USDA: Strong Demand Tightens Corn, Soybean Supplies
The US Department of Agriculture (USDA) has released its latest supply and demand numbers for corn, soybeans, and wheat. The data shows that domestic new crop corn and soybean supplies are expected to tighten due to strong demand. For new crop corn, carryout is now seen at 1.567 billion bushels, a decline of 86 million from August.
The reduction in carryout is attributed to cuts to beginning stocks and 2026 production, which more than offset the lower feed and residual use figure. In contrast, old crop corn ending stocks were down 23 million bushels to 1.922 billion on strong exports, offsetting a slight rise in imports.
The average 2026/27 farm price for corn is estimated at $4.80 per bushel, compared to $4.50 a month ago and $4.15 for 2025/26. For soybeans, the new crop supply is projected at 310 million bushels, 10 million less than last month due to improved export demand.
The average 2026/27 farm price for soybeans is estimated at $12 per bushel, compared to $11.40 for August and $10.50 for 2025/26. Wheat production was up globally due to larger crop expectations in several countries, while exports from Russia and Ukraine were down modestly.