Report Snapshot: lower-than expected corn ending stocks, wheat production

The corn and wheat markets are deepening earlier gains amid lower-than-expected U.S. and global corn ending stocks, while all wheat production was reported 30 million bu. short of the average trade estimate.

USDA
USDA
(Image courtesy USDA)

U.S. Winter Wheat Production

All wheat – billion bu.

USDA

1.858

Average est.

1.888

USDA 2023

1.812

Winter wheat – billion bu.

USDA

1.278

Average est.

1.316

USDA 2023

1.248

HRW wheat – million bu.

USDA

705

Average est.

695

USDA 2023

601

SRW wheat – million bu.

USDA

344

Average est.

404

USDA 2023

449

White winter wheat – million bu.

USDA

229

Average est.

212

USDA 2023

198

U.S. Carryover

Corn – billion bushels

2023-24

2024-25

USDA

2.022

2.102

Average est.

2.100

2.284

USDA April

2.122

NA

Soybeans – million bushels

2023-24

2024-25

USDA

340

445

Average est.

339

431

USDA April

340

NA

Wheat – million bushels

2023-24

2024-25

USDA

688

766

Average est.

696

786

USDA April

698

NA

Cotton – million bales

2023-24

2024-25

USDA

2.40

3.70

Average est.

NA

3.49

USDA April

2.50

NA

Global Carryover

Corn – MMT

2023-24

2024-25

USDA

313.08

312.27

Average est.

314.68

317.84

USDA April

318.28

NA

Soybeans – MMT

2023-24

2024-25

USDA

111.78

128.50

Average est.

112.35

120.87

USDA April

114.22

NA

Wheat – MMT

2023-24

2024-25

USDA

257.80

253.61

Average est.

256.90

257.37

USDA April

258.27

NA

Cotton – million bales

2023-24

2024-25

USDA

80.48

83.01

Average est.

NA

83.49

USDA April

83.34

NA