The May World Agricultural Supply and Demand Estimates report (WASDE) showed the 2026-27 U.S. corn outlook is for reductions to supply, total use and ending stocks with higher expected prices. The corn crop is projected at 16 billion bushels, down 6% from a year ago on declines to both area and yield. The planted area of 95.3 million acres, if realized, would be down 3.5 million. The yield projection of 183 bushels per acre is based on a weather-adjusted trend assuming normal planting progress and summer growing season weather. Larger beginning stocks partially offset the forecast reduction in production, resulting in total corn supplies declining 2% to 18.1 billion bushels. The season-average farm price is projected at $4.40 per bushel, up 25 cents.
The 2026-27 outlook for U.S. soybeans shows higher supplies, crush, exports and lower ending stocks from the prior marketing year. The soybean crop is projected at 4.435 billion bushels, up 173 million from last year’s crop, reflecting trend yield and higher harvested area. Along with higher beginning stocks, supplies are 188 million bushels above the 2025-26 marketing year. Total U.S. oilseed production is projected at 130.4 million tons, up 4.2 million, as higher soybean, rapeseed and sunflower seed output is partly offset by lower peanut and cottonseed production.
The 2026-27 outlook for U.S. wheat is for reduced supplies and exports, lower domestic use and smaller stocks compared with 2025-26. Wheat supplies are forecast down from last year with reduced production more than offsetting larger beginning stocks. All wheat production is projected at 1,561 million bushels, down 424 million from last year on reduced harvested area and yield. The all-wheat yield, projected at 47.5 bushels per acre, is 5.8 bushels lower than last year’s record yield. The first survey-based production forecast for 2026-27 winter wheat is down 25% from last year to 1,048 million bushels, primarily on sharply reduced hard red winter production. The projected 2026-27 season-average farm price is $6.50 per bushel, up $1.50 from last year on a lower stocks-to-use ratio and a higher projected U.S. corn price.
Total U.S. red meat and poultry production for 2027 is forecast above 2026 production levels as higher pork and poultry production more than offset lower beef production. Beef production is forecast lower as expected herd rebuilding and increased heifer retention will limit the availability of fed cattle for slaughter.
The total red meat and poultry production forecast for 2026 is increased from last month as higher expected pork, broiler and turkey production more than offsets lower beef production. The beef production forecast is lowered on official data through March and lower-than-expected marketings in the second quarter due to the recent pace of steer and heifer slaughter. Marketings were also lowered in the second half of the year due to the slow pace of placements into feedlots reported in the first quarter and reduced expectations for second-quarter placements. Lower expected cow slaughter also underpins the production decrease.
For 2027, beef exports are lowered from 2026 on tighter supplies, but pork exports are raised on increased production and competitive pricing in international markets. Beef imports are lower on expectations of reduced supplies in key exporting countries. Beef imports are raised on the increased pace seen through the first quarter and strong demand for lean processing beef. For 2027, fed cattle prices are forecast above 2026 on expected tightening of cattle supplies.
Find additional information on the USDA WASDE report from May.
