U.S. grain stocks report shows higher corn inventories, lower soybean and wheat holdings

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US grain stocks report

Highlights

U.S. old crop corn stocks as of Sept. 1, 2026 are 2.10 billion bushels, up 35% year over year, with on-farm stocks up 22% and off-farm up 44%.
Soybean stocks fall 3% and all wheat stocks decrease 14% to 1.85 billion bushels, driven by a 21% decline in on-farm wheat holdings and 10% off-farm.
2026 all wheat production drops 23% to 1.53 billion bushels, with winter wheat down 27%, spring wheat down 10%, and durum wheat down 24%.

Sept. 1 stock levels and survey findings

As reported by National Agricultural Statistics Service, citing the U.S. Department of Agriculture’s National Agricultural Statistics Service, old crop corn stocks on hand as of Sept. 1, 2026 total 2.10 billion bushels, up 35% from Sept. 1, 2025. Old crop soybeans stored in all positions are down 3% from a year earlier, while all wheat stocks are down 14%.

Of total corn stocks, 787 million bushels are stored on farms, up 22% from last year, and 1.31 billion bushels are held off farm, up 44%. June-August 2026 indicated corn disappearance reaches 3.20 billion bushels, compared with 3.09 billion bushels in the same period a year earlier.

The report also says revisions to the previous season’s production are normal at this point because the marketing year is complete. Production for 2025 corn is revised down less than 1%, and soybean production is revised down slightly from previous estimates.

All wheat stored in all positions on Sept. 1, 2026 totals 1.85 billion bushels, down 14% from a year ago. On-farm wheat stocks are estimated at 547 million bushels, down 21%, while off-farm stocks of 1.30 billion bushels are down 10%; June-August 2026 indicated wheat disappearance is 608 million bushels, down 14% from the same period last year.

Durum wheat stocks in all positions total 62.9 million bushels, down 13% from a year earlier. On-farm durum stocks are 43.8 million bushels, down 15%, off-farm holdings are 19.1 million bushels, down 6%, and June-August disappearance of 35.4 million bushels is down 15% year over year.

Wheat production decline adds market context

NASS says it conducts separate surveys for on-farm and off-farm stocks during the first two weeks of September, and it also releases its Small Grains Annual Summary on the same day. That report shows all wheat production totals 1.53 billion bushels in 2026, down 23% from the revised 2025 total, with harvested area at 31.9 million acres, down 15%, and average yield estimated at 48.1 bushels per acre, down 10%.

By type, winter wheat production stands at 1.02 billion bushels, down 27%, other spring wheat totals 450 million bushels, down 10%, and durum wheat production reaches 64.8 million bushels, down 24%. The combination of higher corn inventories and lower wheat production underscores diverging supply conditions across major U.S. grain markets at the start of the new marketing cycle.

In our earlier report on mixed commodity trading, we highlighted sharp divergences across major contracts, with energy prices rising while several agricultural markets weakened. Wheat and corn were among the notable decliners, reflecting uneven sentiment and heightened day-to-day volatility that can complicate pricing across food and agricultural supply chains.

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