USDA Report Set to Reveal First Glimpse of 2026-27 Crop Outlook

The USDA's May World Agricultural Supply and Demand Estimates report is set to release tomorrow at 12:00 p.m. Eastern, offering the first official glimpse into the 2026-27 marketing year projections for corn, soybeans, and wheat.

Corn projections remain steady, with old crop ending stocks expected to stay unchanged from April at approximately 2.1 billion bushels, according to Reuters trader surveys. New crop estimates average around 1.9 billion bushels, based on 95.3 million planted acres and a trend-line yield of 183 bushels per acre.

Export demand for corn continues to perform above expectations, potentially leading to small upward revisions in the report. However, soybeans face mixed signals regarding demand, with domestic crush increasing by 10% year-over-year in March but export shipments lagging behind the five-year pace.

Brazilian competition has intensified with an 18% surge in soybean export values, contributing to the country's record $10.5 billion April trade surplus. Analysts anticipate modest upward demand revisions for wheat exports, which have already reached 100% of the USDA's target, well ahead of the five-year average.