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:
Fewer cattle on feed suggest smaller slaughter numbers this winter, which could support strong prices if beef demand holds firm.
September 22, 2025 11:10 AM
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Dairy farmers are expected to face strong output and export gains, but lower prices and tighter margins will persist into next year.
September 22, 2025 10:52 AM
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The USDA NASS report also confirms lower August placements.
September 19, 2025 03:36 PM
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Producers and processors should watch trade policy closely as tariff impacts ripple through seafood markets.
September 19, 2025 03:15 PM
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Ethanol producers face a widening opportunity window as aviation and marine fuel markets expand, with the potential to add billions in demand if policy and certification align.
September 19, 2025 02:42 PM
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Lawmakers and ag industry groups welcomed the confirmations, citing the direct impact of these leaders on western ranchers, water and land management, conservation programs, and regulatory reform.
September 19, 2025 01:21 PM
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All eyes will be on today’s Cattle on Feed Report, which analysts say could give a clearer picture of where the market goes next.
September 19, 2025 01:01 PM
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September 19, 2025 10:09 AM
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Corn and beef exports showed strong momentum, cotton sales surged, and soybean sales held steady, though China remains absent from the U.S. market.
September 18, 2025 04:43 PM
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