USDA raises old crop corn, new crop wheat export estimates

The USDA made modest adjustments to domestic ending stocks projections for grains and oilseeds.

Old crop corn ending stocks were down 50 million bushels from May at 1.415 billion bushels due to an increased export guess, which also pulled new crop stocks 50 million bushels lower to 1.75 billion. The average 2024/25 farm price is still $4.35 per bushel with 2025/26 at $4.20, also steady with last month.

New crop wheat ending stocks are now seen at 898 million bushels, a cut of 25 million bushels, also on a higher export guess. There were no changes for old crop wheat at 841 million bushels. The average 2024/25 farm price for wheat is $5.50 per bushel, unchanged, with 2025/26 at $5.40, up $.10.

There were no changes to old or new crop soybeans. 2024/25 soybean ending stocks held at 350 million bushels with 2025/26 at 295 million. The average 2024/25 farm price for soybeans is $9.95 with 2025/26 at $10.25, both steady.

The USDA’s winter wheat production estimate was up modestly on the month on a slightly higher yield forecast.

Globally, the USDA did lower Argentina’s soybean crop, while leaving Brazil unchanged, with no changes to South America’s corn figures and minor changes to world wheat production.

The 2024/25 marketing year began September 1^st for beans and corn, while 2025/26 kicked off June 1^st for wheat.

The USDA’s next round of supply and demand projections is out July 11^th.

Tags: USDA, new crop, Brazil, Argentina, winter wheat, old crop, soybeans, Grains, oilseeds, ending stocks, Production, wheat, forecast, corn, yield