Below are the summaries straight from the report:
Read full report HERE
CORN
-This month’s 2021/22 U.S. corn outlook is for lower supplies, reduced feed and residual use, increased food, seed, and industrial use, lower exports, and smaller ending stocks.
-Projected beginning stocks for 2021/22 are 35 million bushels higher based on a lower use forecast for 2020/21.
-Corn production for 2021/22 is forecast at 14.8 billion bushels, down 415 million from the July projection.
-The season’s first survey-based corn yield forecast, at 174.6 bushels per acre, is 4.9 bushels below last month’s trend-based projection. Among the major producing states, today’s Crop Production report indicates that record-high yields are expected in Illinois, Indiana, and Ohio. In contrast, yields in Minnesota and South Dakota are forecast below a year ago.
-Total U.S. corn use for 2021/22 is down 190 million bushels to 14.7 billion.
-Feed and residual use is down 100 million bushels based mostly on a smaller crop and higher expected prices. Corn used for glucose and dextrose and starch is projected higher based on observed use during 2020/21.
-Exports for 2021/22 are lowered 100 million bushels to 2.4 billion. With supply falling more than use, ending stocks are down 190 million bushels to 1.2 billion.
-The season-average corn price received by producers is raised 15 cents to $5.75 per bushel. This month’s 2021/22 foreign coarse grain outlook is for lower production, slightly lower trade, and smaller stocks relative to last month.
-Foreign corn production is forecast higher relative to last month.
-For 2020/21, for the local marketing year beginning March 2021 corn exports are lowered for Brazil but raised for Argentina. Foreign corn ending stocks for 2021/22 are down 1.7 million tons to 253.1 million.
SOYBEANS /Oilseeds
-U.S. soybean supply and use changes for 2021/22 include higher beginning stocks and lower production, crush, and exports.
-Beginning soybean stocks are raised on lower 2020/21 crush and exports.
-Soybean production for 2021/22 is forecast at 4.34 billion bushels, down 66 million on lower yields.
-The first survey-based soybean yield forecast of 50.0 bushels per acre is reduced 0.8 bushels from last month.
-Soybean crush is reduced 20 million bushels on a lower domestic soybean meal disappearance forecast which is reduced in line with the prior year, and lower soybean meal exports.
-With soybean exports down 20 million bushels on lower supplies, ending stocks are forecast at 155 million bushels, unchanged from last month.
-The U.S. season-average soybean price for 2021/22 is forecast at $13.70 per bushel, unchanged from last month.
-The soybean meal price is forecast at $385 per short ton, down 10 dollars. The soybean oil price forecast is unchanged at 65.0 cents per pound.
-The 2021/22 global oilseed supply and demand forecasts include lower production, crush, exports, and slightly higher ending stocks compared to last month. Foreign oilseed production is reduced 3.6 million tons to 501.4 million, reflecting lower canola production for Canada and sunflowerseed for Russia.
-Global 2021/22 oilseed crush is lowered mainly on lower soybean crush for China and lower rapeseed supplies leading to reduced crush for the EU, Canada, and China. Soybean crush for China is lowered 2.0 million tons to 98 million, in line with downward revisions to crush and soybean meal consumption in the prior year.
-With lower demand, China’s 2021/22 soybean imports are lowered 1.0 million tons to 101 million. Global oilseed stocks are slightly higher as lower production is paired with lower use.
-Lower rapeseed and sunflowerseed stocks are offset by higher global soybean stocks, which are raised 1.7 million tons to 96.1 million mainly on higher stocks for China.
WHEAT
-The outlook for 2021/22 U.S. wheat this month is for reduced supplies, lower domestic use, unchanged exports, and decreased ending stocks.
-The NASS Crop Production report forecast all wheat production at 1,697 million bushels, down 49 million from the previous forecast.
-Most of the reduction is in Hard Red Winter and Soft White Winter. The all wheat yield is forecast at 44.5 bushels per acre, down 1.3 bushels from the previous forecast.
-Feed and residual use is lowered 10 million bushels to 160 million on reduced supplies. Food use for both 2020/21 and 2021/22 is reduced slightly, based primarily on the latest NASS Flour Milling Products report.
-Wheat exports are unchanged but there are offsetting by-class export changes for several classes.
-Projected 2021/22 ending stocks are reduced 38 million bushels to 627 million and are 26 percent below last year.
-The projected 2021/22 season-average farm price is raised $0.10 per bushel to $6.70.
-The global wheat outlook for 2021/22 is for reduced supplies, lower consumption, reduced trade, and smaller ending stocks.
-Projected 2021/22 world ending stocks are lowered 12.6 million tons to 279.1 million with China accounting for 51 percent of the total.
This material should be construed as the solicitation of an account, order, and/or services and represents the opinions and viewpoints of the individual authors or presenters. It does not constitute an individualized recommendation or take into account the particular trading objectives, financial situations, or needs of individual customers.
The views are current only through the date stated and are subject to change at any time based upon market or other conditions, and StoneX Group Inc. (“SGI”) disclaims any responsibility to update such views. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. Past performance does not guarantee future results.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided.
References to certain OTC products or swaps are made on behalf of StoneX Markets, LLC (SXM), a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (CFTC) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ and who have been accepted as customers of SXM.
StoneX Financial Inc. (SFI) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI is registered with the U.S. Securities and Exchange Commission (SEC) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Advisor. StoneX Financial (Canada) Inc. (SFCI) is registered in Canada and is a member of CIRO and CIPF. References to certain securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to certain exchange-traded futures and options are made on behalf of the FCM Division of SFI. Wealth Management is offered through SA Stone Wealth Management Inc., member FINRA/SIPC, and SA Stone Investment Advisors Inc., an SEC-registered investment advisor, both wholly owned subsidiaries of SGI.
R.J. O’Brien & Associates, LLC (RJO) is registered with the CFTC as a Futures Commission Merchant and is a member of NFA.
StoneX Financial Ltd (SFL) is registered in England and Wales, company no. 5616586. SFL is authorized and regulated by the Financial Conduct Authority (FCA) (registration number FRN:446717) to provide services to professional and eligible customers including: arrangement, execution and, where required, clearing derivative transactions in exchange traded futures and options. SFL is also authorized to engage in the arrangement and execution of transactions in certain OTC products, certain securities trading, precious metals trading and payment services to eligible customers. SFL is authorized and regulated by the FCA under the Payment Services Regulations 2017 for the provision of payment services. SFL is a category 1 ring-dealing member of the London Metal Exchange. In addition SFL also engages in other physically delivered commodities business and other general business activities which are unregulated and not required to be authorized by the FCA.
This communication is issued in the European Economic Area by StoneX Financial Europe GmbH (SFEG). StoneX is the trade name used by STONEX GROUP INC. and all its associated entities and subsidiaries. StoneX Financial Europe GmbH (“SFEG”) is a securities trading firm registered in Germany under Company No. HRB 80844.
StoneX Financial Pte Ltd (Co. Reg. No 201130598R) (“SFP”) is regulated by the Monetary Authority of Singapore and is a Capital Markets Service Licence holder (for dealing in capital market products), an Exempt Financial Adviser (for advising on investment products and issuing or promulgating analyses/ reports on investment products) and a Major Payment Institution (for domestic and cross-border money transfer services).
SFP may distribute analysis/report produced by its respective foreign affiliates within the StoneX Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations Recipients should contact SFP at (65) 6309 1000 for any matters arising from, or in connection with, this webinar.
StoneX APAC Pte. Ltd. (“SAP”) (Co. Reg. No 200616676W) is regulated as a Dealer (PS20190001002) under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 for purposes of anti-money laundering and countering the financing of terrorism.
StoneX Financial (HK) Limited (CE No.: BCQ152) (“SHK”) is regulated by the Hong Kong Securities and Futures Commission for Dealing in Securities and Dealing in Futures Contracts.
StoneX Financial Pty Ltd (ACN 141 774 727) holds an Australian Financial Service License (AFSL: 345646) for Dealing in Securities, Exchange-Traded Derivatives Contracts, OTC Derivatives Contracts and Foreign Exchange Contracts, and is regulated by the Australian Securities and Investments Commission.
StoneX Securities Co., Ltd. (“SSJ”) (Co. Reg. No 010401047199) is regulated by the Japanese Financial Services Agency as a Type-I Financial Instruments Business Operator (Kanto Local Finance Bureau (FIBO)No.291’), is a member of the Financial Futures Association of Japan for dealing and broking FX and FX Option transactions, and is a member of the Japan Securities Dealers Association for dealing and broking stock indices and option transactions.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. Past performance of any futures or option is not indicative of future success. Indicators are not a trading system and are not published as a specific trade recommendation. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
The report/analysis herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
© 2026 StoneX Group Inc. All Rights Reserved.
