US grain stocks as of Sept. 1 came in mixed compared to trade expectations, with corn and wheat stocks both larger than anticipated, while soybean stocks landed slightly below the average guess.
Released Tuesday, the USDA’s quarterly grain stocks report also included revisions to 2024 corn and soybean production.
According to the report, national corn stockpiles as of Sept. 1 – ending stocks for the now concluded 2024-25 marketing year - totaled 1.532 billion bu. That was down 13% from a year earlier, although still well above the average trade guess of 1.336 billion bu and higher than the September WASDE ending stock estimate of 1.325 billion. On-farm corn stocks amounted to 643 million bu, down 18% from 2024, while off-farm stocks were 888 million bu, down 10%. June–August disappearance was reported at 3.11 billion bu, compared with 3.23 billion bu in the same period last year.
The report also revised 2024 corn production upward by 25 million bu to 15.3 billion bu. Planted area was increased 315,000 acres, with harvested area raised to 83 million acres. The national yield estimate was unchanged at 179.3 bu/acre.
Soybean stocks were pegged at 316 million bu as of Sept. 1, down 8% from a year earlier. That was also below the average pre-report trade guess of 325 million bu and below the September WASDE forecast of 330 million bu. On-farm inventories fell to 91.5 million bu, down 18% from 2024, while off-farm stocks totaled 225 million bu, down 3%. June–August disappearance was 691 million bu, up 10% from a year earlier.
For soybeans, 2024 production was revised upward by 7.74 million bu to 4.374 billion bu. USDA raised planted area to 87.3 million acres and harvested area to 86.2 million acres, while leaving the national yield unchanged at 50.7 bu/acre.
Meanwhile, all wheat stocks were reported at 2.12 billion bu as of Sept. 1, surpassing the average trade guess of 2.054 billion bu and topping last year’s level by 128 million bu, or 6%. On-farm holdings were estimated at 692 million bu, up 4% from last year, while off-farm stocks climbed 7% to 1.43 billion bu. June–August disappearance totaled 715 million bu, a 5% increase from 2024.
