The USDA estimates that 3.36 million acres of corn still need to be planted. This would represent the eighth-highest corn planting since 1944. Soybean acreage is up 3% from last year.

The USDA estimated corn stocks on June 1 at 4.99 billion bushels. This is an increase of 22% from June 1 of 2023. There are 3.03 billion bushels stored on farms. This is an increase of 37% from last year. Off-farm stocks are estimated at 1.97 billion bushels, an increase of 4% from last year.

Soybean stocks as of June 1 are estimated at 970 million bushels. This is an increase of 22% from last year. There are 466 million bushels stored on farms. This is an increase of 44% from last year. Off-farm stocks are estimated at 504 million bushels. This is up 6% from last year.

Read more from the USDA Acreage and quarterly Grain Stocks estimates here.