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:
Livestock and government payments provide a boost, but crop receipts and rising expenses keep pressure on margins. Strong financial planning remains key in a volatile environment.
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The decline in production marks the second consecutive year of contraction in the U.S. turkey industry.
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The USDA noted that peanut edible utilization season-to-date is down 3% on the year, despite overall stocks increasing.
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“Those could’ve easily been our beans going over there. It goes to show that if that opportunity is there, China would be willing to buy.”
September 29, 2025 03:59 PM
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We caught up with Karen Braun, Chief Market Analyst at Zaner Ag Hedge, at the Women in Agribusiness to discuss the data behind commodity trading.
September 29, 2025 03:30 PM
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A booming butterfat market is good for some dairy products but threatens efficiency and margins for cheesemakers unless protein levels catch up
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Land values are increasing faster than farm income, making it more challenging for young and beginning farmers to expand, but supporting equity for current landowners.
September 29, 2025 09:58 AM
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