ACREAGE

Farmers planted 95.2 million acres of corn, a decline of 100,000 acres from March's estimate. It's 5% more than last year and represents the third-highest planting acreage since 1944. Area harvested for grain is projected at 86.8 million acres (ma).

For soybeans, USDA trimmed its estimate by 100,000 acres to 83.4 ma. That's 4% lower than last year.

Wheat acreage is estimated at 45.5 ma, a 1% decline from last year. Winter wheat planted area is 33.3 ma, with hard red winter accounting for 23.6 ma; soft red winter, 6.1 ma; and white winter, 3.67 ma. Spring wheat acreage is forecast at 10 ma, down 5% from last year. Durum wheat is estimated at 2.11 ma.

QUARTERLY STOCKS

Corn stocks in all positions on June 1, 2025, totaled 4.64 billion bushels, down 7% from a year ago. Of the total stocks, 2.56 billion bushels are stored on farms, down 16% from a year earlier. Off-farm stocks, at 2.09 billion bushels, are up 6% from a year ago. The March-May 2025 indicated disappearance is 3.5 billion bushels, compared with 3.36 billion bushels during the same period last year.

Soybeans stored in all positions on June 1, 2025, totaled 1.01 billion bushels, up 4% from June 1, 2024. On-farm stocks totaled 412 million bushels, down 12% from a year ago. Off-farm stocks, at 596 million bushels, are up 18% from a year ago. Indicated disappearance for the March-May 2025 quarter totaled 903 million bushels, up 3% from the same period a year earlier.

USDA estimates 2024-2025 wheat stored in all positions at 851 million bushels on June 1, 2025. That's up 22% from one year ago and comes in above the average Dow Jones pre-report survey estimate of 835 mb and the June WASDE ending stocks estimate of 841 mb.

On-farm stocks for the old crop are estimated at 184 million bushels, up 32% from last year. Off-farm stocks, estimated at 667 million bushels, are up 20% from one year ago.