WASDE Grain Report
WASDE #673 · Corn · Wheat · Soybeans · Cotton
July 2026
USDA OCE/WAOB
World Ending Stocks: 275.26 MMT — near average 50th percentile
Ex-China Stocks-to-Use (STU): 9.1% — below average ex-China — mildly supportive 30th percentile
vs. WASDE #672: world ending stocks cut by 5.96 MMT (281.22 → 275.26) ▼ -5.96
Supply & Demand Balance Sheet — World vs. US (MMT)
| Item |
World |
United States |
World MoM |
| Beg. Stocks | 298.67 | 51.31 | ▼ -4.69 |
| Production | 1,297.09 | 406.42 | ▼ -3.29 |
| Imports | 204.00 | 0.64 | ▲ +4.37 |
| Dom. Total Use | 1,320.49 | 331.61 | ▼ -2.03 |
| Exports | 209.88 | 81.28 | ▲ +2.27 |
| Ending Stocks | 275.26 | 45.46 | ▼ -5.96 |
| Stocks-to-Use % | 18.0% | 11.0% | |
| Ex-China STU % | 9.1% 30th pct | — | |
Ending stocks by marketing year — World and US. Red = current (2026/27). Source: USDA WASDE.
Corn ending stocks by year
| 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 | 296.21 | 39.40 |
| 25/26 | 298.67 | 51.31 |
| 26/27 | 275.26 | 45.46 |
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 Year | World STU (%) | Ex-China STU (%) |
|---|
| 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 | 12.2 |
| 18/19 | 24.2 | 10.5 |
| 19/20 | 23.4 | 10.3 |
| 20/21 | 22.1 | 8.4 |
| 21/22 | 22.1 | 9.1 |
| 22/23 | 22.5 | 9.4 |
| 23/24 | 22.3 | 9.4 |
| 24/25 | 20.6 | 9.3 |
| 25/26 | 19.3 | 9.9 |
| 26/27 | 18.0 | 9.1 |
World Ending Stocks: 272.84 MMT — above average — mildly bearish 70th percentile
Ex-China Stocks-to-Use (STU): 17.1% — near-average ex-China supply 50th percentile
vs. WASDE #672: world ending stocks cut by 2.58 MMT (275.42 → 272.84) ▼ -2.58
Supply & Demand Balance Sheet — World vs. US (MMT)
| Item |
World |
United States |
World MoM |
| Beg. Stocks | 279.04 | 25.04 | ▼ -0.91 |
| Production | 819.97 | 41.81 | ▼ -0.09 |
| Imports | 208.17 | 3.81 | ▲ +0.88 |
| Dom. Total Use | 826.16 | 29.91 | ▲ +1.57 |
| Exports | 213.05 | 21.09 | ▲ +1.10 |
| Ending Stocks | 272.84 | 19.66 | ▼ -2.58 |
| Stocks-to-Use % | 26.3% | 38.5% | |
| Ex-China STU % | 17.1% 50th pct | — | |
Ending stocks by marketing year — World and US. Red = current (2026/27). Source: USDA WASDE.
Wheat ending stocks by year
| 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 | 259.88 | 23.26 |
| 25/26 | 279.04 | 25.04 |
| 26/27 | 272.84 | 19.66 |
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 Year | World STU (%) | Ex-China STU (%) |
|---|
| 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 | 19.0 |
| 18/19 | 31.2 | 18.4 |
| 19/20 | 31.6 | 18.0 |
| 20/21 | 28.9 | 17.6 |
| 21/22 | 27.4 | 16.1 |
| 22/23 | 27.2 | 15.8 |
| 23/24 | 26.5 | 15.6 |
| 24/25 | 25.5 | 15.2 |
| 25/26 | 26.5 | 17.4 |
| 26/27 | 26.3 | 17.1 |
U.S. Wheat by Class — 2026/27 (Million Bushels) | vs. WASDE #672
| Item | HRW (KC) | SRW (Chicago) | HRS (Mpls) |
|---|
| Production | 471.00 | 287.00 | 436.00 |
| Exports | 210.00 | 100.00 | 240.00 |
| Dom. Use | 410.00 | 223.00 | 292.00 |
| Ending Stocks | 308.00 | 101.00 | 201.00 |
World Ending Stocks: 124.17 MMT — historically ample — bearish pressure 90th percentile
Ex-China Stocks-to-Use (STU): 16.1% — historically tight ex-China — structurally supportive for prices 10th percentile
vs. WASDE #672: world ending stocks cut by 0.71 MMT (124.88 → 124.17) ▼ -0.71
Supply & Demand Balance Sheet — World vs. US (MMT)
| Item |
World |
United States |
World MoM |
| Beg. Stocks | 125.33 | 8.98 | ▼ -0.19 |
| Production | 441.70 | 121.79 | ▲ +0.36 |
| Imports | 189.27 | 0.68 | ▲ +1.25 |
| Dom. Total Use | 441.72 | 77.84 | ▲ +0.94 |
| Exports | 190.41 | 45.18 | ▲ +1.19 |
| Ending Stocks | 124.17 | 8.44 | ▼ -0.71 |
| Stocks-to-Use % | 19.6% | 6.9% | |
| Ex-China STU % | 16.1% 10th pct | — | |
Ending stocks by marketing year — World and US. Red = current (2026/27). Source: USDA WASDE.
Soybeans ending stocks by year
| 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 | 125.93 | 8.84 |
| 25/26 | 125.33 | 8.98 |
| 26/27 | 124.17 | 8.44 |
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 Year | World STU (%) | Ex-China STU (%) |
|---|
| 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 | 19.7 |
| 18/19 | 23.2 | 24.3 |
| 19/20 | 18.5 | 16.9 |
| 20/21 | 19.0 | 16.6 |
| 21/22 | 17.9 | 16.6 |
| 22/23 | 18.9 | 16.5 |
| 23/24 | 20.5 | 16.3 |
| 24/25 | 21.1 | 17.4 |
| 25/26 | 20.3 | 16.8 |
| 26/27 | 19.6 | 16.1 |
World Ending Stocks: 71.22 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 #672: world ending stocks raised by 0.09 M Bales (71.13 → 71.22) ▲ +0.09
Supply & Demand Balance Sheet — World vs. US (M Bales)
| Item |
World |
United States |
World MoM |
| Beg. Stocks | 75.72 | 4.20 | ▼ -0.91 |
| Production | 117.26 | 13.70 | ▲ +1.22 |
| Imports | 43.34 | 0.01 | ◆ unch |
| Dom. Total Use | 121.95 | 1.60 | ▲ +0.19 |
| Exports | 43.34 | 12.30 | ◆ unch |
| Ending Stocks | 71.22 | 4.10 | ▲ +0.09 |
| Stocks-to-Use % | 43.1% | 29.5% | |
| 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 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 | 75.72 | 4.20 |
| 26/27 | 71.22 | 4.10 |
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 Year | World STU (%) | Ex-China STU (%) |
|---|
| 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 | 34.7 |
| 18/19 | 49.3 | 36.2 |
| 19/20 | 67.0 | 53.9 |
| 20/21 | 50.1 | 37.0 |
| 21/22 | 47.9 | 30.5 |
| 22/23 | 50.8 | 38.2 |
| 23/24 | 46.1 | 30.5 |
| 24/25 | 46.1 | 32.4 |
| 25/26 | 45.9 | 31.7 |
| 26/27 | 43.1 | 28.9 |
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 — July 2026
Data through: WASDE: #673
Source: SoftSignal Research | https://reports.getsoftsignal.com/2026/wasde_grains_b5b3b1c3.html
SUPPLY & DEMAND — ENDING STOCKS:
Corn 275.3 MMT STU 18.0%
Wheat 272.8 MMT STU 26.3%
Soybeans 124.2 MMT STU 19.6%
Cotton 71.2 M Bales STU 43.1%
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