The USDA’s World Agricultural Supply and Demand Estimates Report showed little change from the previous month.
The 2026-2027 U.S. corn outlook is virtually unchanged relative to last month. Fractionally higher beginning and ending stocks reflect mostly offsetting trade and domestic use changes from the previous year, with adjustments to imports, corn used for ethanol, and exports. The season-average farm price is unchanged at $4.40 per bushel.
Soybean supply, use, and price projections are unchanged this month. The U.S. season-average soybean price is forecast at $11.40 per bushel.
The U.S. wheat outlook 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 billion bushels.
The all-wheat yield dropped a half-bushel lower to 47 bushels. The season-average farm price dropped 50 cents to an even $6 a bushel.
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