WASDE Cuts Wheat Stocks While Livestock Outlook Splits

The report gives producers a mostly stable row-crop balance sheet with sharper signals in wheat and meat markets.

WASDE REPORT GRAPHIC

WASHINGTON, D.C. (RFD News) — The U.S. Department of Agriculture (USDA) World Agriculture Supply and Demand Estimate (WASDE) report for June 2026 (PDF Version) leaves corn and soybeans mostly steady but tightens the wheat outlook and splits the livestock picture between beef and pork.

The report gives producers a mostly stable row-crop balance sheet with sharper signals in wheat and meat markets.

U.S. wheat production is cut by 18 million bushels to 1.543 billion, mostly due to smaller hard red winter output. Ending stocks fall to 744 million bushels, while the farm price drops to $6.00. Corn is virtually unchanged, with the farm price holding at $4.40. Soybean supply, use, and price projections are unchanged, and season-average prices remain steady at $11.40.

Cotton ending stocks are reduced because of a 200,000-bale cut from the prior year. New-crop production, use, and trade are unchanged, with the projected farm price steady at 73 cents.

Beef production is lowered as steer, heifer, and cow slaughter slow, though heavier weights offset part of the decline. Pork production is slightly higher on heavier dressed weights.

USDA also lowers beef exports in the second quarter but raises pork exports on stronger recent shipments.

Farm-Level Takeaway: Wheat and beef carry tighter supply signals, while corn, soybeans, cotton, and pork show steadier outlooks.
Tony St. James, RFD News Markets Specialist

Tony St. James joined the RFD-TV talent team in August 2024, bringing a wealth of experience and a fresh perspective to RFD-TV and Rural Radio Channel 147 Sirius XM. In addition to his role as Market Specialist (collaborating with Scott “The Cow Guy” Shellady to provide radio and TV audiences with the latest updates on ag commodity markets), he hosts “Rural America Live” and serves as talent for trade shows.

LATEST STORIES BY THIS AUTHOR:

Early wheat harvest is moving, but rain, drought stress, and disease pressure will determine yield and quality.
China’s pledge is supportive, but producers need confirmed sales and shipments before counting it as stronger export demand.
Higher input costs and tighter cash flow are keeping pressure on farm income, credit needs, and capital spending.
Grain movement remains active, but high ocean freight and diesel costs continue to pressure export logistics.
Corn demand received another boost last week as ethanol production climbed to a five-week high.
Chicago Fed lenders report producers are carrying more operating debt as repayment rates continue weakening across the Midwest.