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.

If you have tuned into the news recently, you may have noticed that the road has gotten a little bumpy.

Dairy cull cows marketed through U.S. slaughter plants in May lowest since 2008.

Sixteen states including Texas, Idaho and Kansas boosted milk production a combined 418 million pounds in April.

The June World Agricultural Supply and Demand Estimates report (WASDE) showed the 2025-26 U.S. corn outlook is little changed from last month, with lower beginning and ending stocks. Corn area and yield forecasts are unchanged. The USDA will release its Acreage report on June 30, which will provide survey-based indications of planted and harvested area.

The milk production forecasts for both 2025 and 2026 based on the latest Milk Production report as cow inventories are raised from 2025 and milk per cow is raised for both 2025 and 2026.

As predicted, April faced headwinds against looming trade wars and strong performances seen in April of last year. U.S. dairy product export volume fell 5% year over year in April and was down 1.5% year to date.

April’s margin was $10.42 per hundredweight (cwt) after feed costs were stronger than expected and the milk price fell again, pushing the margin down from March and resulting in the year’s lowest margin yet.