The March World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2025-26 U.S. corn outlook is unchanged relative to last month. The season-average corn price received by producers is unchanged at $4.10 per bushel. Global coarse grain production for 2025-26 is forecast 2.7 million tons higher to 1.593 billion. This month’s foreign coarse grain outlook is for larger production, greater trade and higher ending stocks relative to last month. Foreign corn production is higher as increases for Ukraine and Brazil are partly offset by a decline for Argentina. Ukraine is raised based on the latest information from the State Statistics Service. Brazil is higher on an increase for first crop area. Argentina is lowered as dryness during February reduces yield prospects. Foreign barley production is raised, with an increase for Australia partly offset by a decline for Ukraine.
U.S. 2025-26 soybean supply and use projections include increased imports and crush, and unchanged ending stocks. Soybean imports are increased 5 million bushels, reflecting trade to date. Crush is raised 5 million bushels, driven by higher soybean meal domestic use. Soybean meal and soybean oil extraction rates are revised based on observed data to date. Due to a lower soybean oil extraction rate, soybean oil production is slightly lower than last month despite the higher crush forecast. Soybean oil domestic use is marginally lower with lower soybean oil for biofuel use mostly offset by higher food, feed and other industrial use. Soybean oil for biofuel use is lowered 800 million pounds to 14 billion and soybean oil ending stocks are revised slightly higher. U.S. soybean ending stocks are unchanged at 350 million bushels. The season-average soybean price is projected unchanged at $10.20 per bushel.
There are no changes this month for the 2025-26 U.S. wheat supply and use categories. The season-average farm price is up 5 cents per bushel to $4.95 on NASS prices reported to date and price expectations for the remainder of the marketing year. The 2025-26 global outlook this month projects larger supplies and consumption but reduces trade and ending stocks.
Historical red meat, poultry and egg supply and use estimates are adjusted to reflect revisions in slaughter, inventory, cold storage and production data, as well as December trade data. Total red meat and poultry production for 2026 is raised on higher broiler production forecasts more than offsetting lower beef and turkey production. Beef production is forecast lower on the slower-than-expected pace of slaughter through early March, partially offset by heavier dressed weights.
The beef export forecast for 2026 is lowered for the first half of the year on reduced production. Beef imports are raised on tighter beef supplies attracting additional shipments from global exporters. Cattle prices are raised through the first three quarters of 2026 based on recent prices and continued strong demand for fed cattle.
Find additional information on the USDA WASDE report from March.
