The June World Agricultural Supply and Demand Estimates report (WASDE) showed the 2025-26 U.S. corn outlook is little changed from last month, with lower beginning and ending stocks. Corn area and yield forecasts are unchanged. The USDA will release its Acreage report on June 30, which will provide survey-based indications of planted and harvested area. Beginning stocks are down 50 million bushels, reflecting a forecast increase in exports for 2024-25. Exports are raised 50 million bushels, based on reported U.S. Census Bureau shipments through the month of April, inspection data during the month of May and current outstanding sales. With no use changes for 2025-26, ending stocks are lowered 50 million bushels to 1.8 billion. The season-average farm price received by producers is unchanged at $4.20 per bushel.
U.S. 2025-26 soybean supply, use and price projections are unchanged this month. The U.S. season-average soybean price is forecast at $10.25 per bushel; soybean meal and oil prices are projected at $310 per short ton and 46 cents per pound, respectively.
The outlook for 2025-26 U.S. wheat this month is for slightly larger supplies, unchanged domestic use, higher exports and lower ending stocks. Supplies are raised on minimally higher output as all wheat production is projected at 1,921 million bushels, up 115,000 bushels from last month as higher soft red winter and white winter production offset lower hard red winter (HRW) production. The all-wheat yield is virtually unchanged at 51.6 bushels per acre. Exports are raised 25 million bushels to 825 million on strong early 2025-26 sales, especially for HRW. Projected 2025-26 ending stocks are lowered 25 million bushels to 898 million, but are still 7% above last year. The projected 2025-26 season-average farm price is 10 cents per bushel higher at $5.40 on the reduced stocks.
The total U.S. red meat and poultry production forecast for 2025 is lowered from last month. Beef production is lowered on reduced steer and heifer slaughter in the second quarter and reduced cow slaughter for the remainder of the year. For 2026, red meat and poultry production is raised on higher beef and turkey production. Beef production is raised primarily on higher feedlot placements in the second half of 2025 and early 2026, which are expected to result in higher steer and heifer slaughter for 2026.
The beef export forecast for 2025 is raised on recent trade data and continued strong demand from key export markets. The beef import forecast is also raised on strong imports from Oceania and South America, as well as robust domestic demand for lean processing beef. Cattle price forecasts for 2025 are raised on recent price strength and continued demand for cattle. The increased price forecasts are carried over into 2026 as well.
Find additional information on the USDA WASDE report from June.
