USDA’s July Supply and Demand Report came in close to trade expectations, but Total Farm Marketing Senior Analyst Bryan Doherty said there were enough adjustments to lend modest support to grain prices. “Ending stocks for the 2025-26 marketing year came in at 2.02 billion bushels, down from 2.145 billion last month,” said Doherty. “That’s 57 million bushels below the average pre-report estimate, so I’d put that needle toward slightly supportive.” New-crop corn ending stocks also came in below expectations. “Ending stocks for next year were down 65 million bushels from expectations, so that’s slightly supportive as well.”
