WASHINGTON, D.C. (RFD News) — U.S. corn stocks came in well above trade expectations in USDA’s September Grain Stocks Report (PDF Version), while soybean and wheat inventories were slightly below average pre-report estimates. Corn stocks on September 1 totaled 2.10 billion bushels, up 35% from a year earlier.
The trade had expected corn stocks near 1.918 billion bushels, with estimates ranging from 1.843 billion to 2.005 billion. USDA reported 787 million bushels on farms and 1.31 billion bushels off farms.
Soybean stocks totaled 315 million bushels, down 3% from last year and below the 324 million-bushel trade average. June-through-August soybean disappearance reached 744 million bushels, up from 683 million a year earlier.
All wheat stocks totaled 1.85 billion bushels, down 14% from September 2025 and slightly below the 1.872 billion-bushel trade estimate. Wheat disappearance during June through August totaled 608 million bushels.
The larger-than-expected corn inventory gives the market more old-crop supply heading into harvest, while tighter soybean and wheat stocks provide a different balance-sheet signal.
