By DTN Staff

This article was originally published at 11:03 a.m. CDT on Thursday, June 11. It was last updated with additional information at 11:36 a.m. CDT on Thursday, June 11.

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OMAHA (DTN) -- USDA pegged U.S. winter wheat production at 1.029 billion bushels in Thursday's Crop Production report, a cut from 1.048 bb in May and the smallest U.S. winter wheat crop since 1965.

USDA released its June Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports on Thursday.

Thursday's U.S. ending stocks estimates were neutral for corn, neutral for soybeans and moderately bullish for wheat, said DTN Lead Analyst Rhett Montgomery. Thursday's world ending stocks estimates from USDA were moderately bearish for corn, neutral for soybeans and neutral for wheat, he said.

Stay tuned throughout the morning and refresh this page often. We will be sending a series of updates with the important highlights from Thursday's reports, including commentary from our analysts.

You can also view the full reports here:

-- Crop Production: https://www.nass.usda.gov/…

-- World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…

CORN

There were just a few minor tweaks in the 2026-27 corn crop from last month's report.

USDA forecasts 2026-27 corn production at 15.995 billion bushels (bb) based on a yield forecast of 183 bushels per acre (bpa). If that holds, the 2026-27 corn crop would be the second largest on record, trailing only last year's crop.

Planted acres are projected at 95.3 million acres. Harvested acres are projected at 87.4 million.

On the demand side, the early forecast for the 2026-27 corn crop projects total feed and residual use at 6.1 bb. Ethanol use is pegged at 5.6 bb. Total domestic use is forecast at 13.055 bb.

Corn exports for the new crop are projected at 3.15 bb.

Total usage comes in at 16.205 bb.

Ending stocks for the 2026-27 crop are projected at 1.96 bb, a slight increase from 1.957 bb, mainly because USDA bumped up beginning stocks by 3 million bushels (mb).

The farmgate price for the 2026-27 crop is projected at $4.40 a bushel.

Globally, USDA projects beginning stocks for the 2026-27 corn crop are forecast at 303.36 million metric tons (mmt), up from 296.95 mmt in May. Production is forecast at 1,300.38 mmt, up 5 mmt from last month. Exports globally are projected at 207.61 mmt, up from 206.91 mmt last month. That puts projected global ending stocks for the 2026-27 crop at 281.22 mmt up from 277.54 mmt in May.

Looking at the 2025-26 "old crop" corn, USDA bumped up ending stocks to 2.145 billion bushels, an increase of 3 mb. USDA bumped up ending stocks by increasing imports to 28 mb from 25 mb. At the same time, USDA also increased corn exports by 25 mb in the 2025-26 crop to 3.325 bb.

The farmgate price is $4.15 a bushel.

Globally, the 2025-26 corn crop exports were pegged at 217.00 mmt, up from 213.59 mmt last month. Global ending stocks were raised to 303.36 mmt

Brazil's production for the 2025-26 crop was pegged at 138 mmt, up 3 mmt, with exports holding pat at 43 mmt. Argentina's production was raised 2 mmt to 61 mmt, with exports at 43 mmt as well. Ukraine's production was 30.9 mmt, and Ukraine's exports came in at 22 mmt.

SOYBEANS

For the 2026-27 marketing year, USDA made no changes in the U.S. soybean crop forecasts from last month's report. USDA estimates farmers will grow 4.435 bb of soybeans, using a trendline yield estimate of 53 bpa and 84.7 million acres, in line with pre-report expectations. That would be the second-largest crop in U.S. history.

Domestic ending stocks, at 310 million bushels, were toward the low end of pre-report estimates. USDA sees total supplies at 4.8 bb. Crush demand would climb to 2.75 bb, while exports are forecast to be 100 mb higher than the 2025-26 marketing year at 1.63 bb. Seed use is forecast at 72 mb and residual at 38 mb.

USDA's national average farm-gate price estimate is $11.40 per bushel.

For the old crop, 2025-26 marketing year, domestic ending stocks remained the same as last month at 340 mb. Exports were pegged at 1.51 bb, down 20 mb. USDA pegged the national average farmgate price at $10.40 per bushel.

Globally, new-crop ending stocks for the 2026-27 marketing year were forecast at 124.88 mmt, up slightly from last month. USDA anticipates Brazil producing 186 mmt of soybeans and Argentina 50 mmt.

Global old-crop ending stocks for 2025-26 were estimated at 125.52 mmt, up slightly from last month. USDA left Brazil's production unchanged at 180 mmt with exports at 115 mmt. Argentina's production was increased 2 mmt to 50 mmt.

WHEAT

USDA estimates U.S. wheat exports for the 2025-26 crop at 910 million bushels, unchanged from the May estimate. New-crop exports were also unchanged at 775 mb.

In the 2026-2027 crop, USDA estimates beginning stocks at 935 mb, unchanged from the May report.

Old-crop imports were pegged at 125 mb, unchanged from May. New-crop imports were estimated at 140 mb, also unchanged from last month.

USDA's domestic estimate of 1.543 billion bushels in new-crop production was below the 1.561 bb in the May report. USDA estimated the average yield at 47.0 bushels per acre, below the 47.5 bushels per acre in May.

New-crop ending stocks are estimated at 744 mb, a decrease from 762 mb last month. Food, seed and residual use for new crop was unchanged from 1.099 bb in May.

U.S. farmgate prices were pegged at $6.00, a decrease from $6.50 in the May estimate.

Winter wheat production is forecast at 1.03 billion bushels, down 2% from the May 1 forecast and down 27% from 2025. As of June 1, the United States yield is forecast at 46.8 bushels per acre, down 0.8 bushel from last month and down 8.1 bushels from last year's average yield of 54.9 bushels per acre.

Hard red winter production, at 497 million bushels, is down 3% from last month. Soft red winter, at 300 million bushels, is down less than 1% from the May forecast. White winter, at 233 million bushels, is up less

than 1% from last month. Of the white winter production, 7.8 million bushels are hard white and 225 million bushels are soft white.

Global wheat production for 2026-2027 is estimated at 820.06 million metric tons, up from 819.06 mmt in May. Old-crop wheat production is estimated at 844.36 mmt, up from 843.84 mmt last month.

World wheat production in 2026-2027 is estimated at 88.0 mmt in Russia. Chinese production was pegged at 141.0 mmt; the European Union is estimated at 136.0 mmt; 23.5 mmt in Ukraine; 35.0 mmt in Canada; 28.0 mmt in Australia; and 21.0 mmt in Argentina.

LIVESTOCK

"Thursday's WASDE report shared that beef production for 2026 was decreased by 109 million pounds, as both fed and non-fed slaughter speeds have declined, but it is worth noting that the decline in slaughter is partially offset by heavier carcass weights," said DTN Livestock Analyst ShayLe Stewart. "The quarterly steer price projections didn't show much of a change from May's report, as the only quarter that saw an increase from last month was quarter two, as steers averaged $255 (up $2 from last month), but steers in the third quarter are expected to average $252, and steers in the third quarter are expected to average $255 -- both of which are unchanged from a month ago. Beef imports for 2026 were steady at 6,109 million pounds, but beef exports for 2026 fell by 20 million pounds.

"Thursday's WASDE report shared that pork production for 2026 was increased by 10 million pounds, as heavier carcass weights are more than offsetting the slight decline in production. Meanwhile, quarterly hog prices saw a decrease from last month's report, as hogs in the second quarter remained steady at $64.50, but hogs in the third quarter are now expected to average $69 (down $2), and hogs in the fourth quarter are now expected to average $74 (down $3). Pork imports for 2026 grew by 10 million pounds, and pork exports for 2026 grew by 20 million pounds."

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Join us for DTN's post-report webinar at 12:30 p.m. CDT on Thursday, June 11, as we discuss USDA's new estimates considering recent market events. Questions are welcome, and registrants will receive a replay link for viewing at their convenience. Register here for Thursday's USDA WASDE webinar: https://www.dtn.com/….

U.S. PRODUCTION (Million Bushels) 2026-27
	Jun	Avg	High	Low	May	2025-26
Corn	15,995	15,991	16,082	15,852	15,995	17,021
Soybeans	4,435	4,433	4,436	4,405	4,435	4,262
All Wheat	1,543	1,554	1,603	1,525	1,561	1,985
Winter	1,030	1,040	1,071	1,015	1,048	1,402
HRW	804	507	525	485	515	804
SRW	353	302	315	291	301	353
U.S. ENDING STOCKS (Million Bushels) 2025-26
	Jun	Avg	High	Low	May
Corn	2,145	2,146	2,297	2,087	2,142
Soybeans	340	336	350	320	340
Wheat	935	942	980	924	935
U.S. ENDING STOCKS (Million Bushels) 2026-27
	Jun	Avg	High	Low	May
Corn	1,960	1,957	2,119	1,857	1,957
Soybeans	310	309	342	293	310
Wheat	744	760	796	734	762
WORLD ENDING STOCKS (million metric tons) 2025-26
	Jun	Avg	High	Low	May
Corn	303.4	298.1	300.0	296.0	297.0
Soybeans	125.5	125.7	127.0	124.5	125.1
Wheat	280.0	279.4	280.0	278.7	279.2
WORLD ENDING STOCKS (million metric tons) 2026-27
	Jun	Avg	High	Low	May
Corn	281.2	278.5	281.0	275.0	277.5
Soybeans	124.9	125.3	127.0	124.0	124.8
Wheat	275.4	274.8	276.8	272.3	275.0
WORLD PRODUCTION (million metric tons) 2025-26
	Jun	Avg	High	Low	May
CORN
Argentina	61.0	61.3	62.0	60.0	59.0
Brazil	138.0	135.7	137.0	135.0	135.0
SOYBEANS
Argentina	50.0	48.6	49.5	48.0	48.0
Brazil	180.0	180.4	182.0	180.0	180.0

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