Corn and wheat futures climbed after a United States Department of Agriculture (USDA) report showed a drop in the estimated planted area for these staple crops in 2026. A separate report showed that stockpiles of grain commodities improved year over year (YoY) in March.
Corn futures, which were trading lower ahead of the duo of reports, recouped their losses afterward.
Prospective Plantings and the Quarterly Grain Stocks provide the market’s first comprehensive snapshot of acreage intentions and current inventory levels, both critical for assessing the 2026/27 supply outlook.
Dwindling Acreage: The planted area for corn used for all purposes is estimated at 95.3 million acres, down 3% from last year. The acreage is expected to fall year over year (YoY) in 37 of the 48 estimating states.
All wheat types are also estimated to see a 3% YoY drop this year to 43.8 million. USDA’s statistical arm, the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, noted that if the wheat acreage for the year aligns with expectations, it would be the lowest planted area since records began in 1919.
On the other hand, soybean and cotton acreages in 2026 are estimated to increase 4% each to 84.7 million acres and 9.64 million acres, respectively.
*estimated
Source: USDA
Ahead of the report, Saxo Commodities Strategist Ole Hansen said the Iran war has disrupted energy and fertilizer markets, pushing input costs sharply higher at a time when grain prices remain relatively subdued. He noted that trade estimates point to a reduction in corn acreage and a sharp drop in spring wheat plantings.
“Together, these reports could set the tone for grain markets in the months ahead, especially if reduced plantings begin to raise concerns about supply adequacy later in the season.”
Key Crop Inventories Rise: In a separate report, USDA reported that corn stocks totaled 9.02 billion bushels as on March 1, making 11% YoY increase. Soybean stockpiles also swelled 10% to 2.10 billion bushels. Wheat stocks rose 5% to 1.30 billion bushels.
Among other agricultural commodities:
- Sunflower stocks jumped 44%
- Sorghum stocks rose 15%
- Oats fell 3%
- Barley declined 10%
