The U.S. Department of Agriculture projected record corn harvested area and exports in its September World Agricultural Supply and Demand Estimates report released Thursday, while also forecasting lower wheat stocks and reduced soybean prices.
Corn
U.S. corn harvested area is forecast at 90.0 million acres for 2025/26, up 1.3 million from last month's estimate and the highest since 1933. If realized, planted area of 98.7 million acres would be the highest since 1936. Despite a 2.1-bushel reduction in yield to 186.7 bushels per acre, production is projected at 16.8 billion bushels, up 72 million from August.
Corn exports are projected at a record 3.0 billion bushels, up 100 million from last month, reflecting "U.S. export competitiveness and robust early-season demand," according to the report. The season-average corn price remains unchanged at $3.90 per bushel.
Wheat
For wheat, the outlook includes unchanged supplies and domestic use, but exports are raised by 25 million bushels to 900 million due to a "continued strong pace of sales and shipments of Hard Red Winter wheat." As a result, ending stocks are lowered to 844 million bushels, slightly below last year's level.
The projected 2025/26 wheat season-average farm price was reduced by $0.20 per bushel to $5.10.
Global wheat outlook showed increased supplies, with production increases in several major exporting countries. Australia's production is raised 3.5 million tons to 34.5 million, while the EU increased 1.9 million tons to 140.1 million. Russia's production is up 1.5 million tons to 85.0 million.
Soybeans
For soybeans, U.S. production is projected at 4.3 billion bushels, with higher harvested area offset by a lower yield of 53.5 bushels per acre. The crush forecast is raised 15 million bushels due to stronger soybean meal exports, while soybean exports are reduced by 20 million bushels on increased competition from Russia, Canada, and Argentina.
The U.S. season-average soybean price is forecast at $10.00 per bushel, down $0.10 from August, while soybean meal and oil prices remain unchanged at $280 per short ton and 53 cents per pound, respectively.
Rice
Rice supplies are projected higher on increased beginning stocks, imports, and production. Total exports are lowered 3.0 million hundredweight to 94.0 million due to "uncompetitive prices and a slow pace of sales." The all-rice season-average farm price is projected at $13.20 per hundredweight, down $1.00 from last month.
Globally, rice supplies reached a record 729.5 million tons, while ending stocks for soybeans decreased to 124.0 million tons.
