World S&D Summary 9/11/26

World S&D Summary             9/11/26
Million metric tons
            --------Corn-------     ------Soybeans-----    -------Wheat------
Crop Year    25-26   25-26   26-27  25-26   25-26   26-27  25-26   25-26   26-27
Report Dat 9/11/26 8/12/26 9/11/269/11/26 8/12/26 9/11/269/11/26 8/12/26 9/11/26
Carryin     295.70  298.83  301.38 125.95  125.12  125.27 260.59  280.22  280.60
Production 1330.81 1298.88 1290.95 429.41  442.25  442.35 843.99  819.30  822.43
Ttl Supply 1626.51 1597.71 1592.33 555.36  567.37  567.621104.58 1099.52 1103.03

Feed        826.12  832.46  827.40                        168.51  163.83  164.73
Crush                              374.31  384.76  385.22
Other       499.01  490.59  492.83  56.33   57.26   57.22 655.47  662.44  662.01
Total Use  1325.13 1323.05 1320.23 430.64  442.02  442.44 823.98  826.27  826.74

EndCarryou  301.38  274.66  272.10 125.27  124.21  124.02 280.60  273.25  276.29
Stks/UseRa   22.7%   20.8%   20.6%  29.1%   28.1%   28.0%  34.1%   33.1%   33.4%

USDA estimated 272.1 mmt of global corn ending stocks in 2026-27, down from 
274.7 mmt forecasted in the August report and the lowest in 13 years. USDA 
increased its estimate of global ending corn stocks for 2025-26 from 298.8 mmt 
to 301.4 mmt, larger stocks than expected.

USDA forecasted 124.02 mmt of global soybean ending stocks in 2026-27, down 
fractionally from the August report. USDA slightly increased its estimate of 
world soybean stocks for 2025-26 from 125.1 mmt to 125.3 mmt, which fell within 
pre-report expectations.

USDA forecasted 276.3 mmt of global wheat ending stocks in 2026-27, up from 
273.3 mmt in the August report and driven by cuts to Black Sea exports. World 
stockpiles were larger than pre-report expectations.

Friday’s world ending stocks estimates from USDA were neutral for corn, 
neutral for soybeans, and neutral for wheat.