In the wake of a 90-day break in Chinese reciprocal tariffs, producers received more good news in the latest USDA World Agricultural Supply and Demand Estimates (WASDE) report. The May report was the first to include 2025-26 estimates. Old and new crop ending stocks were lower than expected.

The USDA forecasts the 2025-26 corn crop at 15.82 billion bushels on a yield of 181 bushels per acre. Planted acres are projected to be up 5% at 95.3 million acres. Exports are projected at 2.67 billion bushels. The 2025-26 ending stocks are projected at 1.8 billion bushels. This is almost 200 million bushels below the pre-report estimates.

Corn exports for the 2024-25 crop are projected at 2.6 billion bushels. This is an increase of 50 million bushels from the April report. This brought ending stocks down to 1.415 billion bushels. Production for 2024-2025 corn remained at 14.867 billion bushels. Total domestic use is forecast at 12.64 billion bushels.

The USDA forecasted 2025-26 soybean production at 4,34 billion bushels using a 52.5 bushel per acre average. There are 83.5 million planted acres projected. Ending stocks are forecast at 295 million bushels.

Old crop soybean ending stocks were lowered by 25 million bushels to 350 million bushels due to higher exports.

See more from the May WASDE report here.