Dec. 1 Grain Stocks Top Expectations

US stockpiles of corn, wheat, and soybeans as of Dec. 1, 2025 were all heavier than expected, reinforcing the view that American grain supplies remain ample. 

A USDA grain stocks report on Monday showed national corn stocks stored in all positions on Dec. 1, 2025 totaled 13.3 billion bu, up 10% from a year earlier. The figure exceeded the average analyst estimate of 12.96 billion bu and was 1.21 billion bushels larger than last year.  

On-farm corn stocks rose sharply to 8.70 billion bu, up 14% year over year, while off-farm stocks increased 4% to 4.58 billion bu. Despite the larger inventory, disappearance during the September–November quarter totaled 5.29 billion bu, up from 4.58 billion bu during the same period in 2024. 

Soybean stocks also surprised to the upside. Total soybean stocks on Dec. 1 were reported at 3.29 billion bu, up 6% from a year earlier and 40 million bu above trade expectations.  

On-farm soybean stocks totaled 1.58 billion bu, up 2%, while off-farm stocks climbed 10% to 1.71 billion bu. In contrast to corn, soybean disappearance slowed notably, with September–November usage totaling 1.30 billion bu, down 20% from the same period last year. 

All wheat stored in all positions on Dec. 1 totaled 1.68 billion bu, up 7% from a year ago and above the average trade guess of 1.64 billion bushels. On-farm wheat stocks declined 4% to 446 million bu, while off-farm holdings rose 11% to 1.23 billion. Wheat disappearance for the September–November quarter reached 459 million bu, up 9% from last year, suggesting steadier domestic and export demand.