Key Takeaways from the July WASDE Report
- August 2025 WASDE Report raises U.S. corn production to a record 16.7 billion bushels.
- U.S. wheat ending stocks lowered to 869 million bushels; global wheat stocks at lowest since 2015/16.
- Soybean production trimmed on smaller harvested area despite higher yield.
- U.S. cotton production cut sharply on Southwest drought; prices raised to 64 cents/lb.
- Adjustments across rice, sugar, livestock, and dairy reflect mixed supply and price trends.
WASDE Report Highlights for Wheat and Corn
The August 2025 WASDE Report forecasts a slightly tighter U.S. wheat supply, reduced domestic use, higher exports, and smaller ending stocks at 869 million bushels. Global wheat production is lowered, with ending stocks at 260.1 million tons, the smallest since 2015/16.
For corn, U.S. production is projected at a record 16.7 billion bushels on increased harvested area and a record yield of 188.8 bushels per acre. Total use is raised to 16.0 billion bushels, with record exports forecast at 2.9 billion. Ending stocks are projected at 2.1 billion bushels, the highest since 2018/19, while the season-average price is lowered to $3.90 per bushel.
WASDE Report Insights on Rice and Oilseeds
The U.S. rice outlook shows higher supplies and exports, with production at 208.5 million cwt and ending stocks slightly lower at 44.6 million cwt. Globally, rice supplies are trimmed while consumption and trade see small increases.
For soybeans, U.S. production is forecast at 4.3 billion bushels, down 43 million from last month due to reduced harvested area, partly offset by a yield increase to 53.6 bushels per acre. Exports are lowered, bringing ending stocks down to 290 million bushels. Global oilseed production is reduced to 690.1 million tons, with global soybean stocks at 124.9 million tons.
Cotton, Sugar, and Livestock Updates
The U.S. cotton crop is forecast at 13.2 million bales, down nearly 1.4 million from July on reduced harvested area. Prices are raised to 64 cents/lb. Global cotton production, consumption, and stocks are all lowered.
U.S. sugar supply is increased on higher beet and Louisiana cane output, with ending stocks projected at 2.16 million short tons, raw value.
In livestock, beef and pork production are lowered for 2025, while broiler output is raised. Cattle and hog prices are forecast higher; broiler prices are lowered. Milk production is up for both 2025 and 2026, with the all-milk price for 2025 unchanged at $22.00/cwt.
Read the complete report here.
Discover the latest agricultural commodities prices here.
7 Comments