By DTN Staff

This article was originally published at 11:07 a.m. CDT on Tuesday, Sept. 30. It was last updated with additional information at 3:12 p.m. CDT on Tuesday, Sept. 30.

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OMAHA (DTN) -- USDA raised corn stocks as of Sept. 1 to 1.53 billion bushels, above the range of pre-report expectations, and lowered soybean stocks to 316 million bushels, within the range of expectations.

The agency also used its Sept. 30 Grain Stocks report to revise 2024 acreage, yield and production estimates for corn and soybeans. The result was 25 million bushels more corn production, while soybean production was revised up by 7.74 mb.

USDA released its quarterly Grain Stocks and Small Grains Summary reports on Tuesday.

Tuesday's U.S. Sept. 1 stocks estimates were bearish for corn, neutral for soybeans and bearish for wheat, according to DTN Lead Analyst Rhett Montgomery. USDA's wheat production estimate was bearish for wheat markets, he said.

Montgomery took a deeper look at USDA's estimates and what they could mean for markets moving forward in a webinar following the reports' release on Tuesday. You can view it here: https://www.dtnpf.com/….

You can also view the full reports here:

-- Grain Stocks and Small Grains Summary: https://www.nass.usda.gov/…

CORN STOCKS

Old-crop corn stocks in all positions on Sept. 1, 2025, totaled 1.53 billion bushels (bb), down 13% from a year ago.

The stocks came in above the high end of pre-report estimates.

On-farm stocks were projected at 634 million bushels (mb), down 18% from a year ago. Off-farm stocks, at 888 mb, are down 10% from last year.

The June-August 2025 indicated usage, or disappearance, is 3.11 bb, compared with 3.23 bb from the same period in 2024.

Based on the end-of-year marketing estimates, increased NASS 2024-25 corn production by 25 mb. Acreage planted also is increased by 315,000 acres, and harvested acres for grain was increased to 83 million acres.

SOYBEAN STOCKS

Soybean stocks as of Sept. 1 totaled 316 mb, which is 8% less than last year. USDA says 91.5 mb are stored on farms, down 18% from last year, while 225 mb are in commercial storage. That's 3% less than in 2024. Usage, which USDA calls indicated disappearance, from June through August was 691 mb, which is 10% higher than the previous year.

USDA revised 2024 production based on its stocks estimates, usage data for exports and crush and farm program administrative data. Production was revised upward by 7.74 mb, with planted acres estimated at 87.3 million and harvested acreage at 86.2 million. Yield was unchanged at 50.7 bushels per acre.

WHEAT STOCKS

All wheat stored in all positions on Sept. 1, 2025, totaled 2.12 bb, up 6% from a year ago.

On-farm stocks are estimated at 692 mb, up 4% from last September. Off-farm stocks are pegged at 1.43 bb, up 7% from a year ago. The June-August 2025 indicated usage came in at 715 mb, up 5% from the same period last year.

Durum wheat stocks in all positions was pegged at 71.1 mb, up 6% from last year. On-farm stocks came in at 51.5 mb, up 9% from last year. Off-farm stocks of durum wheat was listed at 19.6 mb, down 3% from a year ago. The quarterly usage was listed at 43 mb, up 27% from last year.

SMALL GRAINS SUMMARY

All-wheat production totaled 1.98 bb in 2025, up from the 2024 total of 1.97 bb. All wheat yield came in at 53.3 bushels per acre, up from 51.2 bpa in 2024.

All-wheat harvested acres came in at 37.2 million acres this year compared to 38.5 million in 2024, or down 4% from one year ago.

All-winter wheat production was 1.4 bb in 2025, a 3% increase from 1.349 bb in 2024.

Hard red winter wheat production came in at 804.4 mb in 2025, compared to 773.4 mb last year. Soft red winter wheat production was at 352.9 mb this year, increased from 344.5 mb one year ago.

White winter wheat production came in at 244.0 mb in 2025, an increase from 235.0 mb last year.

Spring wheat production was reported at 497.0 mb, compared to 544 mb in 2024.

Durum wheat production was 86.2 mb in 2025, compared to 80.1 mb last year.

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QUARTERLY STOCKS (million bushels)
	9/1/25	Avg	High	Low	6/1/25	9/1/24
Corn	1,532	1,336	1,450	1,260	4,644	1,763
Soybeans	316	322	347	295	1,008	342
Wheat	2,120	2,041	2,090	1,954	851	1,992
U.S. PRODUCTION (Million Bushels) 2025-26
	Sep	Avg	High	Low	Aug	2024-25
All Wheat	1,985	1,925	1,970	1,898	1,927	1,979
Winter	1,402	1,343	1,375	1,245	1,355	1,354
HRW	804	768	781	758	769	773
SRW	353	349	475	335	339	344
White	244	256	368	235	247	237
Other Spring	497	484	506	470	484	544
Durum	86	85	89	79	87	80

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