Crop Production Report offers few surprises

By Doug Tenney, Leist Mercantile

Today’s report was expected to be boring with few changes. Traders and producers are already looking ahead to the June 30 USDA Acres Report and Quarterly Grain Stock Report. If the corn grain stocks are below trade expectations, it will raise further hints that the January 2026 report, which detailed the US 2025 corn yield at 186.3 bushels, could indeed be too high.

I surmise that the market is somewhat negative for corn and soybeans solely because the numbers did not present a bullish case.

After the report was released, corn was down 3 cents, soybeans were down 6 cents, and wheat was unchanged. Prior to the noon report, corn was down 1 cent, soybeans down 4 cents, and wheat up 1 cent.

U.S. ending stocks for the 2025-26 marketing year are 2.145 billion bushels. In May, corn ending stocks were 2.142 billion bushels. U.S. soybean and wheat ending stocks were unchanged from May, at 340 million bushels and 935 million bushels, respectively.

Old corn had ethanol usage at 5.575 billion bushels, down 25 million bushels. Old corn exports were 3.325 billion bushels, up 25 million bushels. A wash for old corn. No changes in new corn for feed usage, ethanol, and exports. Old soybeans had a crush of 20 million bushels, and old soybean exports were down 20 million bushels. A wash for old soybeans. No changes in new soybeans for exports or crush.

Brazil and Argentina corn and soybean production for their current crop were all unchanged.