News

USDA makes limited changes in June WASDE update

USDA made minimal adjustments to the domestic balance sheets for corn, soybeans, and wheat.

New crop corn ending stocks were up 3 million bushels from May at 1.96 billion on a slight increase for old crop exports. The average estimated 2026/27 farm price is now $4.40 per bushel, unchanged from last month and up from the 2025/26 guess of $4.15.

New crop soybean ending stocks held 310 million bushels as a 20 million bushel cut to old crop export canceled out a 20 million bushel rise for old crop domestic crush. The average estimated 2026/27 farm price is $11.40 per bushel, steady on the month and up from the projection of $10.40 for the current marketing year.

The USDA made no changes to corn and soybean production, likely waiting until after the acreage totals, which are out at the end of the month.

New crop wheat ending stocks are pegged at 744 million bushels with the USDA lowering production a little due to a fractional cut in winter wheat yield. The 2026 U.S. winter wheat crop will be the smallest in decades due to planted area declines and weather issues.

Globally, the new crop wheat production guess was a little bit larger, while the USDA raised old crop corn production for Argentina and Brazil and old crop soybean production for Argentina.

The USDA’s next round of supply and demand numbers is out July 10^th.