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:
Winter weather will challenge livestock producers working to rebuild their herds despite harsh conditions.
November 12, 2025 01:20 PM
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Enforceable origin labels could create clearer premiums for U.S. cattle and address concerns some producers have had with competition from foreign imported beef.
November 12, 2025 12:39 PM
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Rural businesses report softer sales, tougher hiring, and restrained investment — a backdrop that can pinch farm support capacity even if posted prices cool.
November 12, 2025 12:22 PM
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Friday’s release will be the first WASDE report in about two months, and early estimates indicate a corn surplus is still on the way.
November 12, 2025 12:16 PM
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A Reuters report shows China has a soybean “glut,” finding stockpiles at Chinese ports are at record levels, with crushers there holding the most supplies since 2017.
November 12, 2025 10:55 AM
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The National Milk Producers Federation (NMPF) says recent wins in markets like Malaysia and Cambodia help farmers focus on production rather than trade barriers.
November 11, 2025 03:50 PM
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Lucia Ruano, USMEF’s Central America representative, discusses what is driving demand for U.S. beef and pork in the region.
November 11, 2025 01:30 PM
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Tyson expects another year of beef-segment losses due to tight cattle supplies, even as chicken, pork, and prepared foods strengthen overall margins.
November 11, 2025 01:26 PM
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Export strength is concentrated in corn and wheat, while soybeans and sorghum lag, keeping basis and logistics dynamics highly commodity-specific into late fall.
November 11, 2025 11:21 AM
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