The June Feed Outlook report shows corn ending stocks for 2024-25 are lowered as export outlook strengthens. Ahead of the end of June USDA National Agricultural Statistics Service Grain Stocks report and Acreage reports, limited changes to the 2024-25 and 2025-26 balance sheets are described in the mid-June World Agricultural Supply and Demand Estimates (WASDE) report. However, an additional month of U.S. Bureau of the Census shipments data through April, inspections data during the month of May and current outstanding sales reveals the continuation of a brisk pace of U.S. corn exports.
Through the end of April, 2024-25 corn exports are running about 26% ahead of the same time for the prior marketing year. This provides support for old-crop corn exports, which are raised 50 million bushels this month to 2,650 million, the highest since exports exceeded 2,745 million bushels for the 2020-21 marketing year. U.S. corn exports tend to slow seasonally through the summer months; however, a slight delay in the harvest of Brazil’s safrinha corn crop and slower-than-expected early-season shipments from Argentina, in combination with the continuation of competitive U.S. corn prices, are providing support for the elevated 2024-25 exports figure.
At 17,210 million bushels, the June outlook for the 2025-26 U.S. corn supply is 50 million bushels lower than reported in the May WASDE report and remains record high. At the end of the month, the USDA National Agricultural Statistics Service (NASS) will release updated planted-area estimates in the annual Acreage report that will provide survey-based data on planted and harvested area and inform crop production updates. As of June 8, the USDA NASS Crop Progress report indicated that 97% of the 2025-26 corn crop was planted, 3 percentage points ahead of the same week a year prior and about equal to the five-year average. Emergence, at 87%, is on par with the average pace.
At 71%, the majority of the nation’s corn crop was rated in good to excellent condition as of the week ending June 8. In key corn-producing states: Iowa, Illinois, Nebraska and Minnesota; Iowa and Minnesota exceeded the nation’s good to excellent rating with totals of 85% and 77%, respectively, while Illinois and Nebraska were slightly below at 69%, respectively. While soil moisture conditions may be somewhat dry, recent and slightly cooler-than-normal conditions are associated with strong root development and are thus far not anticipated to negatively affect yields.
Find additional information on the USDA Feed Outlook report from June.
