WASDE Endstocks Report (Aug):

US End‑Stocks Overview Reported vs. Forecast vs. Prior End‑Stocks Commodity Reported Estimate Previous Corn 1.653 B 1.737 B 1.790 B Soybean 320 M 300 M 310 M Wheat 717 M 720 M 722 M Cotton 4.00 M 3.99 M 4.10 M Interpretation of US End‑Stocks Corn – The reported 1.653 B bushels are below both the estimate (1.737 B) and the previous report (1.790 B). This signals a tighter corn supply than analysts expected. Soybean – At 320 M, reported stocks exceed the estimate (300 M) but are lower than the prior level (310 M). The market sees a modest improvement versus forecasts, yet a slight drawdown from the last period. Wheat – Reported wheat stocks (717 M) sit just under the estimate (720 M) and the previous figure (722 M), indicating a small shortfall relative to expectations. Cotton – With 4.00 M reported, cotton stocks are marginally above the estimate (3.99 M) but below the prior level (4.10 M), reflecting a near‑flat position and a slight decline from the last report. Global WASDE End‑Stocks (latest release) Commodity Reported Estimate Previous Corn 275 M 273 M 275 M Soybean 124 M 125 M 124 M Wheat 273 M 271 M 273 M Cotton 70 M 71 M 71 M Global Interpretation Corn – Global end‑stocks match the prior level and are slightly above the estimate, suggesting a modest cushion in world supplies. Soybean – End‑stocks are essentially unchanged from the prior period and just below the estimate, indicating a tight global soybean market. Wheat – Stocks are unchanged from the previous report and just above the estimate, pointing to a stable but slightly constrained wheat supply. Cotton – Global cotton stocks are below both the estimate and the prior figure, implying a marginal tightening in cotton availability.