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:
Shaun Haney, host of RealAg Radio, provides the latest insight into the timing, expectations, and broader considerations of the potential aid package, despite increasing exports to China.
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Higher rail tariffs and tighter Canadian supplies will keep oat transportation costs firm into 2026.
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Lower U.S. and Mexican production means tighter sugar supplies and greater reliance on imports headed into 2026.
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The agriculture workforce remains strong and diverse, offering meaningful pathways for students pursuing careers that support the food and farm economy.
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Mike Steenhoek of the Soy Transportation Coalition discusses industry reactions to the proposed Union Pacific–Norfolk Southern merger, the Surface Transportation Board’s review process, and current conditions on the Mississippi River.
November 21, 2025 01:59 PM
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