Grain futures spiked higher and sustained gains after USDA’s highly anticipated acreage and quarterly grain stocks reports threw a mix of bullish and bearish numbers at the market, with corn climbing after an unexpected increase in plantings was muted by tighter-than-anticipated supplies.
USDA raised its 2026 U.S. corn plantings estimate to 95.343 million acres, up about 5,000 acres from its March Prospective Plantings forecast and contrary to expectations for a reduction of about 346,000 acres. Plantings are down over 3.4 million acres, or 3.5%, from 98.8 million acres in 2025.
Estimated soybean plantings were boosted 665,000 acres, or 0.8%, from March to 85.365 million acres, nearly matching the average analyst estimate of 85.369 million acres. USDA’s updated bean acreage is up 5.1% from the 81.215 million acres seeded in 2025, a six-year low. Combined corn and soybean plantings rose 670,000 acres, or 0.4%, from March to 180.7 million acres.
The increase in soybean plantings was widely anticipated. But the slight upgrade to corn acres clashed with speculation earlier this spring that disruptions to global fertilizer and fuel markets would lead to a sharp shift away from the grain. Instead, farmers appear to have largely avoided switching, perhaps because many had already secured fertilizer before the war broke out.
“It's apparent that higher input costs due to the Iran war were negligible due to inputs being booked ahead of the spring and higher corn prices during that decision-making period,” Jeremy McCann, farmer relations manager at Farmer’s Keeper, said in a report.
Additionally, a lower-than-expected quarterly stocks figure muted bearish impact in the corn market, illustrating how robust demand is helping soak up last year’s record harvest.
USDA reported nationwide corn stockpiles as of June 1 at 5.295 billion bushels, up 14% from the same date a year earlier but below the average trade estimate of about 5.408 billion bushels. June 1 soybean stocks totaled 1.061 billion bushels, up 5.3% from a year earlier and about 15 million bushels above expectations.
Wheat futures also gained after USDA’s acreage numbers unexpectedly dropped. USDA lowered estimated plantings of all varieties of wheat by 1.035 million acres to 42.74 million acres, contrary to expectations for a rise of 83,000 acres.
Get details on the market’s acreage expectations in the Farm Futures preview.
Near midday, December corn futures were up 2.5 cents to $4.3250 per bushel after earlier sinking to $4.2575, a contract low for the second consecutive day. November soybeans rose 1.5 cents to $11.4050, rebounding from an early drop to $11.2475. September SRW wheat jumped 12 cents to $5.9175 and September HRW wheat rallied 16 cents to $6.3075.
The following tables summarize key figures in today’s USDA acreage and quarterly grain stocks reports:
