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US 2026 Corn Acres Hit 4th Highest Since 1944, Soybean Acres Up 5% Over Year-Ago Levels, USDA Says

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US farmers planted 95.3 million acres of corn in 2026, slightly above the trade estimates of 94.9 million, unchanged from the US Department of Agriculture's March estimate, and down 3% from a year ago, the USDA forecast in an annual report on Tuesday.

This represents the fourth-highest planted acreage in the US since 1944.

US farmers planted 85.4 million acres of soybeans in 2026, equal to the trade estimates of 85.3 million, up from the USDA's March estimate of 84.7 million, and up 5% from a year ago.

Corn stocks in all positions on June 1 totaled 5.29 billion bushels, up 14% compared with a year ago. Of the total stocks, 2.96 billion bushels are stored on farms, up 16% from a year earlier.

Off-farm stocks, at 2.34 billion bushels, are up 12% from a year ago. The March-May 2026 indicated disappearance is 3.74 billion bushels, compared with 3.50 billion bushels during the same period last year.

Soybeans stored in all positions on June 1, 2026, totaled 1.06 billion bushels, up 5% from June 1, 2025. On-farm stocks totaled 367 million bushels, down 11% from a year ago.

Off-farm stocks, at 694 million bushels, are up 16% from a year ago. Indicated disappearance for the March-May 2026 quarter totaled 1.06 billion bushels, up 18% from the same period a year earlier.

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Commodities

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$AMTX$AMZN$GPRE$OPAL
Commodities

US Oil Update: Crude Rises as US-Iran De-escalation Eases Supply Disruption Fears

Crude oil futures settled higher in after-hours trading on Monday after an agreement between the US and Iran to halt recent hostilities following a weekend of tit-for-tat strikes that reignited concerns over potential supply disruptions.Front-month West Texas Intermediate crude futures climbed 1.8% to $70.45 per barrel, while Brent futures edged higher by 1.1% to $72.78/bbl.Bjarne Schieldrop, chief commodities analyst at SEB Research, said the muted move higher can be attributed to US and Iranian rockets in the Persian Gulf over the weekend, which ended with an agreement between the US and Iran to stop.The US and Iran are poised to hold fresh talks on Tuesday in Doha, Qatar, President Trump said in a social media post on Monday, following a weekend of hostilities."The meeting in Doha is going to be perhaps important, perhaps not. We're going to find out... It's really very simple," Trump told reporters at the White House on Monday.However, Iran's Deputy Foreign Minister Kazem Gharibabadi said "no technical talks" with the US have been scheduled in Doha this week, refuting media reports that the two sides were set to meet in the Qatari capital."Holding technical meetings of the working groups has not been scheduled for this week," Gharibabadi said, adding that the first round of talks will be held once conditions are met.Traffic via the Strait of Hormuz continued to move through on Monday, with MarineTraffic reporting 108 verified crossings between 26 and 28 June, covering container, tanker, LNG-linked, bulk, and service vessel movements.Saxo Bank strategists said Iran's foreign minister reiterated that Tehran retains exclusive authority over traffic through the strategic waterway under the preliminary peace agreement, thereby elevating the risk of renewed supply disruptions.Meanwhile, Iran has stressed that the Hormuz will not return to pre-war conditions, emphasizing its sovereign right over the waterway. Tehran reportedly plans to move forward with exerting its control over maritime traffic via the strategic waterway, even without Oman.Schieldrop said that Oman told European officials that ships may have to pay fees for transiting the Hormuz in the future, while Iran has stated that free passage is guaranteed only for the 60 days of the ongoing US-Iranian negotiations.

Commodities

US Natural Gas Update: Prices Fall as Robust Supply Offsets Heat-Driven Demand Outlook

US natural gas futures extended losses in late trading on Monday as strong domestic production and ample supplies outweighed forecasts of hotter weather that was expected to lift cooling demand across much of the country.The front-month Henry Hub contract and the continuous contract fell 1.83% to $3.172 per million British thermal units.The decline followed strong production data over the weekend. Barchart said US dry gas output climbed to 114 billion cubic feet per day on Sunday, the highest daily production level in more than two and a half months. Citing BNEF data, it said Monday production eased to 111.2 Bcf/d, down 1.3 Bcf/d from Friday but still 2.3% higher than a year earlier.The elevated supply backdrop has continued to limit gains despite expectations for stronger seasonal demand.Gelber & Associates estimated total domestic supply averaged about 116.0 Bcf/d over the past two weeks, consisting of roughly 110.4 Bcf/d of dry gas production and 5.6 Bcf/d of net Canadian imports.Weather forecasts, however, point to rising electricity demand as above-normal temperatures spread across much of the eastern US.The Commodity Weather Group said forecasts turned hotter on Monday, with above-average temperatures expected across the eastern half of the country through July 3. Aegis Hedging said Lower 48 population-weighted temperatures are projected to remain above the 10-year average during the first week of July, supporting natural gas demand.A heat dome centered over the Midwest is forecast to expand eastward this week, bringing triple-digit temperatures to a broad swath of the country and boosting expectations for power-sector gas consumption.BNEF put Lower 48 gas demand at 75.4 Bcf/d on Monday, up 4.2 Bcf/d from Friday and 3.3% higher than a year earlier. Net flows to US LNG export terminals were estimated at 19.2 Bcf/d, up 0.1 Bcf/d from Friday and 1.0% higher than the previous week."As the market adjusts to the new prompt month, the primary test will be whether this incoming wave of midsummer power demand can outpace a resilient supply stack and begin whittling down the overall storage surplus," Gelber & Associates said.