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:

Producers growing multiple spring crops should compare CLIP with individual coverage increases and county-based supplemental protection.
Improved coffee output could strengthen the U.S. supply, but input costs and weather risks keep the outlook uncertain.
Estimates for 2026 harvested crops remain early. Corn and sorghum are below their reference prices, while wheat and soybeans are above them.
Markets Analysts and Livestock Experts Say Screwworm Adds Costs for Producers, Not Food Safety Risks
Data centers will continue expanding, but local decisions will determine whether that growth protects agricultural water access or adds stress to already vulnerable production regions.
A long-running poultry waste lawsuit remains unresolved after a federal judge rejected proposed settlements and appeals followed.