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US S&D Summary 9/11/26
05/12/2026 | 12:45 pm CDT

US S&D Summary 9/11/26

By 
US Supply/Demand Estimates    9/11/26
Million Bushels
            --------Corn-------     ------Soybeans-----    -------Wheat------
Crop Year    25-26   25-26   26-27  25-26   25-26   26-27  25-26   25-26   26-27
Report Dat9/11/26    08/129/11/26 9/11/26   08/129/11/26 9/11/26   08/129/11/26
Carryin      1,551   1,945   1,922    325     325     325    855     920     920
Production  17,021  16,013  15,800  4,262   4,519   4,535  1,985   1,531   1,531
Imports         30      25      25     25      25      25    125     140     140
Tot Supply  18,602  17,983  17,747  4,612   4,869   4,885  2,965   2,591   2,591

Feed         6,350   6,100   5,950                           119      80      80
Crush/mill   1,325   1,325   1,325  2,655   2,780   2,780    959     960     960
EthanolPro   5,550   5,600   5,600
Seed/other      30      30      30    112     110     111     58      59      59
Exports      3,425   3,275   3,275  1,520   1,660   1,685    908     775     775
Total Use   16,680  16,330  16,180  4,287   4,550   4,576  2,044   1,874   1,874
Carryout     1,922   1,653   1,567    325     320     310    920     717     717
Stks/UseRa   11.5%   10.1%    9.7%   7.6%    7.0%    6.8%  45.0%   38.3%   38.3%
Avg Price    $4.15   $4.50   $4.80 $10.50  $11.40  $12.00  $5.06   $6.20   $6.40
*Excludes corn for ethanol

In the September WASDE report, USDA estimated 1.567 billion bushels (bb) of 
U.S. ending corn stocks for the new 2026-27 season, down from 1.653 in August 
and based on 15.8 bb of production. U.S. old crop ending corn stocks for 
2025-26 were also reduced from 1.945 bb to 1.922 bb. Both ending stocks 
estimates were within the range of pre-report expectations.  

USDA estimated 310 million bushels (mb) of U.S. ending soybean stocks for 
2026-27, down 10 mb from August and based on a record 4.535 bb of production. 
U.S. ending soybean stocks for 2025-26 were unchanged at 325 mb. Soybean stocks 
estimates were within the range of pre-report expectations.

USDA estimated 717 mb of U.S. ending wheat stocks for 2026-27, unchanged from 
August and very close to expectations. USDA is estimating 1.531 bb of U.S. 
wheat production in 2026, the lowest since 1970.  

Friday’s U.S. ending stocks estimates were bullish for corn, neutral to 
slightly bullish for soybeans, and neutral for wheat.