The USDA tightened the balance sheet for corn while leaving soybean and wheat ending stocks unchanged.
The corn carryout for the current marketing year is now seen at 2.029 billion bushels, 125 million lower than November on a higher export projection. Soybean ending stocks held at 290 million bushels and wheat stayed at 901 million bushels, with no changes from last month.
The average estimated 2025/26 farm price for wheat is pegged at $5.00 per bushel, steady on the month and below the average of $5.52 for 2024/25. The average estimated 2025/26 farm price for corn is expected to be $4.00 per bushel, unchanged from a month ago and less than the average of $4.24 in the previous marketing year. The average estimated 2025/26 farm price for soybeans is $10.50 per bushel, the same as in November and above the average of $10.00 for 2025/24.
Globally, there were also no changes on corn and soybean production and exports in South America, while world wheat production and ending stocks rose, with increased crop guesses for several competing exporters, including Argentina, Australia, Canada, the European Union, and Russia.
The 2025/26 marketing year began June 1st for wheat and September 1st for beans and corn.
The USDA’s next round of supply, demand, and production numbers is out January 12th.
