USDA May 12 Bullish Wheat, Supportive Beans, Neutral Corn

USDA WASDE SUPPLY/DEMAND  HIGHLIGHTS

Bullish for wheat, supportive for soybeans and neutral for corn.

Corn

  • US 2025/26 stocks up 15 mil. to 2.142 bil. slightly above expectations
  • 2025/26 Global stocks up 2 mmt to 297 mmt
  • 2025/26 Argentine production up 7 mmt to 59 mmt, Brazil up 3 mmt to 135 mmt
  • US 2026 Production 15.995 bil. bu. down 126 mil. from YA, in line with expectations
  • US 2026/27 stocks at 1.957 bil. in line with expectations
  • Global 2026/27 stocks at 277.5 mmt below expectations

Soybeans

  • US 2025/26 stocks down 10 mil. to 340 mil.  Exports down 10 mil., crush up 20 mil.
  • Soybean oil usage biofuel production up 200 mil. lbs. to 14.2 bil.
  • Meal exports up 400k tons to 19,800 thousand tons
  • 2025/26 Global stocks little changed at 125 mmt
  • US 2026 Production 4.435 bil. bu. up 173 mil. from YA, in line with expectations
  • US 2026/27 stocks at 310 mil. bu., at the low end of expectations
  • Global 2026/27 stocks at 124.5 mmt below expectations

Wheat

  • US 2025/26 stocks down 3 mil. to 935 mil.  in line with expectations
  • 2025/26 Global stocks down 4 mmt to 279.2 mmt, well below expectations
  • US All Wheat 2026 Production at 1.561 bil. down 424 mil. from YA and 174 mil. below expectations
  • Winter wheat production at 1.048 bil. down 354 mil. from YA and 151 mil. below expectations
  • By class production HRW – 515 mil. vs. 630 expected, SRW – 301 mil. vs. 336 expected and white 232 mil.
  • US 2026/27 stocks at 762 mil. mil. bu. were 71 mil. below expectations
  • Global 2026/27 stocks at 275 mmt were 6 mmt below expectations
USDA May 12 Infographic

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