According to USDA’s World Agricultural Supply and Demand report released on Wednesday morning, this month’s 2026/27 U.S. corn outlook is for lower supplies, unchanged domestic use, larger exports, and smaller ending stocks.
Corn production is forecast at 16.0 billion bushels, up just 13 million from last month with a 1.2-million acre increase in harvested area that was largely offset by a reduced yield forecast. This would be the second largest U.S. corn harvest on record.
The season’s first survey-based corn yield forecast is down 2.3 bushels per acre from last month to 180.7 bushels per acre. Corn beginning stocks are lowered 75 million bushels to 1.9 billion, reflecting raised exports for 2025/26. Sorghum production is forecast down 84 million bushels to 296 million. The yield is forecast at 55.4 bushels per acre, 13.9 bushels below last month’s projection, while harvested area is down 0.1 million acres.
Total U.S. corn use for 2026/27 is forecast 75 million bushels higher to 16.3 billion. Exports are raised 75 million bushels to 3.3 billion, reflecting increased global demand and constrained exports for Ukraine.
With use rising more than supply, ending stocks are lowered 137 million bushels to 1.7 billion. The season-average corn price received by producers is raised $0.10 per bushel to $4.50, reflecting tighter ending stocks and expectations for futures and cash prices to date.
Source: USDA
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