Corn ending stocks in the United States for 2025/26 will be much larger than earlier expectations, according to updated supply/demand tables from the U.S. Department of Agriculture released Jan. 12. World corn stock projections were also raised. U.S. soybean and wheat stocks projections were also higher on the month.
Why it matters: The USDA data influences global agricultural futures markets, which spills into Canadian cash prices.
Corn
Read Also
U.S. grains: Corn drops to 12-week low on report of massive stocks, record harvest
Chicago | Reuters – U.S. corn futures plunged on Monday after the U.S. Department of Agriculture reported that U.S. farmers…
- · Projected U.S. corn ending stocks for 2025/26 were raised to 2.227 billion bushels from 2.029 billion bushels in December. That was at the higher end of trade estimates and compares with the 1.551-billion-bushel corn carryout from 2024/25.
- · Quarterly stocks data showed 13.282 billion bushels of corn in all positions in the U.S. as of Dec. 1, 2025, up 10 per cent from the same point a year ago.
- · Anticipated U.S. corn exports were left unchanged from December at 3.2 billion bushels.
- · Average U.S. corn yields were raised to 186.5 bushels per acre, from 186.0 bu./ac. in December. As a result, corn production for the year was raised to 17.021 billion bushels from 16.752 billion bushels in December. The U.S. grew 14.892 billion bushels of corn in 2024/25 with yields of 179.3 bu./ac.
Soybeans
- · U.S. soybean ending stocks for 2025/26 were raised to 350 million bushels from 290 million bushels in December.
- · U.S. soybean stocks in all positions as of Dec. 1, 2025, came in at 3.29 billion bushels, which was up six per cent on the year.
- · U.S. soybean exports for 2025/26 were lowered to 1.575 billion bushels from 1.635 billion in December. That compares with 1.882 billion the previous year.
- · Soybean yields were unchanged from November at 53.0 bu./ac. while a slight upward revision in harvested area saw production edge up to 4.262 billion bushels from 4.253 billion in December.
Wheat
- · U.S. winter wheat plantings for the 2026/27 crop year were estimated at 32.990 million acres by the USDA. That was down by half a percentage point on the year. Of the total, hard red winter wheat area was estimated at 23.50 million acres, soft red winter wheat at 6.14 million acres and white winter wheat at 3.36 million.
- · The anticipated U.S. all-wheat carryout for the current marketing year was raised by 25 million bushels from December at 926 million bushels. That compares with 855 million in 2024/25.
- · Quarterly stocks data showed 1.68 billion bushels on hand in the U.S. as of Dec. 1, up seven per cent on the year.
- · U.S. farmers grew 1.985 billion bushels of wheat in 2025/26, which was up by six million bushels from the previous year and unchanged from December.
World stocks
- · Global corn ending stocks for 2025/26 were up sharply from December at 290.91 million tonnes. Average trade estimates had called for only minor adjustments from the December estimate of 279.15 million tonnes.
- · World soybean ending stocks were raised to 124.41 million tonnes, from 122.37 million in December.
- · The projected world wheat carryout was up by 3.38 million tonnes from December at 278.25 million tonnes.
