The February 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 100 million bushels to 3.3 billion, reflecting sales and shipments to date. Export sales and inspection data continued to show robust foreign demand during January and imply total shipments during the September-January period will most likely exceed 1.3 billion bushels. With no supply changes and use rising, corn ending stocks are down 100 million bushels to 2.1 billion. The season-average corn price received by producers is unchanged at $4.10 per bushel.
U.S. 2025-26 soybean supply and use projections are unchanged this month. The season-average soybean price is projected unchanged at $10.20 per bushel. Soybean meal and oil prices are unchanged at $295 per short ton and 53 cents per pound, respectively. Global 2025-26 soybean supply and use forecasts include increased production, crush and ending stocks. Production for Brazil is raised 2 million tons to 180 million on higher area and yield, reflecting beneficial weather throughout the season and state-level reporting. Production for Paraguay is increased 0.5 million tons to 11.5 million on favorable rainfall over the season.
The outlook for 2025-26 U.S. wheat is for unchanged supplies, modestly lower domestic use, unchanged exports and slightly higher ending stocks. Domestic use is lowered on reduced food use as indicated by the National Agricultural Statistics Service (NASS) Flour Milling Products report, issued on Feb. 2. This reduction is partially offset by a fractional increase in seed use. Ending stocks are raised to 931 million bushels, 9% higher than last year and the largest since 2019-20. The projected 2025-26 season-average farm price remains at $4.90 per bushel.
Red meat, poultry and egg supply and use estimates for 2025 are adjusted to reflect December production and ending stocks data released by NASS. For 2026, total red meat and poultry production is raised as higher beef and pork production is partially offset by lower broiler and turkey production. Beef production is raised on higher slaughter of steers and heifers, increased cow slaughter and slightly heavier dressed weights. The USDA’s January Cattle report estimated that the 2025 calf crop was lower than the previous year, but as of Jan. 1, more cattle held outside feedlots were available to be placed during the first half of 2026.
Beef imports are raised for 2026 on continued strong demand for lean processing beef and the recent agreement between the United States and Argentina that increases its beef import quota. Beef exports are unchanged. For 2026, fed-cattle prices are raised for all four quarters on recent prices and continued demand strength.
Find additional information on the USDA WASDE report from February.
