WASHINGTON (RFD NEWS) — The U.S. Department of Agriculture (USDA) left much of its June supply-and-demand outlook unchanged (PDF Version), but lowered U.S. wheat production estimates and highlighted the growing impact of New World screwworm in its latest World Agricultural Supply and Demand Estimates (WASDE) report released Thursday.
For corn growers, the report contained few surprises. USDA’s 2026/27 corn outlook was described as “virtually unchanged” from last month, with the season-average farm price forecast remaining at $4.40 per bushel. Global corn ending stocks increased modestly as larger production estimates in countries including India, Brazil, and Argentina offset declines elsewhere.
Soybean projections were also largely unchanged. USDA maintained its 2026/27 U.S. soybean price forecast at $11.40 per bushel while making only minor adjustments to global supply and demand estimates.
The most notable crop changes came in wheat.
USDA reduced projected U.S. wheat production by 18 million bushels, primarily due to lower Hard Red Winter wheat output. As a result, ending stocks were lowered to 744 million bushels, roughly 20 percent below the previous year. USDA also lowered its projected season-average wheat price by 50 cents to $6.00 per bushel.
On the livestock side, USDA included New World screwworm in the WASDE narrative for the first time since the pest was detected in Texas earlier this month.
The agency noted that confirmed cases in livestock and pets have prompted quarantines and controls on livestock movement in affected areas. USDA said its forecasts reflect the cases and policies known at the time of publication.
Despite the animal health concerns, USDA raised its outlook for 2027 beef production, citing increased feedlot placements and fewer marketings this year that could leave more fed cattle available for slaughter next year. Beef production expectations for 2026 were trimmed, however, due to slower cattle slaughter rates.
USDA also raised milk production forecasts for both 2026 and 2027 while lowering its all-milk price forecast to $20.70 per hundredweight for 2026 and $20.90 for 2027.
Looking ahead, traders and producers will continue monitoring weather conditions, crop development, export demand, and the evolving New World screwworm response as USDA prepares its next WASDE update, scheduled for July 10.
