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WASDE Grain Report
WASDE #672 · Corn · Wheat · Soybeans · Cotton
June 2026 USDA OCE/WAOB

Corn

WASDE #672 | 2026/27 Marketing Year | vs. WASDE #671
World Ending Stocks: 281.22 MMT — near average 50th percentile
Ex-China Stocks-to-Use (STU): 9.6% — near-average ex-China supply 60th percentile
vs. WASDE #671: world ending stocks raised by 3.68 MMT (277.54 → 281.22) ▲ +3.68

Supply & Demand Balance Sheet — World vs. US (MMT)

Item World United States World MoM
Beg. Stocks303.3654.48▲ +6.41
Production1,300.38406.29▲ +5.00
Imports199.630.64▲ +1.04
Dom. Total Use1,322.52331.61▲ +7.73
Exports207.6180.01▲ +0.70
Ending Stocks281.2249.78▲ +3.68
Stocks-to-Use %18.4%12.1%
Ex-China STU %9.6% 60th pct—

Ending stocks by marketing year — World and US. Red = current (2026/27). Source: USDA WASDE.

Corn ending stocks by year
Marketing YearWorld (MMT)US (MMT)
07/08129.8641.26
08/09149.0742.50
09/10144.1143.38
10/11128.1928.64
11/12132.8225.12
12/13135.4320.86
13/14175.0331.29
14/15209.8243.97
15/16213.9344.12
16/17350.7558.25
17/18341.6054.37
18/19321.0756.41
19/20306.3748.76
20/21292.8331.36
21/22310.7934.98
22/23304.7734.55
23/24315.2544.79
24/25295.9839.40
25/26303.3654.48
26/27281.2249.78

World (teal) and Ex-China (gold) stocks-to-use. China holds non-tradeable domestic reserves — Ex-China shows globally-available supply tightness.

Corn stocks-to-use by year
Marketing YearWorld STU (%)Ex-China STU (%)
07/0814.9—
08/0917.2—
09/1015.7—
10/1113.6—
11/1213.3—
12/1314.1—
13/1416.2—
14/1518.7—
15/1619.7—
16/1728.2—
17/1827.612.2
18/1924.210.5
19/2023.410.3
20/2122.18.4
21/2222.19.1
22/2322.59.4
23/2422.39.4
24/2520.69.3
25/2619.710.3
26/2718.49.6

Wheat

WASDE #672 | 2026/27 Marketing Year | vs. WASDE #671
World Ending Stocks: 275.42 MMT — above average — mildly bearish 75th percentile
Ex-China Stocks-to-Use (STU): 17.4% — near-average ex-China supply 50th percentile
vs. WASDE #671: world ending stocks raised by 0.38 MMT (275.04 → 275.42) ▲ +0.38

Supply & Demand Balance Sheet — World vs. US (MMT)

Item World United States World MoM
Beg. Stocks279.9525.44▲ +0.74
Production820.0642.01▲ +1.00
Imports207.293.81◆ unch
Dom. Total Use824.5929.91▲ +1.36
Exports211.9521.09▲ +0.25
Ending Stocks275.4220.25▲ +0.38
Stocks-to-Use %26.6%39.7%
Ex-China STU %17.4% 50th pct—

Ending stocks by marketing year — World and US. Red = current (2026/27). Source: USDA WASDE.

Wheat ending stocks by year
Marketing YearWorld (MMT)US (MMT)
07/08122.668.32
08/09166.6617.87
09/10202.5026.55
10/11198.9023.47
11/12198.8920.21
12/13175.5919.54
13/14193.9216.07
14/15217.5820.48
15/16242.7426.55
16/17262.3132.13
17/18283.6929.91
18/19283.3729.39
19/20296.8327.99
20/21286.3323.00
21/22272.6918.36
22/23275.4215.50
23/24269.6518.95
24/25259.5323.26
25/26279.9525.44
26/27275.4220.25

World (teal) and Ex-China (gold) stocks-to-use. China holds non-tradeable domestic reserves — Ex-China shows globally-available supply tightness.

Wheat stocks-to-use by year
Marketing YearWorld STU (%)Ex-China STU (%)
07/0816.7—
08/0921.2—
09/1025.8—
10/1125.3—
11/1223.3—
12/1321.5—
13/1422.4—
14/1525.0—
15/1627.5—
16/1728.4—
17/1830.719.0
18/1931.218.4
19/2031.618.0
20/2128.917.6
21/2227.416.1
22/2327.215.8
23/2426.515.6
24/2525.415.2
25/2626.617.5
26/2726.617.4

U.S. Wheat by Class — 2025/26 (Million Bushels) | vs. WASDE #671

ItemHRW (KC)SRW (Chicago)HRS (Mpls)
Production804.00353.00458.00
Exports320.00125.00235.00
Dom. Use440.00228.00279.00
Ending Stocks453.00131.00222.00

Soybeans

WASDE #672 | 2026/27 Marketing Year | vs. WASDE #671
World Ending Stocks: 124.88 MMT — historically ample — bearish pressure 90th percentile
Ex-China Stocks-to-Use (STU): 16.3% — historically tight ex-China — structurally supportive for prices 20th percentile
vs. WASDE #671: world ending stocks raised by 0.10 MMT (124.78 → 124.88) ▲ +0.10

Supply & Demand Balance Sheet — World vs. US (MMT)

Item World United States World MoM
Beg. Stocks125.529.25▲ +0.39
Production441.34120.70▼ -0.20
Imports188.020.68◆ unch
Dom. Total Use440.7877.83▲ +0.09
Exports189.2244.36◆ unch
Ending Stocks124.888.44▲ +0.10
Stocks-to-Use %19.8%6.9%
Ex-China STU %16.3% 20th pct—

Ending stocks by marketing year — World and US. Red = current (2026/27). Source: USDA WASDE.

Soybeans ending stocks by year
Marketing YearWorld (MMT)US (MMT)
07/0852.965.58
08/0942.573.76
09/1059.994.11
10/1170.115.85
11/1253.584.61
12/1357.403.83
13/1461.772.50
14/1577.535.19
15/1678.505.35
16/1795.658.21
17/1899.0211.92
18/19114.4824.74
19/2096.8414.28
20/21100.356.99
21/2293.097.47
22/23101.797.19
23/24115.139.32
24/25126.008.84
25/26125.529.25
26/27124.888.44

World (teal) and Ex-China (gold) stocks-to-use. China holds non-tradeable domestic reserves — Ex-China shows globally-available supply tightness.

Soybeans stocks-to-use by year
Marketing YearWorld STU (%)Ex-China STU (%)
07/0817.1—
08/0914.3—
09/1018.1—
10/1120.4—
11/1215.3—
12/1315.9—
13/1415.9—
14/1518.1—
15/1617.6—
16/1720.0—
17/1820.219.7
18/1923.224.3
19/2018.516.9
20/2119.016.6
21/2217.916.6
22/2318.916.5
23/2420.516.3
24/2521.117.4
25/2620.416.8
26/2719.816.3

Cotton

WASDE #672 | 2026/27 Marketing Year | vs. WASDE #671
World Ending Stocks: 71.13 M Bales — below average — mildly supportive 25th percentile
Ex-China Stocks-to-Use (STU): 28.9% — historically tight ex-China — structurally supportive for prices 10th percentile
vs. WASDE #671: world ending stocks cut by 0.71 M Bales (71.84 → 71.13) ▼ -0.71

Supply & Demand Balance Sheet — World vs. US (M Bales)

Item World United States World MoM
Beg. Stocks76.634.20▼ -0.64
Production116.0413.30◆ unch
Imports43.340.01◆ unch
Dom. Total Use121.761.60▲ +0.07
Exports43.3212.30◆ unch
Ending Stocks71.133.70▼ -0.71
Stocks-to-Use %43.1%26.6%
Ex-China STU %28.9% 10th pct—

Ending stocks by marketing year — World and US. Red = current (2026/27). Source: USDA WASDE.

Cotton ending stocks by year
Marketing YearWorld (M Bales)US (M Bales)
07/0862.6610.04
08/0960.526.34
09/1047.092.95
10/1149.442.60
11/1273.443.35
12/1390.043.80
13/14102.862.35
14/15111.743.65
15/1694.913.80
16/1780.402.75
17/1880.744.20
18/1979.954.85
19/2097.057.25
20/2186.303.15
21/2276.324.05
22/2375.904.65
23/2473.303.15
24/2574.524.00
25/2676.634.20
26/2771.133.70

World (teal) and Ex-China (gold) stocks-to-use. China holds non-tradeable domestic reserves — Ex-China shows globally-available supply tightness.

Cotton stocks-to-use by year
Marketing YearWorld STU (%)Ex-China STU (%)
07/0838.8—
08/0943.2—
09/1030.5—
10/1133.1—
11/1249.3—
12/1358.3—
13/1468.2—
14/1576.2—
15/1664.5—
16/1752.2—
17/1849.134.7
18/1949.336.2
19/2067.053.9
20/2150.137.0
21/2247.930.5
22/2350.838.2
23/2446.130.5
24/2546.132.4
25/2646.632.5
26/2743.128.9
WASDE Grain Report · USDA OCE/WAOB · Corn · Wheat · Soybeans · Cotton
Data: USDA Office of the Chief Economist — World Agricultural Supply and Demand Estimates
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WASDE Grain & Cotton Report — June 2026 Data through: WASDE: #672 Source: SoftSignal Research | https://reports.getsoftsignal.com/2026/wasde_grains_40c875fc.html SUPPLY & DEMAND — ENDING STOCKS: Corn 281.2 MMT STU 18.4% Wheat 275.4 MMT STU 26.6% Soybeans 124.9 MMT STU 19.8% Cotton 71.1 M Bales STU 43.1%
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