US Agriculture: 2026/27 Soybean & Corn Acreage Above Consensus; Wheat Below

Research evidence excerpt

US Agriculture: 2026/27 Soybean & Corn Acreage Above Consensus; Wheat Below

J P M O R G A N North America Equity Research

30 June 2026

US Agriculture

2026/27 Soybean & Corn Acreage Above Consensus;

Wheat Below

Today, the USDA released its annual Acreage report and quarterly Grain Stocks Machinery, Engineering &

report for June 1, 2026. The Acreage report projected 2026 corn planted acres at Construction

95.3MM (unchanged vs. USDA’s March Prospective Plantings report), above Tami Zakaria, CFA AC

consensus 95.1MM. It reported soybean planted acres at 85.4MM (vs. 84.7MM in (1-212) 622-9888

Prospective Plantings), above consensus 85.2MM acres. Holding all other tami.zakaria@jpmchase.com

assumptions constant from the June WASDE, today’s Acreage report implies US Raquel Betesh

2026/27 stocks-to-use (STU) of 12.1% for corn (unchanged), 7.7% for soybeans (1-212) 622-1313

(vs. prior 6.9%) and 37.6% for wheat (vs. prior 39.7%). Separately, the USDA raquel.betesh@jpmchase.com

reported June 1 grain stocks above expectations for soybeans, while corn and Alec R McGuire

(1-212) 622-2432

wheat came in below consensus. alec.mcguire@jpmorgan.com

• 2026 Acreage: Soybeans and corn higher than expected, wheat lower. The J.P. Morgan Securities LLC

USDA reported 2026 corn planted acres of 95.3MM (vs. consensus 95.1MM),

unchanged vs. Prospective Plantings; corn harvested acres are projected at

87.4MM. Soybean planted acres are estimated at 85.4MM (vs. consensus

85.2MM), up from 84.7MM in Prospective Plantings; soybean harvested acres

are projected at 84.4MM. Wheat planted acres are estimated at 42.7MM (vs.

consensus 43.8MM), down from 43.8MM in Prospective Plantings; wheat

harvested acres are projected at 32.1MM.

• June 1 Grain Stocks lower than expected for corn and wheat; soybeans

higher.