The latest U.S. Department of Agriculture reports show significant shifts in grain inventories as the 2025 marketing year gets underway. According to the USDA’s National Agricultural Statistics Service (NASS) Grain Stocks report released Thursday, old crop corn stocks as of September 1, 2025, totaled 1.53 billion bushels, down 13% from the same date last year. Soybean stocks were also lower, falling 8% from September 1, 2024, while all wheat stocks increased by 6% over the same period.
On-farm corn stocks were estimated at 643 million bushels, an 18% decrease from last year, while off-farm stocks totaled 888 million bushels, down 10%. Indicated disappearance of corn from June through August 2025 was 3.11 billion bushels, compared with 3.23 billion bushels a year earlier. NASS also revised the previous season’s corn and soybean production slightly upward, as is typical once a marketing year concludes.
Wheat inventories showed gains across most categories. Total wheat stocks reached 2.12 billion bushels, with 692 million on farms and 1.43 billion off-farm, representing increases of 4% and 7%, respectively. Indicated disappearance for all wheat during June–August 2025 was 715 million bushels, up 5% from the same period last year. Durum wheat stocks rose 6% to 71.1 million bushels, with on-farm levels up 9% and off-farm levels slightly down 3%.
The USDA also released its Small Grains Annual Summary, reporting U.S. wheat production of 1.98 billion bushels in 2025, nearly unchanged from 2024. Harvested area totaled 37.2 million acres, down 4%, while yields averaged 53.3 bushels per acre, a 4% increase. Winter wheat production rose 3%, other spring wheat declined 9%, and durum wheat increased 8% compared to 2024.
These reports provide a snapshot of U.S. grain supply and set the stage for market expectations as demand, export sales, and domestic use continue to influence price movements in the coming months.
