USDA Slashes Corn Ending Stocks in December WASDE as Soybeans Hold Steady and World Wheat Output Rises

A tighter U.S. corn balance spurred buying, with export trends plus Argentina’s tax cuts now steering price risk.

Overview

USDA cut U.S. 2025/26 corn ending stocks by 125 million bushels to 2.029 billion, and corn futures rose 4 to 5 cents on the day.
U.S. soybean supply and demand were left unchanged at 290 million bushels, and nearby soybean contracts fell 6 to 8 cents.
Export Inspections showed 1.453 MMT of corn shipped in the week to Dec. 4, up 36% year over year, while soybean shipments were 1.018 MMT, down 41% from a year earlier.
USDA kept U.S. wheat ending stocks at 901 million bushels and raised world wheat ending stocks by 3.44 MMT on higher production; wheat futures closed mixed.
Argentina reduced export taxes to 24% for soybeans, 22.5% for soy products, 8.5% for corn, and 7.5% for wheat, and lagged CFTC data showed funds rapidly added soybean longs in early November.