Global ending stocks for wheat and corn are projected lower, with notable declines for Türkiye, the U.S., and Russia. Soybean supplies rise on adjustments in China’s crushing estimates.

Global grain supply forecasts took a downward turn in the U.S. Department of Agriculture’s (USDA) July World Agricultural Supply and Demand Estimates (WASDE) report, with Turkey listed among the countries expected to see reduced wheat and corn ending stocks in 2025/26.

The USDA lowered global wheat ending stocks by 1.1 million tons from last month’s estimate, reflecting reductions in Türkiye, Russia, and the United States. A similar reduction is seen in global corn stocks, down 2.6 million tons, also citing declines in Türkiye, China, India, and South Africa.

In contrast, global soybean stocks are revised upward. The USDA explains this is “primarily due to a lower 2023/24 crush for China, resulting in higher beginning stocks for 2024/25.” Still, the U.S. soybean balance sheet remains unchanged.

U.S. wheat exports were raised by 25 million bushels, a response to “a fast pace of sales and shipments in recent weeks.” However, the global market remains under pressure as consumption rises, notably in food-deficit regions like Nigeria, Sudan, and India.