WASHINGTON, D.C. (RFD NEWS) — The latest World Agricultural Supply and Demand Estimate (WASDE) report from the U.S. Department of Agriculture (USDA) for February (PDF Version) left much of the 2025/26 outlook unchanged but delivered notable adjustments for corn, wheat, and cotton that continue to shape price expectations.
U.S. soybean supply and use forecasts were held steady, with the season-average farm price unchanged at $10.20 per bushel. Soybean meal and oil prices were also unchanged, while global soybean ending stocks increased on larger crops in Brazil and Paraguay.
The USDA also noted China may be considering additional U.S. soybean purchases, which would likely shift export destinations rather than expand global trade.
Corn was the most supportive revision. USDA raised U.S. corn exports by 100 million bushels to 3.3 billion, citing strong sales and inspections, and cut ending stocks to 2.1 billion bushels. The season-average corn price remained at $4.10 per bushel.
U.S. wheat ending stocks increased to 931 million bushels on lower food use, keeping prices at $4.90 per bushel.
Cotton saw slightly weaker demand, with exports trimmed and the projected farm price lowered to 60 cents per pound.
Farm-Level Takeaway: Strong corn exports offer support, while soybeans and wheat remain weighed down by ample global supplies.
Tony St. James, RFD NEWS Markets Specialist
Watch highlights and reactions to the February WASDE Report from today’s Market Day Report:
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Heavy rains are wreaking havoc on Argentina’s farmland, leaving nearly 4 million acres at risk and delaying corn and soybean plantings in one of the world’s top grain export regions.
November 20, 2025 01:21 PM
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Bangladesh recently pledged to purchase 700,000 tons of U.S. wheat and has also become a new buyer of American soybeans.
November 20, 2025 12:53 PM
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Ethanol exports are expanding on strong demand from Canada and Europe, while DDGS shipments remain broad-based and supportive for feed markets.
November 20, 2025 11:12 AM
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Dalton Henry, with U.S. Wheat Associates, joined RFD-TV to provide insight on what the pending trade frameworks may mean for American wheat growers.
November 19, 2025 04:11 PM
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A massive rail merger could significantly impact North American agriculture and trade flows.
November 19, 2025 12:46 PM
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Urea and phosphate see the biggest price relief from tariff exemptions, but nitrogen markets remain tight, and spring demand will still dictate pricing momentum.
November 19, 2025 12:31 PM
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Lower turkey and wheat prices helped ease Thanksgiving costs, but underlying farm-sector pressures remain significant.
November 19, 2025 11:06 AM
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