08/14/2025
August 12, 2025
Here's a summary of today’s USDA WASDE report for corn and soybeans:
Corn
Yield and Production: The USDA projected a record U.S. corn yield of 188.8 bushels per acre (bpa), up 7.8 bpa from July and 9.5 bpa from 2024. Production is forecasted at a record 16.742 billion bushels, up 1.037 billion from July, driven by a 1.9-million-acre increase in harvested area (to 88.7 million acres) and higher yields. This exceeds the previous record set in 2023/24 by 1.4 billion bushels.
Ending Stocks: New crop (2025/26) ending stocks are estimated at 2.117 billion bushels, up 457 million from July, significantly above the average trade estimate of 1.916 billion. Old crop (2024/25) ending stocks were lowered to 1.305 billion bushels, down 35 million from July.
Usage: Total corn use for 2025/26 was raised by 545 million bushels to 15.955 billion, with feed and residual use up 250 million to 6.1 billion, ethanol use up 100 million to 5.6 billion, and exports up 200 million to a record 2.9 billion bushels.
Price: The season-average farm price was lowered by 30 cents to $3.90 per bushel, reflecting the large supply. December 2025 corn futures fell 13 cents to $3.94 post-report.
Global Stocks: World corn ending stocks for 2025/26 are projected at 282.5 million metric tons, up from 272.1 million in July.
Market Impact: The report was bearish for corn due to the higher-than-expected yield and acreage, leading to a sharp decline in corn futures.
Soybeans
Yield and Production: Soybean yield is projected at 53.6 bpa, up 1.1 bpa from July and nearly 3 bpa from 2024, just below the record. Production is forecasted at 4.292 billion bushels, down 43 million from July due to a 2.4-million-acre reduction in harvested area to 80.1 million acres.
Ending Stocks: New crop (2025/26) ending stocks are estimated at 290 million bushels, down 20 million from July and below the average trade estimate of 359 million. Old crop (2024/25) ending stocks were reduced to 330 million bushels, down 20 million from July.
Usage: Exports for 2025/26 were lowered by 40 million bushels to 1.705 billion due to slow early-season sales, while crush demand remains unchanged at 2.54 billion bushels.
Price: The season-average farm price remains at $10.10 per bushel. November soybean futures rose 21 cents to $10.32 post-report, reflecting a tighter supply outlook.
Global Stocks: Global soybean ending stocks for 2025/26 are projected at 124.9 million metric tons, down from 126.1 million in July. Argentine soybean production for 2024/25 was raised to 50.9 million metric tons, while Brazilian estimates were unchanged.
Market Impact: The report was bullish for soybeans due to lower production and tighter ending stocks, supporting higher futures prices.
This material has been prepared by a sales or trading employee or agent of Hansen Agri-Commodities, LLC and is, or is in the nature of, a solicitation. This material is not a research report prepared by Hansen Agri-Commodities, LLC. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions.
DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.
The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results. Trading advice is based on information taken from trades and statistical services and other sources that Hansen Agri-Commodities, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. © Hansen Agri-Commodities. 2025.
Send a message to learn more
