The World Agricultural Supply and Demand Estimates (WADSE) report caught many off guard. Expectations were set for new corn crop ending stocks to increase to 2.289 billion bushels in July. Instead, 2024/2025 corn ending stocks for July were projected at 2.097 billion bushels.

Corn production was estimated at 15.100 billion bushels. This was an increase from 14.860 billion bushels in the previous month. The report expects larger supplies, greater domestic use and exports and slightly lower ending stocks.

Soybean production is forecast at 4,435 billion bushels. This is an increase from 14.860 billion bushels the previous month. However, the trade expected soybean production estimates to be lower than the USDA projections. The USDA forecasts that July ending stocks of 435 million bushels. This compares to trade expectations of 447 million bushels.

Wheat ending stocks increased more than expected, from trad expectations of 785 million bushels to a USDA projection of 856 million bushels.

Read more here on projections from the latest WADSE report.