The U.S. Department of Agriculture's June World Agricultural Supply and Demand Estimates report set 2026-27 corn production at 15.995 billion bushels, a figure USDA analysts described as the second largest crop on record. The estimate reflects a yield of 183 bushels per acre across 87.4 million harvested acres, out of 95.3 million acres planted nationwide. Both planted and harvested acreage held close to expectations set earlier in the growing season, leaving the production number largely a function of the yield projection carried over from May.
On the demand side, USDA projected feed and residual use at 6.1 billion bushels and ethanol-related use at 5.6 billion bushels for the coming marketing year, pushing total domestic use to 13.055 billion bushels. Export demand was set at 3.15 billion bushels, bringing total 2026-27 usage to 16.205 billion bushels. With supply running ahead of usage, the agency lifted its ending stocks projection to 1.96 billion bushels, up modestly from the 1.957 billion bushels carried in the May report, helped along by a 3 million bushel increase in beginning stocks.
The 2025-26 marketing year, still closing out, also saw revisions. USDA raised old-crop ending stocks to 2.145 billion bushels after lifting import estimates to 28 million bushels and increasing exports by 25 million bushels to 3.325 billion bushels. The farmgate price for the 2025-26 crop was set at $4.15 per bushel, while the new 2026-27 crop carries a projected farmgate price of $4.40 per bushel.
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Global figures moved in a similar direction. USDA put 2026-27 world corn beginning stocks at 303.36 million metric tons, up from 296.95 million metric tons in May, with global production raised by 5 million metric tons to 1,300.38 million metric tons. World exports were projected at 207.61 million metric tons, and global ending stocks climbed to 281.22 million metric tons from 277.54 million metric tons a month earlier. South American output also rose, with Brazil's 2025-26 crop lifted to 138 million metric tons and Argentina's raised to 61 million metric tons.
One agricultural analyst characterized the domestic ending stocks figure as neutral for corn pricing, while describing the larger world ending stocks number as moderately bearish given the scale of the global supply increase. Buyers tracking corn-linked input costs for feed, ethanol blending, and packaging are watching how the larger global carryover plays into price direction heading into the back half of the 2026 crop year.
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