US corn stocks rise 35% as wheat production falls 23%

U.S. old-crop corn stocks as of September 1, 2026 totaled 2.10 bln bushels, up 35% from a year earlier, according to USDA NASS. On-farm stocks increased by 22% to 787 mln bushels, while off-farm stocks rose by 44% to 1.31 bln bushels.

At the same time, soybean stocks declined by 3% year-on-year. USDA also slightly revised down its 2025 corn and soybean production estimates following the end of the marketing year.

The situation for wheat was notably different. U.S. wheat stocks as of September 1 totaled 1.85 bln bushels, down 14% from a year earlier. On-farm stocks fell by 21%, while off-farm inventories declined by 10%.

Total U.S. wheat production in 2026 fell by 23% to 1.53 bln bushels. Harvested area declined by 15% to 31.9 mln acres, while average yield dropped by 10% to 48.1 bushels per acre.

Winter wheat production posted the sharpest decline, falling 27% year-on-year to 1.02 bln bushels. Other spring wheat production decreased by 10%, while durum wheat output fell by 24%.

Tags: corn, wheat, USA