U.S. farmers are experiencing the highest stocks of corn and soybeans in four years as they begin harvesting what are anticipated to be record crops for both commodities. According to the U.S. Department of Agriculture (USDA), corn and soybean stocks as of September 1 were up 29% from the previous year.
Corn stocks reached 1.76 billion bushels, an increase from 1.36 billion a year ago, while soybean stocks rose to 342 million bushels, up from 264 million. Despite these increases, the figures fell short of analysts’ expectations, which projected 1.844 billion bushels for corn and 351 million for soybeans.
This year’s corn harvest is expected to be a record, with farmers opting to store much of it due to low grain prices—the lowest since 2020—which have impacted net estimated incomes by 23% from a record high two years ago. Additionally, competition from Brazil in the global export market has kept more supplies within the U.S.
The USDA is set to update its forecasts next week regarding grain and soybean storage levels before the 2025 harvests, a crucial factor influencing the prices of these major agricultural products. As of now, the corn harvest is 21% complete, and soybeans are 26% harvested.
For wheat, U.S. stocks were reported at 1.986 billion bushels, a 12% increase from the previous year, also marking a four-year high. However, wheat production was slightly adjusted down to 1.971 billion bushels, below earlier forecasts.