USDA Crop Report Signals Tighter Supplies for Corn and Soybeans
The US Department of Agriculture's (USDA) latest crop production and world agricultural supply and demand estimates report has led to tighter supplies for both corn and soybeans, despite a record soybean crop forecast. The USDA reduced its corn production forecast by 213 million bushels, citing hot and dry conditions in the Corn Belt during late summer.
The smaller crop will lead to lower total corn supplies of 17.747 billion bushels, down from August's projection. Feed and residual use was reduced by 150 million bushels, while exports were left unchanged at 3.275 billion bushels. Domestic use was forecast at 12.905 billion bushels, down from 13.055 billion bushels projected a month earlier.
The production decline more than offset lower projected usage, resulting in 2026-27 ending stocks of 1.567 billion bushels, down 86 million bushels from the August projection. The stocks-to-use ratio declined to 9.7% from 10.1% in August.