USDA’s latest supply and demand update raised 2025 U.S. corn production to a record-setting more than 17 billion bushels, driven by increased harvested acreage and higher national yields. The national corn yield was raised to 186.5 bushels per acre, way above analysts’ pre-report estimates, and harvested acreage climbed to 91.3 million acres.

USDA also lifted soybean and wheat ending stocks, reflecting slower export demand and ample global supplies. Those revisions reinforce a softer price outlook for all three commodities heading into the marketing year.

Read more commentary about the USDA’s latest report.