The USDA has tightened the balance sheet for U.S. corn.
Corn ending stocks were down 100 million bushels from January at a still large 2.127 billion, with the USDA expecting strong export demand to carry through the second half of the current marketing year.
Domestic wheat ending stocks were up 5 million bushels on the month at 931 million following a cut to the food use guess.
There were no adjustments to U.S. soybean ending stocks, which were left at 350 million bushels.
The USDA also left U.S. corn, soybean, and wheat price projections unchanged from last month at $4.10, $10.20, and $4.90 per bushel, respectively. That compares to the 2024/25 averages of $4.24 for corn, $10 for soybeans, and $5.52 for wheat.
Globally, South American corn production and export numbers were steady, while the soybean crop estimate for Brazil was up, and the USDA lowered world wheat production and ending stocks, while increasing exports.
The numbers had minimal immediate impact on futures prices.
The 2025/26 marketing year began June 1st for wheat and September 1st for beans and corn.
The USDA’s next round of supply and demand estimates is out March 10th.
