Corn, soybean stocks steady, wheat falls

WASHINGTON — Wheat stocks fell on lower production estimates, and corn and soybeans supplies were steady in the U.S. Department of Agriculture’s supply and demand estimates report released on June 11.

Wheat: The 2026-2027 season-average farm price was lowered 50 cents from last month to $6 per bushel based on expectations of futures and cash prices for the marketing year.

• Supplies were reduced on decreased output as all wheat production is projected at 1.543 billion bushels, down 18 million from last month largely on smaller hard red winter wheat production due to drought conditions.

• The all wheat average yield nationwide was lowered a half-bushel per acre to 47 bushels.

• Exports were unchanged at 775 million bushels, down 15% from the prior year.

• Projected ending stocks were reduced 18 million bushels to 744 million, 20% below the previous year.

• Global wheat consumption was increased by 1.4 million tons to 824.6 million, mainly on higher feed and residual use in Russia.

• World trade is 0.3 million tons higher at 212 million on increased exports for Ukraine and other countries partially offset by lower exports for Australia.

• Projected 2026-2027 global ending stocks were raised 0.4 million tons to 275.4 million mostly on increases for Egypt and Turkey that are partially offset by lower stocks in Ukraine, Australia, Russia and the United States.

Corn: USDA kept the projected new crop season-average farm price received by producers at $4.40 per bushel.

• USDA increased 2025-2026 ending stocks by 3 million bushels, which in turn increased new crop ending stocks that same amount to 1.96 billion bushels.

• Exports for 2025-2026 were increased 25 million bushels to a record 3.325 billion bushels, but USDA lowered corn for ethanol by the same amount to 5.575 billion bushels.

• Brazil’s corn production estimate was increased by 3 million metric tons to a record 139 million — 5.47 billion bushels — based on expectations for the first and second crops.

• Argentina’s corn crop was hiked by 2 million metric tons to 61 million with increases in both yield and area.

• For 2025-2026, corn exports were increased for India, the United States, Russia, South Africa and Paraguay. Imports were raised for Mexico, Algeria and Egypt, but lowered for Thailand.

• Global corn ending stocks, at 281.2 million tons, are up 3.7 million from last month.

Soybeans: The U.S. season-average price for 2026-2027 is forecast at $11.40 per bushel, unchanged from last month.

• For 2025-2026, soybean crush was raised on higher soybean meal exports and domestic disappearance.

• Soybean oil for biofuel use was raised for 2025-2026 while exports are lowered.

• U.S. soybean exports for 2025-2026 were reduced by 20 million bushels to 1.51 billion — a 13-year low — based on available U.S. Census data, offsetting the increase in crush and resulting in unchanged ending stocks of 310 million bushels.

• Global beginning stocks were raised mainly on higher production for Argentina in the prior marketing year, which was increased by 2 million tons to 50 million.

• World soybean production for 2026-2027 was lowered 0.2 million tons on reduced harvested area for Russia.

• Global exports are unchanged with lower exports for Russia offset by higher exports for Argentina.

• Global soybean ending stocks for 2026-2027 were raised 0.1 million tons to 124.9 million mainly on higher stocks for Argentina.

Corn (2026-2027 marketing year)

Total corn supply: 18.165 billion bushels

Exports: 3.15 billion bushels

Feed, residual: 6.1 billion bushels

Food, seed, industrial: 6.955 billion bushels

Ethanol and byproducts: 5.6 billion bushels

Ending U.S. corn stocks: 1.96 billion bushels

Soybeans (2026-2027 marketing year)

Total soybean supply: 4.8 billion bushels

Seed, residual: 110 million bushels

Exports: 1.63 billion bushels

Crushings: 2.75 billion bushels

Ending U.S. soybean stocks: 310 million bushels