The USDA maintained its forecast for 2025-’26 corn use in ethanol production in its latest World Agricultural Supply and Demand Estimates report, released June12. The outlook for season-average corn prices was also unchanged.
The current 2025-’26 corn outlook is mostly unchanged when compared to last month, but the USDA is predicting lower beginning and ending stocks. The outlook for beginning stocks is reduced 50 million bushels reflecting a forecast increase in exports for 2024-’25. Exports are raised 50 million bushels based on reported U.S. Census Bureau shipments through the month of April, inspection data during the month of May and current outstanding sales, the agency reported.
The outlook for 2025-’26 corn area and yield are unchanged when compared to the May WASDE. The USDA is scheduled to release its annual Acreage report on June 30, which will provide survey-based indications of planted and harvested area.
The USDSA maintained its forecast for 2025-’26 corn use in ethanol at 5.5 billion bushels, which, if realized, will be unchanged when compared to 2024-’25. Corn use for ethanol was at 5.478 billion bushels for 2023-’24.
With no use changes for 2025-’26, ending stocks are lowered 50 million bushels to 1.8 billion. The season-average farm price received by producers is unchanged at $4.20 per bushel.
The outlook for foreign corn production is higher with an increase for India. For 2024-‘25, the forecast for corn exports is lowered for Argentina but raised for the U.S. and Canada. Corn imports are lowered for China and Canada with increases for Turkey, Indonesia, and Iraq. Predicted foreign corn ending stocks for 2025-‘26 are reduced, with cuts to China, South Africa, India, and Canada partially offset by an increase for Argentina. The outlook for global corn ending stocks, at 275.2 million tons, is down 2.6 million.
