The U.S. Department of Agriculture’s August World Agricultural Supply and Demand Estimates raised its projection for 2025-26 U.S. corn ending stocks to 2.117 billion bushels, far above the consensus estimate of 1.90 billion and up from 1.66 billion bushels a month earlier. Soybean inventories were trimmed to 290 million bushels, undershooting market expectations of 353 million and down from the previous 310 million bushels. The agency’s wheat outlook was nudged lower to 869 million bushels, slightly below both the 883 million forecast and the prior 890 million reading. For cotton, the USDA projected 3.6 million bales in ending stocks, compared with an anticipated 4.5 million and last month’s 4.6 million. The revised balance-sheet figures signal tighter supplies for soybeans and cotton while implying more comfortable corn reserves heading into the next marketing year.