SoftSignal Research
WASDE Grain Report
WASDE #671 · Corn · Wheat · Soybeans · Cotton
May 2026
USDA OCE/WAOB
World Ending Stocks: 277.54 MMT — near average 50th percentile
vs. WASDE #670: world ending stocks raised by 2.14 MMT (294.81 → 296.95) ▲ +2.14
Supply & Demand Balance Sheet — World vs. US (MMT)
| Item |
World |
United States |
World MoM |
| Beg. Stocks | 296.95 | 54.41 | ▼ -1.48 |
| Production | 1,295.38 | 406.29 | ▲ +11.61 |
| Imports | 198.59 | 0.64 | ▲ +2.76 |
| Dom. Total Use | 1,314.79 | 331.61 | ▲ +7.98 |
| Exports | 206.91 | 80.01 | ▲ +6.32 |
| Ending Stocks | 277.54 | 49.71 | ▲ +2.14 |
| Stocks-to-Use % | 18.2% | 12.1% | |
Ending stocks by marketing year — World and US. Red = current (2026/27). Source: USDA WASDE.
| Marketing Year | World (MMT) | US (MMT) |
|---|
| 07/08 | 129.86 | 41.26 |
| 08/09 | 149.07 | 42.50 |
| 09/10 | 144.11 | 43.38 |
| 10/11 | 128.19 | 28.64 |
| 11/12 | 132.82 | 25.12 |
| 12/13 | 135.43 | 20.86 |
| 13/14 | 175.03 | 31.29 |
| 14/15 | 209.82 | 43.97 |
| 15/16 | 213.93 | 44.12 |
| 16/17 | 350.75 | 58.25 |
| 17/18 | 341.60 | 54.37 |
| 18/19 | 321.07 | 56.41 |
| 19/20 | 306.37 | 48.76 |
| 20/21 | 292.83 | 31.36 |
| 21/22 | 310.79 | 34.98 |
| 22/23 | 304.77 | 34.55 |
| 23/24 | 315.25 | 44.79 |
| 24/25 | 294.80 | 39.40 |
| 25/26 | 296.95 | 54.41 |
| 26/27 | 277.54 | 49.71 |
World stocks-to-use ratio. Lower = tighter market, more price-sensitive to supply shocks.
| Marketing Year | Stocks-to-Use (%) |
|---|
| 07/08 | 14.9 |
| 08/09 | 17.2 |
| 09/10 | 15.7 |
| 10/11 | 13.6 |
| 11/12 | 13.3 |
| 12/13 | 14.1 |
| 13/14 | 16.2 |
| 14/15 | 18.7 |
| 15/16 | 19.7 |
| 16/17 | 28.2 |
| 17/18 | 27.6 |
| 18/19 | 24.2 |
| 19/20 | 23.4 |
| 20/21 | 22.1 |
| 21/22 | 22.1 |
| 22/23 | 22.5 |
| 23/24 | 22.3 |
| 24/25 | 20.5 |
| 25/26 | 19.5 |
| 26/27 | 18.2 |
World Ending Stocks: 275.04 MMT — above average — mildly bearish 70th percentile
vs. WASDE #670: world ending stocks cut by 3.91 MMT (283.12 → 279.21) ▼ -3.91
Supply & Demand Balance Sheet — World vs. US (MMT)
| Item |
World |
United States |
World MoM |
| Beg. Stocks | 279.21 | 25.44 | ▼ -0.20 |
| Production | 819.06 | 42.49 | ▼ -0.31 |
| Imports | 207.31 | 3.81 | ▲ +0.72 |
| Dom. Total Use | 823.23 | 29.91 | ▲ +3.40 |
| Exports | 211.70 | 21.09 | ▲ +1.80 |
| Ending Stocks | 275.04 | 20.74 | ▼ -3.91 |
| Stocks-to-Use % | 26.6% | 40.7% | |
Ending stocks by marketing year — World and US. Red = current (2026/27). Source: USDA WASDE.
| Marketing Year | World (MMT) | US (MMT) |
|---|
| 07/08 | 122.66 | 8.32 |
| 08/09 | 166.66 | 17.87 |
| 09/10 | 202.50 | 26.55 |
| 10/11 | 198.90 | 23.47 |
| 11/12 | 198.89 | 20.21 |
| 12/13 | 175.59 | 19.54 |
| 13/14 | 193.92 | 16.07 |
| 14/15 | 217.58 | 20.48 |
| 15/16 | 242.74 | 26.55 |
| 16/17 | 262.31 | 32.13 |
| 17/18 | 283.69 | 29.91 |
| 18/19 | 283.37 | 29.39 |
| 19/20 | 296.83 | 27.99 |
| 20/21 | 286.33 | 23.00 |
| 21/22 | 272.69 | 18.36 |
| 22/23 | 275.42 | 15.50 |
| 23/24 | 269.65 | 18.95 |
| 24/25 | 258.89 | 23.26 |
| 25/26 | 279.21 | 25.44 |
| 26/27 | 275.04 | 20.74 |
World stocks-to-use ratio. Lower = tighter market, more price-sensitive to supply shocks.
| Marketing Year | Stocks-to-Use (%) |
|---|
| 07/08 | 16.7 |
| 08/09 | 21.2 |
| 09/10 | 25.8 |
| 10/11 | 25.3 |
| 11/12 | 23.3 |
| 12/13 | 21.5 |
| 13/14 | 22.4 |
| 14/15 | 25.0 |
| 15/16 | 27.5 |
| 16/17 | 28.4 |
| 17/18 | 30.7 |
| 18/19 | 31.2 |
| 19/20 | 31.6 |
| 20/21 | 28.9 |
| 21/22 | 27.4 |
| 22/23 | 27.2 |
| 23/24 | 26.5 |
| 24/25 | 25.4 |
| 25/26 | 26.7 |
| 26/27 | 26.6 |
U.S. Wheat by Class — 2025/26 (Million Bushels) | vs. WASDE #670
| Item | HRW (KC) | SRW (Chicago) | HRS (Mpls) |
|---|
| Production | 804.00 | 353.00 | 458.00 |
| Exports | 320.00 | 125.00 | 235.00 |
| Dom. Use | 440.00 | 228.00 | 279.00 |
| Ending Stocks | 453.00 | 131.00 | 224.00 |
World Ending Stocks: 124.78 MMT — historically ample — bearish pressure 90th percentile
vs. WASDE #670: world ending stocks raised by 0.34 MMT (124.79 → 125.13) ▲ +0.34
Supply & Demand Balance Sheet — World vs. US (MMT)
| Item |
World |
United States |
World MoM |
| Beg. Stocks | 125.13 | 9.25 | ▲ +1.10 |
| Production | 441.54 | 120.70 | ▲ +0.19 |
| Imports | 188.02 | 0.68 | ▼ -0.86 |
| Dom. Total Use | 440.69 | 77.83 | ▲ +0.70 |
| Exports | 189.22 | 44.36 | ▼ -0.60 |
| Ending Stocks | 124.78 | 8.44 | ▲ +0.34 |
| Stocks-to-Use % | 19.8% | 6.9% | |
Ending stocks by marketing year — World and US. Red = current (2026/27). Source: USDA WASDE.
| Marketing Year | World (MMT) | US (MMT) |
|---|
| 07/08 | 52.96 | 5.58 |
| 08/09 | 42.57 | 3.76 |
| 09/10 | 59.99 | 4.11 |
| 10/11 | 70.11 | 5.85 |
| 11/12 | 53.58 | 4.61 |
| 12/13 | 57.40 | 3.83 |
| 13/14 | 61.77 | 2.50 |
| 14/15 | 77.53 | 5.19 |
| 15/16 | 78.50 | 5.35 |
| 16/17 | 95.65 | 8.21 |
| 17/18 | 99.02 | 11.92 |
| 18/19 | 114.48 | 24.74 |
| 19/20 | 96.84 | 14.28 |
| 20/21 | 100.35 | 6.99 |
| 21/22 | 93.09 | 7.47 |
| 22/23 | 101.79 | 7.19 |
| 23/24 | 115.13 | 9.32 |
| 24/25 | 125.91 | 8.84 |
| 25/26 | 125.13 | 9.25 |
| 26/27 | 124.78 | 8.44 |
World stocks-to-use ratio. Lower = tighter market, more price-sensitive to supply shocks.
| Marketing Year | Stocks-to-Use (%) |
|---|
| 07/08 | 17.1 |
| 08/09 | 14.3 |
| 09/10 | 18.1 |
| 10/11 | 20.4 |
| 11/12 | 15.3 |
| 12/13 | 15.9 |
| 13/14 | 15.9 |
| 14/15 | 18.1 |
| 15/16 | 17.6 |
| 16/17 | 20.0 |
| 17/18 | 20.2 |
| 18/19 | 23.2 |
| 19/20 | 18.5 |
| 20/21 | 19.0 |
| 21/22 | 17.9 |
| 22/23 | 18.9 |
| 23/24 | 20.5 |
| 24/25 | 21.1 |
| 25/26 | 20.4 |
| 26/27 | 19.8 |
World Ending Stocks: 71.84 M Bales — below average — mildly supportive 25th percentile
vs. WASDE #670: world ending stocks raised by 0.23 M Bales (77.04 → 77.27) ▲ +0.23
Supply & Demand Balance Sheet — World vs. US (M Bales)
| Item |
World |
United States |
World MoM |
| Beg. Stocks | 77.27 | 4.40 | ▲ +0.45 |
| Production | 116.04 | 13.30 | ▲ +0.77 |
| Imports | 43.37 | 0.01 | ◆ unch |
| Dom. Total Use | 121.69 | 1.60 | ▲ +0.99 |
| Exports | 43.34 | 12.30 | ▲ +0.06 |
| Ending Stocks | 71.84 | 3.90 | ▲ +0.23 |
| Stocks-to-Use % | 43.5% | 28.1% | |
Ending stocks by marketing year — World and US. Red = current (2026/27). Source: USDA WASDE.
| Marketing Year | World (M Bales) | US (M Bales) |
|---|
| 07/08 | 62.66 | 10.04 |
| 08/09 | 60.52 | 6.34 |
| 09/10 | 47.09 | 2.95 |
| 10/11 | 49.44 | 2.60 |
| 11/12 | 73.44 | 3.35 |
| 12/13 | 90.04 | 3.80 |
| 13/14 | 102.86 | 2.35 |
| 14/15 | 111.74 | 3.65 |
| 15/16 | 94.91 | 3.80 |
| 16/17 | 80.40 | 2.75 |
| 17/18 | 80.74 | 4.20 |
| 18/19 | 79.95 | 4.85 |
| 19/20 | 97.05 | 7.25 |
| 20/21 | 86.30 | 3.15 |
| 21/22 | 76.32 | 4.05 |
| 22/23 | 75.90 | 4.65 |
| 23/24 | 73.30 | 3.15 |
| 24/25 | 74.52 | 4.00 |
| 25/26 | 77.27 | 4.40 |
| 26/27 | 71.84 | 3.90 |
World stocks-to-use ratio. Lower = tighter market, more price-sensitive to supply shocks.
| Marketing Year | Stocks-to-Use (%) |
|---|
| 07/08 | 38.8 |
| 08/09 | 43.2 |
| 09/10 | 30.5 |
| 10/11 | 33.1 |
| 11/12 | 49.3 |
| 12/13 | 58.3 |
| 13/14 | 68.2 |
| 14/15 | 76.2 |
| 15/16 | 64.5 |
| 16/17 | 52.2 |
| 17/18 | 49.1 |
| 18/19 | 49.3 |
| 19/20 | 67.0 |
| 20/21 | 50.1 |
| 21/22 | 47.9 |
| 22/23 | 50.8 |
| 23/24 | 46.1 |
| 24/25 | 46.1 |
| 25/26 | 47.1 |
| 26/27 | 43.5 |
WASDE Grain Report · USDA OCE/WAOB · Corn · Wheat · Soybeans · Cotton
Data: USDA Office of the Chief Economist — World Agricultural Supply and Demand Estimates
WASDE Grain & Cotton Report — May 2026
Data through: WASDE: #671
Source: SoftSignal Research | https://reports.getsoftsignal.com/2026/wasde_grains_715ced6f.html
SUPPLY & DEMAND — ENDING STOCKS:
Corn 277.5 MMT STU 18.2%
Wheat 275.0 MMT STU 26.6%
Soybeans 124.8 MMT STU 19.8%
Cotton 71.8 M Bales STU 43.5%
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