The USDA report for the 2025/2026 season assumes higher global ending wheat stocks: +6.2 million tons to 283.1 million tons, including thanks to India, the EU, and Australia. The USDA forecasts larger global corn stocks: +2.1 million tons to 294.8 million tons, with production increases particularly in India and South Africa and changes in trade. In the case of soy, the USDA indicates a decrease in global ending stocks to 124.8 million tons, despite higher initial stocks and production corrections in Brazil. Let's start with wheat. As the USDA report indicates, forecasts for the global wheat market for the 2025/2026 season this month predict higher supplies, lower consumption, slightly less trade, and an increase in ending stocks. USDA on higher wheat stocks by over 6 million tons As reported, supplies will increase by 1.5 million tons to 1,103.2 million, mainly due to higher production from the EU and Russia. - Global consumption in 2025/2026 will decrease by 4.7 million tons to ...