Grain traders expecting lower corn ending stocks will be surprised by the latest World Agricultural Supply and Demand Estimates (WASDE) report. New-crop U.S. ending stock estimates were neutral for corn, soybeans and wheat.

The USDA estimates the 2024-25 new crop for corn at 14.86 billion bushels with a yield of 181 bushels per acre. On the demand side, total projected feed use is estimated at 5.57 billion bushels and ethanol use is forecast at 5.45 billion bushes. Exports are forecast at 2.2 billion bushels, with ending stocks for the new crop projected at 2.102 billion bushels.

The USDA forecasts 2024-25 new soybean crop at 4.45 billion bushels with a national average yield of 52 bushels per acre. The USDA did boost ending stocks by 10 million bushels to 455 million bushels.

Read more about the latest WASDE report here.