Setzer: June WASDE Report Shows Few Changes as Market Looks Ahead to Planting Report

USDA’s latest World Ag Supply and Demand Estimates (WASDE) report for June says the 2025-2026 U.S. corn outlook didn’t change much from last month.

The numbers did show lower beginning and ending stocks, while corn area and yield forecasts were unchanged. USDA will release its survey-based Acreage Report on June 30. The season-average farm price received by producers is unchanged at $4.20 per bushel.

U.S. soybean supply, use, and price projections are unchanged this month. The U.S. season-average soybean price is forecast at $10.25 a bushel. The U.S. wheat outlook this month is for slightly larger supplies, unchanged domestic use, higher exports, and lower ending stocks.

All wheat production is projected at 1.921 million bushels, up 115,000 from last month. The all-wheat yield forecast is virtually unchanged at 51.6 bushels an acre. The projected 2025-2026 season average farm price is 10 cents higher at $5.40 on the reduced ending stocks.

Karl Setzer with Consus Ag Consulting tells Hoosier Ag Today that the market is now focusing on USDA’s upcoming Planting Report, which will offer the first official look at acreage estimates for 2025.

“We’ve got about two weeks here that we’re going to see a lot more positioning start to build for the end of the month June 30th Stocks and Acreage Report,” says Setzer. The trade is already looking to see what we’ll be doing to especially corn acres after the delays we’ve seen in the Eastern Corn Belt.”

CLICK BELOW to hear grain market analysis from Karl Setzer with Consus Ag Consulting following the release of USDA’s June WASDE Report: