USDA Reports Summary
USDA Lowers Old-Crop and New-Crop Corn Ending Stocks in June WASDE Report
This article was originally published at 11:04 a.m. CDT on Thursday, June 12. It was last updated with additional information at 11:31 a.m. CDT on Thursday, June 12.
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OMAHA (DTN) -- USDA on Thursday increased old-crop corn exports by 50 million bushels, lowering ending stocks for both old-crop and new-crop corn as a result.
Old-crop ending stocks for corn were lowered to 1.365 billion bushels, and the move also lowered the new-crop ending stocks for corn from 1.8 billion bushels to 1.75 billion bushels.
USDA released its latest World Agricultural Supply and Demand Estimates (WASDE) and Crop Production reports on Thursday.
Thursday's U.S. ending stocks estimates were slightly bullish for corn, neutral for soybeans and slightly bullish for wheat, said DTN Lead Analyts Rhett Montgomery. World ending stocks estimates from USDA were neutral to slightly bullish for corn, neutral for soybeans and slightly bullish for wheat, he said.
Stay tuned throughout the morning and refresh this page often. We will be sending a series of updates with the important highlights from Thursday's reports, including commentary from our analysts.
You can also view the full reports here:
-- Crop Production: https://www.nass.usda.gov/…
-- World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…
CORN
USDA lowered old-crop ending stocks by 50 million bushels (mb), which flowed through the 2025-26 crop numbers, lowering new-crop ending stocks by 50 mb to 1.75 billion bushels (bb).
USDA forecasts the 2025-26 crop corn at 15.82 bb based on a yield forecast of 181 bushels per acre.
Planted acres remain projected at 95.3 million acres. Harvested acres are projected at 87.4 million.
On the demand side, the forecast for the 2025-26 corn crop projects total feed and residual use at 5.9 bb. Ethanol use is pegged at 5.5 bb. Total domestic use is forecast at 12.785 bb.
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Corn exports for the new crop are projected at 2.675 bb.
Ending stocks for the 2025-26 crop are projected 1.75 bb.
The farmgate price for the 2025-26 crop is projected at $4.20 a bushel.
Globally, USDA projects beginning stocks for the 2025-26 corn crop at 285.04 million metric tons (mmt), down 2.25 mmt from last month. Production is forecast at 1,265.98 mmt, up 1 mmt from May. Exports globally are projected at 195.82 mmt. That puts projected global ending stocks for the 2025-26 crop at 275.24 mmt, down 2.6 mmt from May.
With old-crop domestic corn, U.S. exports for the 2024-25 crop are pegged at 2.65 bb, up 50 mb from May.
Ending stocks for the 2024-25 crop were projected at 1.365 bb.
Production for the 2024-25 crop remained at 14.867 bb.
For domestic demand, projected old-crop feed and residual use is 5.75 bb. Ethanol use is forecast at 5.5 bb. Total domestic use is forecast at 12.64 bb.
The farm gate price for 2024-25 held pat at $4.35 a bushel.
Globally, for the 2024-25 crop, Brazil's production was held pat at 130 mmt while exports were pegged at 43 mmt, the same as May. Argentina's production was maintained at 50 mmt, but exports were lowered to 34.5 mmt.
SOYBEANS
USDA left U.S. soybean production and usage estimates unchanged for the 2025-26 crop year.
Production, at 4.34 bb, is forecast using a planted acreage estimate of 83.5 million acres and a national average yield of 52.5 bpa.
For use, USDA sees crush totaling 2.49 bb; exports, 1.815 bb; seed, 73 mb; and residual, 37 mb. Ending stocks were estimated at 295 mb, and the national average farmgate price was $10.25.
All domestic estimates for the old-crop 2024-25 season were also unchanged. Ending stocks were estimated at 350 mb with a national average farm gate price of $9.95.
Globally, ending stocks for 2025-26 climbed by nearly 1 mmt to 125.3 mmt, following a 1-mmt reduction in beginning stocks. USDA revised its estimate of Chinese crush lower by an equivalent amount for the 2024-25 season.
USDA's forecast for Brazil's 2025-26 crop was left unchanged at 175 mmt. Argentina's production estimate was unchanged as well at 48.5 mmt. Forecasts for the 2024-25 season were also unchanged at 169 mmt and 49 mmt, respectively.
WHEAT
USDA estimates U.S. wheat exports for the 2024-25 crop at 820 mb, above the May estimate of 800 mb.
In the 2025-26 crop, USDA estimates beginning stocks at 841 mb, unchanged from the May report.
USDA's domestic estimate of 1.921 bb in new-crop production was unchanged from the May report. USDA estimated the average yield at 51.6 bushels per acre, also unchanged from May.
New-crop ending stocks are estimated at 898 mb, a decrease from 923 mb in May. Food, seed and residual use for new crop is estimated at 1.159 bb, unchanged from May.
U.S. farm gate prices were pegged at $5.40, an increase from $5.30 in the May estimate.
Winter wheat production is forecast at 1.38 bb, up slightly from the May 1 forecast and up 2% from 2024. As of June 1, the United States yield is forecast at 53.7 bushels per acre, unchanged from last month but up 2 bushels from last year's average yield of 51.7 bushels per acre.
Hard red winter production, at 782 mb, is down less than 1% from last month. Soft red winter, at 345 mb, is up less than 1% from May. White winter, at 254 mb, is up 1% from last month. Of the white winter production, 20.7 mb are hard white, and 233 mb are soft white.
Global wheat production for 2025-26 is estimated at 808.59 bb, a slight bump up from 808.52 bb in May. Old-crop wheat production is estimated at 799.91 mmt, a slight increase from 799.71 mmt last month.
World wheat production in 2025-2026 is estimated at 83.0 mmt in Russia, unchanged from May's estimate. Chinese production was pegged at 142.0 mmt; the European Union is estimated at 136.55 mmt, a slight bump up from May; 23.0 mmt in Ukraine; 36.0 mmt in Canada; 31.0 mmt in Australia; and 20.0 mmt in Argentina.
LIVESTOCK
Thursday's WASDE report shared supportive news for both the cattle and beef markets of 2025, according to DTN Livestock Analyst ShayLe Stewart.
"Beef production for 2025 was decreased by 65 million pounds as fed steer and heifer processing was lower than anticipated in the second quarter of 2025, and production throughout the rest of the year is expected to be light," Stewart said. "Quarterly steer price projections showed a positive increase as steer prices in the second quarter of 2025 are expected to average $226 (up $9 from last month) steer prices in the third quarter of 2025 are expected to average $226 (up $10 from last month) steer prices in the fourth quarter of 2025 are expected to average $229 (up $9 from last month) and steer prices in the first quarter of 2026 are expected to average $227 (up $5 from last month). Beef imports for 2025 were increased by 115 million pounds as Oceania and South America continue to ship substantial amounts of production into the U.S., and beef exports for 2025 also increased 45 million pounds."
Thursday's WASDE report shared mixed news for pork and hog markets of 2025, Stewart said.
"Pork production for 2025 was unchanged from last month's report at 27,996 million pounds," Stewart said. "Quarterly price projections were supportive as each quarter was increased from last month's anticipation. Hog prices in the second quarter are expected to average $69 (up $1 from last month), hog prices in the third quarter are expected to average $74 (up $3 from last month), hog prices in the fourth quarter are expected to average $63 (up $3 from last month) and hog prices in the first quarter of 2026 are expected to average $63 (up $1 from last month). Pork imports for 2025 were increased by 15 million pounds, while pork exports were decreased by 110 million pounds."
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Join us for DTN's webinar at 12:30 p.m. CDT on Thursday, June 12, as we discuss USDA's new estimates in light of recent market events. Questions are welcome, and registrants will receive a replay link for viewing at their convenience. Register here for Thursday's June WASDE report webinar: https://www.dtn.com/….
| U.S. PRODUCTION (Million Bushels) 2025-26 | ||||||
| Jun | Avg | High | Low | May | 2024-25 | |
| Corn | 15,820 | 15,795 | 15,820 | 15,525 | 15,820 | 14,867 |
| Soybeans | 4,340 | 4,338 | 4,340 | 4,300 | 4,340 | 4,366 |
| All Wheat | 1,921 | 1,923 | 1,949 | 1,891 | 1,921 | 1,971 |
| Winter | 1,382 | 1,386 | 1,410 | 1,347 | 1,382 | 1,349 |
| HRW | 782 | 789 | 800 | 768 | 784 | 770 |
| SRW | 345 | 347 | 355 | 340 | 345 | 342 |
| White | 254 | 252 | 256 | 247 | 253 | 236 |
| U.S. ENDING STOCKS (Million Bushels) 2024-25 | ||||||
| Jun | Avg | High | Low | May | ||
| Corn | 1,365 | 1,386 | 1,450 | 1,315 | 1,415 | |
| Soybeans | 350 | 352 | 382 | 340 | 350 | |
| Wheat | 841 | 840 | 866 | 816 | 841 | |
| U.S. ENDING STOCKS (Million Bushels) 2025-26 | ||||||
| Jun | Avg | High | Low | May | ||
| Corn | 1,750 | 1,792 | 2,136 | 1,655 | 1,800 | |
| Soybeans | 295 | 302 | 394 | 285 | 295 | |
| Wheat | 898 | 916 | 948 | 868 | 923 | |
| WORLD ENDING STOCKS (million metric tons) 2024-25 | ||||||
| Jun | Avg | High | Low | May | ||
| Corn | 285.0 | 288.1 | 295.0 | 285.0 | 287.3 | |
| Soybeans | 124.2 | 123.1 | 124.2 | 122.0 | 123.2 | |
| Wheat | 264.0 | 265.2 | 266.0 | 264.3 | 265.2 | |
| WORLD ENDING STOCKS (million metric tons) 2025-26 | ||||||
| Jun | Avg | High | Low | May | ||
| Corn | 275.2 | 278.9 | 285.0 | 275.0 | 277.8 | |
| Soybeans | 125.3 | 124.6 | 126.0 | 123.4 | 124.3 | |
| Wheat | 262.8 | 265.1 | 270.0 | 254.9 | 265.7 | |
| WORLD PRODUCTION (million metric tons) 2024-25 | ||||||
| Jun | Avg | High | Low | May | ||
| CORN | ||||||
| Argentina | 50.0 | 49.9 | 51.0 | 49.0 | 50.0 | |
| Brazil | 130.0 | 131.5 | 135.0 | 129.0 | 130.0 | |
| SOYBEANS | ||||||
| Argentina | 49.0 | 49.0 | 50.0 | 48.0 | 49.0 | |
| Brazil | 169.0 | 169.2 | 171.0 | 168.3 | 169.0 | |
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