The September World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2025-26 U.S. corn outlook is for greater supplies, larger exports and a slight reduction in ending stocks. Projected beginning stocks for 2025-26 are 20 million bushels higher based on a lower use forecast for 2024-25, with reductions in imports and corn used for ethanol partially offset by an increase in exports. Corn production for 2025-26 is forecast at 16.8 billion bushels, up 72 million from last month, as a 2.1-bushel reduction in yield to 186.7 bushels per acre is more than offset by a 1.3 million-acre increase in harvested area to 90 million acres. If realized, harvested area would be the highest since 1933 and planted area of 98.7 million acres the highest since 1936. The season-average corn price received by producers is unchanged at $3.90 per bushel.
The 2025-26 outlook for U.S. soybeans includes higher production, higher crush, lower exports and higher ending stocks compared to last month. Soybean production is projected at 4.3 billion bushels, up slightly with higher harvested area offset by a lower yield. Harvested area is raised 0.2 million acres from the August forecast. The soybean yield of 53.5 bushels per acre is down marginally from last month. The crush forecast is raised 15 million bushels, driven by stronger soybean meal exports. The soybean export forecast is reduced 20 million bushels on increased competition, particularly from Russia, Canada and Argentina. Ending stocks are projected at 300 million bushels, up 10 million from last month.
The outlook for 2025-26 U.S. wheat this month is for unchanged supplies and domestic use, higher exports and lower ending stocks. Exports are raised by 25 million bushels to 900 million on a continued strong pace of sales and shipments of hard red winter wheat. Projected 2025-26 ending stocks are lowered 25 million bushels to 844 million and are now slightly less than last year. The projected 2025-26 season-average farm price is reduced by 20 cents per bushel to $5.10 on National Agricultural Statistics Service (NASS) prices reported to date and expectations for futures and cash prices for the remainder of the marketing year.
The forecast for 2025 red meat and poultry production is reduced from last month, with lower beef and pork production more than offsetting raised poultry production forecasts. Beef production in 2025 is lowered on reduced steer and heifer slaughter and lower cow slaughter for the third and fourth quarters. Beef production in 2026 is raised slightly, with higher fed cattle slaughter more than offsetting lower bull slaughter.
The beef import forecast is raised for 2025 on continued strong demand for lean processing beef, but the forecast for 2026 is unchanged. Beef exports are reduced for 2025 and 2026 due to expectations of fewer supplies and increased price competition. Cattle prices are forecast higher in the third and fourth quarters of 2025, with higher prices carrying into 2026.
Find additional information on the USDA WASDE report from September.
