Market analysis - USDA WASDE (September 2025)
Key findings
Corn (maize)
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US 2025/26 production: record high at 16.8bn bushels (+72m bushels vs. previous month).
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Yield: slightly lower at ~186.7 bu/acre (-2.1 vs. August), but offset by higher acreage planted and harvested.
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Ending stocks: slightly reduced, but remain very high.
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Exports: close to record level (~3.0 billion bushels).
Summary: Very large supply, export demand strong, but overall price pressure possible.
Wheat
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Production: stable, exports increased.
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Ending stocks: slightly lower.
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Global: Record production according to IGC (~811 million tons), but exporters' stocks at 7-year low.
Summary: Large global supply, but tight stocks at exporters support prices.
Rapeseed / Canola
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WASDE provides no new figures specifically for rapeseed.
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IGC (August): Rapeseed harvest in Ukraine -23%, exports -4%.
Summary: Tight supply situation, but pressure from competition from soybeans
