Balance sheets reflect increased harvested acres

WASHINGTON — Increases in projected corn and soybean harvested acres were primarily offset by lower average U.S. yields on the supply and demand balance sheets released Sept. 12 by the U.S. Department of Agriculture.

Corn: USDA’s projected season-average price received by producers was unchanged from last month at $3.90 per bushel.

• Projected beginning stocks for 2025-2026 are 20 million bushels higher based on a lower use forecast for 2024-2025, with reductions in imports and corn used for ethanol partially offset by an increase in exports.

• Corn production for 2025-2026 is forecast at 16.8 billion bushels, up 72 million from last month as a 2.1-bushel reduction in yield to 186.7 bushels per acre is more than offset by a 1.3 million acre increase in harvested area to 90 million acres. If realized, harvested area would be the highest since 1933 and planted area of 98.7 million acres the highest since 1936.

• Total U.S. corn use for 2025-2026 is forecast up 100 million bushels to 16.1 billion. Exports were increased 100 million bushels to a record 3 billion reflecting U.S. export competitiveness and robust early-season demand.

• With rising supply more than offset by greater use, ending stocks are down 7 million bushels to 2.1 billion.

• Foreign corn ending stocks were cut, mostly reflecting reductions for China and Russia that are partly offset by increases for South Africa and Ukraine.

• World corn ending stocks, at 281.4 million tons, is down 1.1 million from the August report.

Soybeans: USDA reduced the anticipated season-average price by a dime from last month to $10 per bushel.

• U.S. soybean production is projected at 4.3 billion bushels, up slightly with higher harvested area offset by a lower yield.

• Harvested area was raised 0.2 million acres from the August forecast. The soybean yield of 53.5 bushels per acre is down marginally from last month.

• The crush forecast is raised 15 million bushels driven by stronger soybean meal exports.

• The soybean export forecast is reduced 20 million bushels on increased competition, particularly from Russia, Canada and Argentina. Ending stocks are projected at 300 million bushels, up 10 million from last month.

• Global soybean beginning stocks were lowered mainly on an upward revision to exports for Argentina in the prior marketing year.

• Global soybean production was reduced by 0.5 million tons to 425.9 million on lower production for India, the European Union and Serbia that is partly offset by higher production for Russia and the United States.

• Global soybean ending stocks are reduced 0.9 million tons to 124.0 million on lower stocks for Argentina, Bolivia and Canada partly offset by higher stocks for the United States and Brazil.

Wheat: The projected 2025-2026 farm price was lowered by 20 cents from last month to $5.10 per bushel based on NASS prices reported to date and expectations for futures and cash prices through the rest of the marketing year.

• USDA increased its export estimate by 25 million bushels to 900 million on a continued strong pace of sales and shipments of hard red winter wheat.

• Projected 2025-2026 ending stocks are lowered 25 million bushels to 844 million and are now slightly less than last year.

• Global supplies are projected up 9 million tons to nearly 1.079 billion on larger production from several major exporting countries.

• World trade is 1.2 million tons higher at 214.7 million on greater exports for Australia and the United States more than offsetting reductions for Russia and Ukraine.

• Projected 2025-2026 global wheat ending stocks were raised 4 million tons to 264.1 million, primarily on increases for several exporting countries.

Corn

(2025-2026 marketing year)

Total corn supply: 18.165 billion bushels

Exports: 2.975 billion bushels

Feed, residual: 6.1 billion bushels

Food, seed, industrial: 6.98 billion bushels

Ethanol and byproducts: 5.6 billion bushels

Ending U.S. corn stocks: 2.11 billion bushels

Soybeans

(2025-2026 marketing year)

Total soybean supply: 4.651 billion bushels

Seed, residual: 110 million bushels

Exports: 1.685 billion bushels

Crushings: 2.555 billion bushels

Ending U.S. soybean stocks: 300 million bushels