Written Commentary
WASDE SUPPLY/DEMAND HIGHLIGHTS
No major surprises in today’s USDA data.
Corn:
- 2024/25 ending stocks down 50 mil to 1.365 bil, 25 mil below expectations
- 2024/25 export raised 50 mil to 2.650 bil
- China’s 2024/25 imports cut 1 mmt to 7 mmt
- 2025/26 ending stocks down 50 mil to 1.750 bil, 40 mil below expectations
- No change to SA production forecasts
- 2025/26 global stocks down 2.6 mmt to 275.2 mmt
Soybeans
- 2024/25 endings stocks unchanged at 350 mil. bu. in line with expectations
- 200 mil. lbs. of bean oil shifted to exports from domestic biofuel usage
- China’s 2024/25 crush cut 1 mmt to 108 mmt
- 2025/26 ending stocks unchanged at 295 mil. bu.
- No changed to SA production forecasts
- 2025/26 global stocks increased 1 mmt to 125.3 mmt
Wheat
- 2024/25 ending stocks unchanged at 841 mil bu
- 2025/26 production unchanged at 1.921 bil
- Winter wheat production unchanged at 1.382 bil
- 2025/26 ending stocks cut 25 mil. to 898 mil on higher exports
- 2025/26 global stocks down 3 mmt to 262.8 mmt
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