USDA June Reports Raise U.S. Corn Stocks and Boost Global Supplies, Markets React
Official June supply updates and export data shifted 25 million bushels from ethanol to exports and lifted foreign crops, a mix that is tempering grain prices and rattling livestock markets.
Overview
- The USDA’s June WASDE and Crop Production reports raised U.S. old‑crop corn ending stocks to 2.145 billion bushels and moved 25 million bushels of corn demand from ethanol use to higher exports.
- Weekly export data showed strong shipments and sales, with 1.00 million metric tons of old‑crop corn reported for the week ending June 4 and new‑crop commitments running well ahead of last year.
- USDA lifted Brazil’s 2025/26 corn estimate by 3 million metric tons to 138 MMT and Argentina’s by 2 MMT to 61 MMT, increasing world carryout and limiting upside pressure on grain prices.
- EIA data for the week of June 5 showed steady ethanol production at 1.108 million barrels per day and falling stocks, a dynamic that partly offsets the USDA’s cut to corn‑for‑ethanol use.
- Cattle and hog markets turned volatile after packing news, with JBS announcing a planned closure of its Souderton, Pennsylvania slaughter plant that removes nearly 2,000 head per day of processing capacity and may tighten local supplies.