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:
RealAg Radio host Shaun Haney joined us on Friday’s Market Day Report to discuss what the Carney-Xi meeting could mean for Canadian producers.
October 31, 2025 01:29 PM
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Market analyst and friend of the show, Shawn Hackett, says Brazil’s shifting use of crops for biofuel production is a significant factor.
October 31, 2025 01:17 PM
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Caleb Ragland, president of the American Soybean Association (ASA), shares his reaction to news of soybean sales to China, which is considered both “welcome news” and a return to near-normal trade relations.
October 31, 2025 12:26 PM
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Rabobank’s outlook signals a tightening margin environment, emphasizing the need for cost control, trade stability, and clearer policy signals heading into 2026.
October 31, 2025 11:44 AM
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Farm Bureau Economist Faith Parum discusses key outcomes from the U.S.-China trade agreement and the benefits of expanding trade across Southeast Asia.
October 30, 2025 03:25 PM
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Farm CPA Paul Neiffer joined us on Thursday’s Market Day Report to discuss the implications for farmers.
October 30, 2025 02:37 PM
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Chris Bliley with Growth Energy discusses ongoing concerns about U.S. ethanol exports and the expansion of market access promised under the Phase One deal between the U.S. and China.
October 30, 2025 02:30 PM
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“It does not extinguish right away here — in any sort of sense — the real profitability concerns and people’s ability to pay bills and get to the other side of this in the very short term. This is where the skepticism builds.”
October 30, 2025 02:20 PM
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U.S. Senator Roger Marshall (R-KS) shares his perspective on the U.S.-China trade developments and their potential impact on American producers, farmers, and ranchers.
October 30, 2025 12:56 PM
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