Market reaction
Ahead of the report, corn futures were trading 3 to 4 cents lower, soybeans were 10 to 12 cents lower, wheat futures were 1to 3 cents higher and cotton was around steady.
As of 11:30 a.m. CT, corn is trading 2 to 4 cents higher, soybeans are 3 cents to 5 cents higher, winter wheat markets are 12 to 18 cents lower, spring wheat is around 10 cents higher and cotton futures are 60 to 75 points higher.
Acreage Report
Corn: 95.343 mil. acres; trade expected 94.992 mil. acres— compares with 95.338 mil. acres in March; 98.788 mil. acres in 2025
Soybeans: 85.365 mil. acres; trade expected 85.369 mil. acres— compares with 84.7 mil. acres in March; 81.215 mil. acres in 2025
All wheat: 42.740 mil. acres; trade expected 43.858 mil. acres— compares with 43.775 mil. acres in March; 45.328 mil. acres in 2025
Winter wheat: 31.520 mil. acres; trade expected 32.422 mil. acres— compares with 32.410 mil. acres in March; 33.153 mil. acres in 2025
Other spring wheat: 9.390 mil. acres; trade expected 9.495 mil. acres— compares with 9.415 mil. acres in March; 9.990 mil. acres in 2025
Durum wheat: 1.830 mil. acres; trade expected 1.976 mil. acres— compares with 1.950 mil. acres in March; 2.185 mil. acres in 2025
Cotton: 9.850 mil. acres; trade expected 9.638 mil. acres— compares with 9.64 mil. acres in March; 9.28 mil. acres in 2025
USDA noted there were still 1.90 million acres of corn and 8.05 million acres of soybeans left to be planted at the time of its survey.
USDA estimated corn plantings at 95.343 million acres, up 5,000 acres from March intentions and 351,000 acres more than analysts expected. Corn plantings decreased 3.445 million acres from last year. USDA estimated harvest area at 87.434 million acres, 91.7% of planted acres.
Compared to March intentions, corn plantings increased 240,000 acres in Arkansas (0.83 million), 200,000 acres in Illinois (11.1 million acres) and Nebraska (10.6 million), with increases of 150,000 in North Dakota (4.55 million) and Mississippi (0.78 million). Wisconsin also notched an increase of 100,000 acres (3.8 million). Acres were equal to March intentions in South Dakota (6.3 million), Kentucky (1.45 million) and Michian (2.25 million). Corn acres declined 150,000 acres in Texas (2.45 million), and 100,000 acres each in Iowa (13.0 million) Missouri (3.55 million), Ohio (3.3 million) and Tennessee (0.9 million). Reductions of 50,000 acres were noted in Indiana (5.35 million), Kansas (7.05 million) and Minnesota (8.55 million) as well.
USDA estimated soybean plantings at 85.365 million acres, up 665,000 acres from March intentions and 4,000 acres less than analysts expected. Soybean plantings increased 4.15 million acres from last year. USDA estimated harvested area at 84.401 million acres.
Compared to March intentions, soybean plantings increased 400,000 acres in Kansas (4.8 million), 300,000 in Ohio (5.1 million), and 200,000 in Illinois (10.7 million). Increases of 100,000 were noted in North Dakota (6.8 million), Missouri (5.6 million), Iowa (10.0 million), Indiana (5.6 million) and Arkansas (3.2 million). Acres were unchanged in South Dakota (5.6 million), Michigan (2.05 million) and Kentucky (1.85 million). Acres declined by 300,000 in Mississippi (2.0 million) and Wisconsin (2.1 million), while also falling 200,000 in Minnesota (7.1 million) and 100,000 in Nebraska (5.1 million).
USDA estimated all-wheat plantings at 42.740 million acres, down 1.035 million acres from March intentions and 1.11 million acres less than analysts expected. Winter wheat plantings at 31.520 million declined 902,000 from March, while other spring wheat acres at 9.39 million fell 25,000 acres and durum wheat fell 120,000 acres to 1.83 million.
USDA estimated cotton plantings at 9.85 million acres, up 210,000 acres from March intentions and 212,000 acres higher than expected. Cotton seedings are up an impressive 570,000 acres from 2025. Texas planted 5.425 million acres to cotton, up 104,000 acres from March intentions. Georgia planted 1.0 million acres to cotton, up 165,000 from March intentions.
Quarterly Grain Stocks Report
Corn: 5.295 billion bu.; trade expected 5.408 billion bu.— compares with 9.024 billion bu. March 1 and 4.642 billion bu. June 1, 2025
Soybeans: 1.061 billion bu.; trade expected 1.046 billion bu.— compares with 2.104 billion bu. March 1 and 1.007 billion bu. June 1, 2025
Wheat: 920.1 million bu.; trade expected 934 million bu.— compares with 1.300 billion bu. March 1 and 854.7 million bu. June 1, 2025
June 1 corn stocks in all positions totaled 5.29 billion bushels rose 652 million bu. (14%) from year-ago but were 113 million bu. below the average pre-report estimate.14 percent from June 1, 2025. Of the total stocks, 2.96 billion bushels are stored on farms, up 16 percent from a year earlier. Off-farm stocks, at 2.34 billion bushels, are up 12 percent from a year ago. The March - May 2026 indicated disappearance is 3.74 billion bushels, a record for the third quarter of the marketing year and up from 3.50 billion bushels during the same period last year. Residual use of 1.096 billion bushels is the highest since 2019-20 is on pace to topple USDA’s estimate of 6.2 billion bushels for the marketing year.
June 1 soybean stocks stored in all positions totaled 1.06 billion bushels, up 54 million bu. (5%) from year ago and 15 million bu. above trade expectations. On-farm stocks totaled 367 million bushels, down 11 percent from a year ago. Off-farm stocks, at 694 million bushels, are up 16 percent from a year ago. Indicated disappearance for the March - May 2026 quarter totaled 1.06 billion bushels, up 18 percent from the same period a year earlier. Residual use was below expectations, leading to the difference from pre-report expectations.
Old crop wheat stocks on June 1 totaled 920 million bushels, up 63 million bu. (8%) from year-ago but were 14 million bu. below the average pre-report estimate. On-farm stocks are estimated at 177 million bushels, down 4 percent from last year. Off-farm stocks, at 743 million bushels, are up 11 percent from a year ago. The March - May 2026 indicated disappearance is 383 million bushels, up slightly from the same period a year earlier. Residual use was relatively strong in the final quarter of the marketing year, which helped boost use despite somewhat lackluster exports in May.