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:
Falling livestock prices, combined with higher input costs, continue to squeeze farm profitability heading into 2026.
February 02, 2026 10:22 AM
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Smaller cow numbers and a declining calf crop point to prolonged tight cattle supplies, limiting near-term herd rebuilding potential.
January 30, 2026 03:42 PM
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Strong rail demand and higher fuel costs raise transportation risk even as barge and export flows stabilize.
January 30, 2026 02:21 PM
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Traders say that shift could eventually prompt the USDA to scale back soybean export projections, noting the outlook differs greatly for other grain commodities.
January 30, 2026 01:13 PM
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The federal government’s status is far from the only factor moving the markets on Friday. Two critical reports released today on producer inflation and the status of the U.S. cattle herd are also top of mind.
January 30, 2026 12:51 PM
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Record milk output looks strong today, but shrinking replacement numbers mean future supply adjustments could be faster and more volatile.
January 30, 2026 11:44 AM
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Often overlooked, cotton wholesalers act as stabilizers during market stress, translating fragmented retail demand into workable production programs for mills and manufacturers.
January 30, 2026 08:00 AM
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Strong blending demand continues to support ethanol use even as production and exports fluctuate.
January 30, 2026 07:00 AM
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Eliza Petry joins the RFD News team with a strong connection to agriculture and a commitment to covering the people and issues that matter most to rural America.
January 29, 2026 01:31 PM
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