The September World Agricultural Supply and Demand Estimates Report today included farm surveys along with soybean pod counts and corn ear weights. For the 2025-26 marketing year, U.S. ending stocks were reported as:
• Corn at 2.11 billion bushels, nearly unchanged from 2.117 billion last month, but above the 2.011 billion trade estimate.
• Soybeans at 300 million bushels, up from 290 million last month, and above the 288 million bushels traders expected.
Ohio Country Journal reports that after the report was released, corn was down 1 cent, soybeans up 3 cents, and wheat down 4 cents. Prior to the noon report, corn was up 4 cents, soybeans up 8 cents, and wheat down 2 cents. Both corn and soybeans remain in bear market mode, but in two vastly different bearish scenarios. Corn is a “supply bear,” due to record U.S. corn production and yields. Note that U.S. corn exports are strong, increasing with seven WASDE reports in the 2024-25 marketing year. Many expect that the strong corn export picture will continue into the new crop marketing year, which began on September 1. Soybeans are in a “demand bear,” due to huge demand concerns for U.S. exports. China remains determined not to buy U.S. soybeans due to tariff concerns.