The USDA released its quarterly estimate of U.S. Grain Stocks and the annual June Acreage Report on June 30, 2025. U.S. corn stocks exceeded analyst’s expectations, reporting at 18 million bushels more than estimated by trade analysts. Soybean and wheat stocks also exceeded trade expectations by 33 million bushels and 14 million bushels respectively. Corn and soybean acreage were slightly less than expectations, while trade analysts were correct in guessing the acreage of wheat. 

Table 1 shows key report estimates along with trade analyst expectations.

Table 1. June 2025 USDA WASDE vs Market Expectations 

Corn stocks in all positions on June 1st, 2025, totaled 4.64 billion bushels, down 7% from June 1st, 2024. Of the total stocks, 2.56 billion bushels are stored on farms, down 15.5% from the previous year. Off farm stocks are ...