The USDA’s World Agricultural Supply and Demand Estimates (WASDE) report shows the 2025-2026 U.S. corn outlook is for greater exports and lower ending stocks.
Corn saw the biggest changes in the February USDA report. Exports were raised 100 million bushels to a record 3.3 billion. Ending stocks dropped to 2.127 billion bushels, near the low end of expectations but not critically tight. The average farm price stayed at $4.10.
Soybean numbers were unchanged. Carryout remains at 350 million bushels, with an average price of $10.20.
Wheat also saw limited adjustments. Milling demand was trimmed slightly, raising carryout to 931 million bushels. The average wheat price held steady at $4.90.
Globally, corn stocks slipped to 288.98 million metric tons, below trade expectations. World soybean stocks rose slightly to 125.51 million tons, while wheat stocks fell to 277.51 million tons, also below estimates.
Livestock numbers saw more movement. Beef production for 2026 was raised to 25.92 billion pounds. Imports increased, while exports held steady. The average steer price is now projected at $240.25, up $4.50.
Pork production was also raised to 28.28 billion pounds. Exports improved, and average hog prices are now expected near $69, up $2.25 from last month.
CLICK BELOW to hear analysis of USDA’s February WASDE Report with Karl Setzer with Consus Ag Consulting:
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Sources: Karl Setzer, Consus Ag Consulting; NAFB News Service