The June World Agricultural Supply and Demand Estimates report (WASDE) showed the 2026-27 U.S. corn outlook is virtually unchanged relative to last month. Fractionally higher beginning and ending stocks for 2026-27 reflect mostly offsetting trade and domestic use changes for 2025-26 with adjustments to imports, corn used for ethanol and exports based on data to date. The 2026-27 season-average farm price received by producers is unchanged at $4.40 per bushel.
U.S. 2026-27 soybean supply, use and price projections are unchanged this month. For 2025-26, soybean crush is raised on higher soybean meal exports and domestic disappearance. Soybean oil for biofuel use is raised for 2025-26 while exports are lowered. Soybean exports for 2025-26 are reduced based on available U.S. Census data, offsetting the increase in crush and resulting in unchanged ending stocks. The U.S. season-average soybean price for 2026-27 is forecast at $11.40 per bushel; soybean meal and oil prices are projected at $310 per short ton and 70 cents per pound, respectively.
The U.S. wheat outlook for 2026-27 projects smaller supplies and, with no other changes to the balance sheet, lower ending stocks. Supplies are reduced on decreased output as all wheat production is projected at 1,543 million bushels, down 18 million from last month largely on smaller hard red winter wheat production. The all wheat yield is down 0.5 bushel per acre to 47 bushels. Exports are unchanged at 775 million bushels, down 15% from the prior year. Projected ending stocks are reduced 18 million bushels to 744 million, 20% below the previous year. The 2026-27 season average farm price is projected 50 cents per bushel lower this month to $6 based on expectations of futures and cash prices for the marketing year.
Total U.S. red meat and poultry production forecast for 2026 is raised from the previous month, as higher broiler production more than offsets lower red meat production. Beef production is lowered, as the slow rate of steer and heifer slaughter is expected to continue through the second quarter and into the third quarter. Cow slaughter is also reduced for the remainder of the year. Heavier dressed weights partially offset the reductions in slaughter.
For 2027, beef production is raised, as increased feedlot placements and reduced marketings in 2026 will result in more fed cattle available for slaughter in 2027. Beef exports are lowered in the second quarter of 2026 based on recent trade data but are unchanged for the remainder of the year. Reduced beef exports are carried into 2027. Beef imports are unchanged for 2026 and 2027. Cattle prices are raised for the second quarter of 2026 based on strong prices during the month of May but remain unchanged for the remainder of the year and into 2027.
The USDA confirmed the discovery of New World screwworm (NWS) in a calf in Texas on June 3, 2026. Subsequently, additional cases have been identified in livestock and pets within the U.S. In response to these NWS cases, the USDA and local state officials have implemented actions to contain and monitor the movement of the pest, including quarantines and movement controls of livestock in affected areas. Forecasts in this report reflect cases known and policies implemented at the time of publication.
Find additional information on the USDA WASDE report from June.
