U.S. and global corn supply projections were little changed in the USDA’s latest monthly supply-demand estimates on Tuesday.
For the U.S., the USDA left its 2025-26 balance sheet steady from February, holding ending stocks at 2.127 billion bu. That was slightly below the average pre-report trade guess of 2.136 billion but well up from 1.551 billion a year earlier.
Globally, the USDA made adjustments that resulted in an increase in world corn inventories. Global ending stocks were raised by 3.8 million tonnes to 292.8 million tonnes, reflecting larger supplies outside the U.S.
Brazil corn production was raised by 1 million tonnes from last month to 132 million, closely matching trade expectations of roughly 132.1 million. In contrast, Argentina’s corn crop was lowered by 1 million tonnes to 52 million, reflecting weather-related concerns and ongoing crop variability during the growing season.
Increases in corn stocks for Brazil, Ukraine, and India also contributed to the higher global inventory total, partially offsetting the decline in Argentina.
With few surprises in the report, traders largely viewed the update as neutral for corn prices in the near term, keeping attention focused on geopolitical events, South American harvest progress and early expectations for North American planting this spring.
