First-quarter corn shipments set new high

WASHINGTON — Robust foreign demand for U.S. corn was the lone move on the domestic agricultural supply and demand estimates report Dec. 9.

Here are the highlights of the U.S. Department of Agriculture’s estimates.

Corn: USDA kept the 2025-2026 projected season-average price received by producers at $4 per bushel.

• U.S. exports were increased by 125 million bushels to 3.2 billion reflecting shipments to date. Export inspection data showed robust foreign demand during November and implies total shipments during the September-November quarter will likely exceed 800 million bushels, surpassing the prior high set during 2007.

• With no supply changes and increased use, corn ending stocks are down 125 million bushels to 2.029 billion.

• The 2025-2026 foreign coarse grain outlook is for lower production, trade and higher ending stocks relative to last month.

• Foreign corn production is cut with declines for Ukraine, Canada, Nigeria, Indonesia and Senegal partially offset by increases for the European Union, Russia and Zimbabwe. Ukraine corn production is sharply lower with reductions to both area and yield based on reported government data to date, where harvest has been slow as a result of wet conditions in key growing areas.

• Corn exports were raised for the United States, but lowered for Ukraine. Corn imports are higher for Colombia with cuts for the EU and Zimbabwe.

• Foreign corn ending stocks are higher based on an increase for Argentina partly offset by declines for Ukraine and Canada. Global corn stocks, at 279.2 million tons, are down 2.2 million.

Soybeans: The season-average price projection remains at $10.50 per bushels, 50 cents higher than the 2024-2025 estimate.

• U.S. soybean supply, use and price projections were unchanged from last month’s estimates.

• This marketing year’s global soybean outlook includes higher production, increased crush, lower exports and raised ending stocks. Global soybean production is increased 0.8 million tons to 422.5 million, reflecting higher crops for Russia and India, but lower output for Canada and Ukraine.

• Global soybean crush for 2025-2026 was increased 0.3 million tons to 365.2 million, mainly on higher supplies in Russia and India.

• Global soybean exports were lowered 0.3 million tons on lower shipments for Ukraine and Benin. Imports were reduced for Japan, Russia and Saudi Arabia, but raised for Brazil.

• Global soybean ending stocks were increased 0.4 million tons to 122.4 million, mainly on higher stocks for Brazil and Russia.

Wheat: USDA anticipates the 2025-2026 season-average farm price to be $5 per bushel, unchanged from last month.

• All of the supply and use categories for U.S. wheat were unchanged this month. However, there are offsetting by-class revisions for both feed and residual use and exports.

• This month’s global wheat outlook is for higher supplies, consumption, trade and ending stocks.

• Supplies are projected to increase 7.5 million tons to nearly 1.098 billion on larger production from several major exporting countries.

• Canada wheat production was raised 3 million tons to a record 40 million on the final 2025-2026 production forecast from Statistics Canada. Argentina is increased 2 million tons to a record 24 million on widespread favorable conditions throughout the growing season, especially in Buenos Aires, the largest wheat producing region. EU production was hiked by 1.7 million tons to 144 million on updated official government statistics for several countries. Both Australia and Russia were increased 1 million tons to 37 and 87.5 million, respectively.

• Global 2025-2026 wheat consumption was raised by 4.1 million tons to 823 million, primarily on higher feed and residual use for several of the aforementioned countries.

• Projected global ending stocks for the current marketing year were increased by 3.4 million tons to 274.9 million, mainly on increases for several exporting countries.

Corn (2025-2026 marketing year)

Total corn supply: 18.309 billion bushels

Exports: 3.2 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: 2.029 billion bushels

Soybeans (2025-2026 marketing year)

Total soybean supply: 4.59 billion bushels

Seed, residual: 110 million bushels

Exports: 1.635 billion bushels

Crushings: 2.555 billion bushels

Ending U.S. soybean stocks: 290 million bushels