Corn Structural Analysis — June 2026

U.S. CORN FUNDAMENTALS INTO MID-2026 / 2026‑27 Supply: - USDA Ag Outlook Forum projects 2025/26 U.S. corn production at 17.0 billion bu (record), rising from 14.9 billion in 2024/25, on 98.8 million planted acres and 186.5 bu/acre yield. - For 2026/27, production is projected lower at 15.8 billion bu on 94.0 million acres and 183.0 bu/acre yield, but beginning stocks are higher, so total 2026/27 U.S. corn supply is still very large at 17.9 billion bu (vs. 18.6 billion in 2025/26). - Feed and residual use is projected at 6.2 billion bu in 2025/26, easing to 6.0 billion in 2026/27, reflecting ab

U.S. CORN FUNDAMENTALS INTO MID-2026 / 2026‑27 Supply: - USDA Ag Outlook Forum projects 2025/26 U.S. corn production at 17.0 billion bu (record), rising from 14.9 billion in 2024/25, on 98.8 million planted acres and 186.5 bu/acre yield. - For 2026/27, production is projected lower at 15.8 billion bu on 94.0 million acres and 183.0 bu/acre yield, but beginning stocks are higher, so total 2026/27 U.S. corn supply is still very large at 17.9 billion bu (vs. 18.6 billion in 2025/26).

- Feed and residual use is projected at 6.2 billion bu in 2025/26, easing to 6.0 billion in 2026/27, reflecting abundant supplies but some rationing as price firms modestly. - Ethanol demand is steady at 5.6 billion bu in both 2025/26 and 2026/27, implying no major new demand growth from fuel but stable industrial pull. Demand & Trade: - Total domestic use is forecast to rise to 13.17 billion bu in 2025/26 and then ease slightly to 12.97 billion in 2026/27.

- Exports are projected at a very strong 3.3 billion bu in 2025/26, then slightly lower at 3.1 billion in 2026/27 as South American competition increases and world demand growth is “modest.” - Despite reduced U.S.