The USDA’s 29% year-over-year increase for both corn and soybean stocks refers to inventories measured on September 1, 2024—not the latest September figures. USDA’s September 30, 2026 report showed corn stocks up 35% and soybean stocks down 3% from a year earlier.
Which USDA report says corn and soybean stocks were up 29%?
The paired 29% figure comes from the USDA National Agricultural Statistics Service (NASS) report published September 30, 2024. It measured old-crop inventories on September 1, 2024, against inventories on September 1, 2023. NASS reported 1.76 billion bushels of corn and 342 million bushels of soybeans, each 29% higher year over year. See the USDA’s September 30, 2024 release and its Grain Stocks report.
What do the latest September figures show?
The September 30, 2026 NASS release reported a different year-over-year comparison for stocks on September 1, 2026:
| Commodity | Stocks on September 1, 2026 | Year-over-year change |
|---|---|---|
| Corn | 2.10 billion bushels | Up 35% |
| Soybeans | Quantity not stated in the release summary cited here | Down 3% |
These are old-crop stocks, measured at the end of the relevant marketing year. The soybean percentage is not the same as the 2024 increase. Details are in NASS’s September 30, 2026 release.
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Why the date matters when comparing stocks
“Stocks” are an estimate of inventory at a particular point in time, not the amount produced over a year. USDA publishes quarterly Grain Stocks estimates, including national and state figures and separate on-farm and off-farm positions. A comparison needs its reference date as well as its year-over-year basis; figures from different quarters describe different snapshots.
For example, NASS reported that on June 1, 2026, corn stocks totaled 5.29 billion bushels, up 14% year over year, while soybean stocks totaled 1.06 billion bushels, up 5%. Those June figures should not be substituted for the September 1 estimates. The June 30 release is available from USDA NASS.
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How to read the USDA stocks figures
- Check the reference date: September 1 and June 1 estimates are different quarterly snapshots.
- Identify the crop basis: the September release reports old-crop stocks at the end of the marketing year.
- Distinguish totals from storage positions: NASS reports total stocks and separates on-farm from off-farm stocks; changes in one component do not, by themselves, establish the change in the total.
- Keep the quantity and percentage together: bushels describe the reported inventory, while the percentage compares it with the same date a year earlier.
NASS describes the survey and its estimates in its Off-Farm Grain Stocks survey guide.
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