The U.S. Department of Agriculture’s February 2026 World Agricultural Supply and Demand Estimates (WASDE) report projects steady crop production and supply for the 2025-26 marketing year, with nuanced shifts in global supply and demand patterns for key commodities.
U.S. wheat supplies remain unchanged, with ending stocks rising slightly to 931 million bushels, the highest since 2019-20. Domestic wheat use is modestly lower, reflecting reduced food consumption. The season-average farm price is projected at $4.90 per bushel. Globally, wheat production is slightly lower, with Argentina reaching a record 27.8 million tons, offset by declines in Turkey and Mongolia.
Corn exports from the U.S. are raised to 3.3 billion bushels amid robust foreign demand, while ending stocks fall to 2.1 billion bushels. The season-average corn price remains steady at $4.10 per bushel. Global coarse grain production is stable, with minor shifts in barley and corn output across regions.
Rice supplies in the U.S. are forecast lower due to reduced imports, with exports down and ending stocks rising. The season-average farm price for rice increases to $12.10 per hundredweight.
Soybean supply and use projections are unchanged, with a steady season-average price of $10.20 per bushel. Global soybean production and crush are up, driven by favorable weather in Brazil and Paraguay.
In livestock, 2026 production forecasts show higher beef and pork output, offset by lower broiler and turkey production due to disease impacts. Milk production is expected to rise, supported by increased milk per cow.
