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USDA’s latest published outlook as of October 8, 2026, projected substantial 2026/27 U.S. corn and soybean supplies—but not unchanged estimates. In its September 11 WASDE report, USDA lowered projected corn production and ending stocks from August. It raised soybean production slightly while trimming projected soybean ending stocks. The October WASDE report was scheduled for October 9 at noon Eastern, so the figures below are September projections, not an October update.
What did the latest USDA report say about corn and soybean supplies?
The latest available World Agricultural Supply and Demand Estimates report was WASDE-675, released September 11, 2026. Prepared and released monthly by USDA’s World Agricultural Outlook Board, WASDE provides annual supply-and-use forecasts for major U.S. and world agricultural commodities. The September report covered the 2026/27 marketing year and revised several estimates from August.
“Supplies” can refer to different parts of a crop balance sheet. Production is the amount forecast to be harvested; total supply also accounts for stocks carried in from the prior marketing year and other supply components. Use includes domestic consumption and exports. Ending stocks are the projected inventory remaining at the marketing-year end. A change in production therefore does not automatically translate into the same-sized change in ending stocks.
USDA’s WASDE report page describes the report as prepared and released by the World Agricultural Outlook Board.
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How much corn does USDA expect in 2026/27?
In September, USDA projected U.S. corn production of 15.8 billion bushels, 213 million bushels below its August forecast. The yield estimate fell 2.2 bushels per acre to 178.5, and projected harvested area edged down to 88.5 million acres.
USDA reduced projected total corn use by 150 million bushels to 16.2 billion. The principal change was a lower feed and residual use estimate of 6.0 billion bushels. The export forecast remained 3.3 billion bushels. With these revisions, projected ending stocks fell 86 million bushels from August to 1.6 billion bushels. USDA’s season-average farm price forecast rose 30 cents to $4.80 per bushel.
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How much soybean production and stock does USDA forecast?
USDA’s September projection put 2026/27 soybean production at 4.5 billion bushels, up 16 million from August. The harvested-area estimate rose 0.1 million acres, while the yield estimate increased 0.1 bushel per acre to 52.8.
The crush forecast was unchanged. USDA raised its soybean export forecast by 25 million bushels to 1.69 billion, while projected ending stocks declined 10 million bushels to 310 million. Its season-average farm price forecast rose 60 cents to $12.00 per bushel.
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September WASDE projections at a glance
| Measure | Corn, 2026/27 | Soybeans, 2026/27 |
|---|---|---|
| Production forecast | 15.8 billion bushels; down 213 million from August | 4.5 billion bushels; up 16 million from August |
| Yield forecast | 178.5 bushels per acre; down 2.2 from August | 52.8 bushels per acre; up 0.1 from August |
| Harvested area forecast | 88.5 million acres | Up 0.1 million acres from August; September summary does not state the revised total |
| Use and trade changes from August | Total use down 150 million bushels to 16.2 billion; exports unchanged at 3.3 billion | Crush unchanged; exports up 25 million bushels to 1.69 billion |
| Ending stocks forecast | 1.6 billion bushels; down 86 million from August | 310 million bushels; down 10 million from August |
| Season-average farm price forecast | $4.80 per bushel; up $0.30 from August | $12.00 per bushel; up $0.60 from August |
All figures and month-to-month changes in the table are from USDA’s World Agricultural Outlook Board, September 2026 WASDE. Price figures are season-average farm price forecasts, not retail prices or futures quotations.
Are corn and soybean stocks rising or falling?
The answer depends on which stocks measure you mean. WASDE’s 2026/27 ending stocks are forecasts: USDA lowered both crops’ projections from August, to 1.6 billion bushels for corn and 310 million for soybeans. Separately, USDA’s National Agricultural Statistics Service (NASS) reported inventory physically on hand on September 1, 2026. That observed old-crop inventory was higher year over year for corn and lower for soybeans.
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- Corn: NASS reported 2.10 billion bushels of old-crop stocks on September 1, up 35% from September 1, 2025. Of that inventory, 787 million bushels were stored on farms and 1.31 billion off farms. June–August indicated disappearance was 3.20 billion bushels, compared with 3.09 billion in the same period a year earlier.
- Soybeans: NASS reported old-crop stocks down 3% year over year on September 1, 2026.
These NASS observations describe old-crop inventory at a specific date; they are not estimates of 2026/27 ending stocks. NASS also made slight downward revisions to 2025 corn and soybean production in its September 30 release.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What do 2026 planted-acre estimates add?
NASS’s June 30, 2026 acreage release estimated 95.3 million corn acres planted, down 3% from 2025, and 85.4 million soybean acres planted, up 5%. It estimated harvested area at 87.4 million corn acres for grain and 84.4 million soybean acres.
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Those are June acreage estimates, not the same figures as September WASDE’s later harvested-area assumptions. Acreage helps describe the planting backdrop, but it does not by itself determine production or ending stocks; yields and use also affect the balance sheet.
When is the next USDA WASDE report?
As of October 8, 2026, USDA had scheduled the next report for October 9 at noon Eastern. Until that release, September WASDE-675 is the latest published forecast. Check USDA’s WASDE report page and release calendar for the report and schedule; the September figures here should not be read as October projections.
What these forecasts do—and do not—tell you
The balance sheets show USDA’s expectations for production, use, and stocks, alongside its season-average farm price forecasts. They are not a direct forecast of grocery prices, an individual farm’s profitability, or a particular futures-market move. Those outcomes depend on other costs, market conditions, and factors beyond the supply estimates summarized here.
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