In May, the USDA pegged new-crop US corn production at 15.995bn bushels, ahead of expectations. US ending stocks were slightly above expectations at 1.957bn bushels. World ending stocks fell 19.4m tonnes to 277.5m tonnes, below consensus expectations. If realized, this would be the lowest inventory since 2013-2014. It was a neutral WASDE report for corn, with support in CBOT pricing coming instead from a 40-cent rally in wheat and crude oil that rose $3.00 per barrel on Monday.

The report leaned bullish for soybeans, however. USDA estimated 2026-27 US ending stocks at 310m bushels, below expectations. World ending stocks estimates reached 124.8m tonnes, 1.5m tonnes below expectations, but still a big stockpile. Soybeans intended for crush increased 4.4% to 2.750bn bushels. Healthy crush margins are encouraging facilities to maintain at full production levels now, and demand for biodiesel will only grow in the future with new policy raising biofuel mandates. USDA increased soybean exports by 6.1% to 1.630bn bushels.

USDA now expects a 1.6% YOY US milk production growth in 2026, unchanged from the prior month and down from the 2.6% YOY expansion in 2025. All-milk prices for 2026 are expected to average US$21.25/cwt, marginally higher than last year.