USDA Grain Stocks Report Surprises Corn and Wheat

Bigger-than-expected corn and wheat stocks are bearish for prices, while soybean figures were neutral. Farmers may face additional price pressure as harvest accelerates.

NASHVILLE, Tenn. (RFD-TV) — The U.S. Department of Agriculture (USDA) September 1 Grain Stocks report leaned bearish for corn and wheat, while soybeans landed close to expectations.

Old-crop corn stocks were reported at 1.532 billion bushels, well above the average trade estimate of 1.337 billion (range 1.26–1.45). The larger-than-expected figure suggests that feed and export use was softer than anticipated, resulting in more grain being stored as the new harvest advances.

Soybean stocks came in at 316 million bushels, only slightly under the average trade guess of 323 million (range 295–360). The figure was largely neutral, showing modestly stronger disappearance during the summer but staying within pre-report expectations.

All wheat stocks totaled 2.12 billion bushels, topping the average trade estimate of 2.043 billion (range 1.954–2.135). Larger-than-expected inventories reflect both strong production and slower early-season demand, adding pressure to an already heavy global wheat outlook.

Market analysts said the bearish surprises in corn and wheat could weigh on futures, while soybeans offered little fresh direction.

Farm-Level Takeaway: Bigger-than-expected corn and wheat stocks are bearish for prices, while soybean figures were neutral. Farmers may face additional price pressure as harvest accelerates.
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“Those could’ve easily been our beans going over there. It goes to show that if that opportunity is there, China would be willing to buy.”

Tony St. James joined the RFD-TV talent team in August 2024, bringing a wealth of experience and a fresh perspective to RFD-TV and Rural Radio Channel 147 Sirius XM. In addition to his role as Market Specialist (collaborating with Scott “The Cow Guy” Shellady to provide radio and TV audiences with the latest updates on ag commodity markets), he hosts “Rural America Live” and serves as talent for trade shows.

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