U.S. corn stocks as of June 1 came in above trade expectations, while soybean inventories were slightly higher than anticipated and wheat stocks were modestly below the average forecast.
A USDA quarterly grain stocks report on Tuesday showed national corn stocks in all positions totaled 5.29 billion bu, up 14% from June 1, 2025. That was about 125 million bu below the average trade guess of 5.415 billion bu.
Of the total, 2.96 billion bu were stored on farms, up 16% from a year earlier. Off-farm corn stocks reached 2.34 billion bu, an increase of 12%. Indicated disappearance from March through May totaled 3.74 billion bu, up from 3.50 billion during the same period last year.
Soybean stocks in all positions were estimated at 1.06 billion bu, up 5% from June 1, 2025 and about 11 million bu above the average trade expectation of 1.049 billion.
On-farm soybean holdings fell 11% from a year earlier to 367 million bu. However, off-farm stocks climbed 16% to 694 million bu. Soybean disappearance during the March-to-May quarter totaled 1.06 billion bu, up 18% from the same three-month period in 2025.
Old-crop wheat stocks as of June 1 – ending stocks for the 2025-26 crop year - were pegged at 920 million bu, up 8% from a year earlier. The total was 11 million bu below the average trade estimate of 931 million and below the 935-million estimate contained the in the USDA’s June supply-demand update.
On-farm wheat inventories declined 4% to 177 million bu, while off-farm stocks increased 11% to 743 million.
Wheat disappearance from March through May totaled 383 million bu, up slightly from the same period a year earlier.
