushels, down 14%, with on farm stocks off 21% as producers moved old crop ahead of new crop harvest. Disappearance fell 14% too, so this is a supply led tightening, not a demand story. The WASDE already had 2026/27 U.S. wheat ending stocks projected at 744 million on a sharply lower production forecast, and this quarterly number keeps that trajectory intact