The December World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2025-26 U.S. corn outlook is for greater exports and lower ending stocks. Exports are raised 125 million bushels to 3.2 billion, reflecting shipments to date. Export inspection data showed robust foreign demand during November and implies total shipments during the September-November quarter will likely exceed 800 million bushels, surpassing the prior high set during 2007. With no supply changes and use rising, corn ending stocks are down 125 million bushels to 2 billion. The season-average corn price received by producers is unchanged at $4 per bushel.
Total U.S. oilseed production for 2025-26 is forecast at 125.8 million tons, up slightly due to an increase for cottonseed. U.S. soybean supply, use and price projections are unchanged this month. Global oilseed production for 2025-26 is raised this month, driven mainly by higher rapeseed, peanut and soybean production, partially offset by lower sunflower seed output. Global rapeseed production is raised 3 million tons, with increases for Canada, Australia and Russia. Canada has the largest increase, up 2 million tons to a record 22 million, based on the latest Statistics Canada report. Higher rapeseed production is mostly offset by lower global sunflower seed production, down 2.5 million tons on harvest results for Ukraine and Russia. Current and historical peanut production is raised for Nigeria on official area data.
All of the supply and use categories for 2025-26 U.S. wheat are unchanged this month. However, there are offsetting by-class revisions for both feed and residual use and exports. The projected 2025-26 season-average farm price remains at $5 per bushel. This month’s 2025-26 global wheat outlook is for higher supplies, consumption, trade and ending stocks. Supplies are projected to increase 7.5 million tons to 1,097.8 million on larger production from several major exporting countries. Canada is raised 3 million tons to a record 40 million on the final 2025-26 production forecast from Statistics Canada. Argentina is increased 2 million tons to a record 24 million on widespread favorable conditions throughout the growing season, especially in Buenos Aires, the largest wheat-producing region. The European Union (EU) is raised 1.7 million tons to 144 million on updated official government statistics for several countries. Both Australia and Russia are increased 1 million tons to 37 and 87.5 million, respectively.
The forecast for 2025 red meat and poultry production is raised as higher poultry and beef production are partially offset by lower pork production. Third-quarter production figures reflect official slaughter and production data. Beef production is raised on a faster rate of slaughter for both fed and non-fed cattle for the fourth quarter, as well as higher dressed weights. For 2026, beef production is raised, primarily on higher dressed weights.
The beef import forecast for 2025 is lowered on official trade data reported through August. The beef import forecast for 2026 is raised, as the removal of certain tariffs on beef products from key beef suppliers is expected to encourage additional shipments to the U.S. Beef exports for 2025 are reduced based on recent trade data, with the reductions carrying over into the second half of 2026. Cattle prices are lowered for 2025 and 2026 based on recent price data and the announcement of reduced slaughter plant capacity expected to occur in early 2026.
Find additional information on the USDA WASDE report from December.
