WASDE Report Reduces World Ending Stocks for Corn, Wheat and Soybeans

Photo by Kirsten Strough

The USDA’s World Agricultural Supply and Demand Estimates (WASDE) report released on Wednesday indicates reductions in global corn, soybean, and wheat ending stocks. Argentina’s soybean production was cut by 3 million metric tons (mmt) to 49 mmt. Brazil’s soybean production remained at 169 mmt. Global soybean ending stocks fell by 4 mmt to 124 mmt.

Corn production estimates for Argentina and Brazil were both reduced by 1 mmt to 50 mmt and 126 mmt, respectively. The U.S. corn farmgate price increased by $0.10 to $4.35 per bushel. Production was estimated at 14.867 billion bushels (bb) and ending stocks at 1.54 bb. Global corn ending stocks declined to 290.31 mmt.

The U.S. soybean balance sheet remained unchanged except for a price reduction to $10.10 per bushel. Ending stocks came in at 380 mb.

Wheat ending stocks in the U.S. dropped to 794 mb. This was a 4 million bushel decrease. World wheat stocks fell to 257.56 mmt. Russia and Ukraine’s wheat export estimates were both reduced by 0.5 mmt.

The 2025 cattle market outlook was positive, with higher beef production and increased steer prices. Pork production rose slightly, but hog price projections remained mostly unchanged.