Fertilizer Industry Update: 2026 USDA Acreage Report & June 1 Grain Stocks

研报英文原文证据摘录

Fertilizer Industry Update: 2026 USDA Acreage Report & June 1 Grain Stocks

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

30 June 2026

Fertilizer Industry Update

2026 USDA Acreage Report & June 1 Grain Stocks

• Small adjustments. The USDA annual Acreage report is a survey of ~90,300 Chemicals: Specialty, Commodity,

farm operators conducted during the first two weeks of June. Corn planted Agricultural, and Paper & Packaging

acreage estimates for the 2026/27 season are unchanged from the March Jeffrey J. Zekauskas AC

Projected Plantings report at 95.3m ac, which is slightly above Street (1-212) 622-6644

expectations of 95.1m planted acres. June 1 corn inventories for the 2025/26 jeffrey.zekauskas@jpmorgan.com

season (ends Aug. 31, 2026) of 5.295b bu are below Street expectations of Silke Kueck

5.414b bu, which may slightly lower beginning corn inventories for the (1-212) 622-6503

2026/27 marketing season. The soybean planted acreage number was lifted by silke.x.kueck@jpmorgan.com

0.7m ac from 84.7m ac to 85.4m ac and is slightly above the Street estimate of Katie Zhang

(1-212) 622-3262

85.2m acres. June 1 soybean inventories for 2025/26 of 1.061b bu were slightly katie.zhang@jpmchase.com

above Street expectations of 1.050b bu. The next data point will be the July 10

Lydia Huang

WASDE Report, which provides an update to crop yields and demand. We view (1-212) 622-0086

the data from the June Acreage report and the Grain Stocks report as somewhat lydia.huang@jpmorgan.com

positive for producers of fertilizer, seeds, and ag chemicals, with corn planting J.P. Morgan Securities LLC

intentions unchanged and corn inventories below Street estimates.

• No change to expected corn planted and harvested acres, and somewhat

lower than expected corn inventories: The USDA “Acreage” report