WASDE Highlights Steady U.S. Outlook for Major Crops in December

Stable U.S. fundamentals continue for major crops, but global adjustments in corn, soybeans, wheat, and cotton may influence early-2026 pricing.

WASDE REPORT GRAPHIC

WASHINGTON, D.C. (RFD-TV) — The World Agricultural Supply and Demand Estimate (WASDE) from the U.S. Department of Agriculture (USDA) for December (PDF Version) delivered mostly steady U.S. projections for wheat, corn, soybeans, and cotton while global shifts continue to influence market direction. Wheat saw no domestic supply-or-use changes, though world production climbed on large crops in Canada, Argentina, the European Union, Australia, and Russia — pushing global ending stocks higher.

Corn saw the largest domestic adjustment: exports increased by 125 million bushels after a strong fall in shipping pace, tightening ending stocks to 2.0 billion bushels. Globally, Ukraine’s crop fell sharply due to wet harvest conditions, even as the EU and Russia posted modest increases.

Soybean supply, use, and farm-price projections were unchanged for the U.S., but world output rose slightly on higher production in Russia and India. Global soybean crush expanded, while exports slipped and ending stocks edged higher on larger inventories in Brazil and Russia.

Cotton estimates reflected higher U.S. production, lower mill use, and larger ending stocks, with world production and consumption both easing modestly.

Related Stories
National Corn Growers Association Chief Economist Krista Swanson discusses corn supply pressures, market fundamentals, policy considerations, and producer outlook for the year ahead.
Iowa Secretary of Agriculture Mike Naig discusses market conditions, policy priorities, and his outlook for agriculture moving forward.
Record ethanol production and improving blending demand continue to support corn usage despite rising short-term inventories.
Tight beef cow supplies and steady demand point to continued record-level cull cow prices in 2026.

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:

RFD-TV Markets Expert Tony St. James breaks down the USDA’s newly unveiled plan to rebuild the US beef herd and the industry’s spectrum of responses to it.
Rising demand for Comfort Colors t-shirts reinforces the pull for U.S.-grown cotton, linking rural fiber production to a fast-growing mainstream apparel brand.
Record Australian exports and rising U.S. imports reflect continued tight domestic cattle supplies — a reminder that herd recovery remains key to balancing future beef prices.
Australia’s expanding harvest and global oversupply are keeping wheat and barley prices capped, though canola markets may hold firmer on shifting oilseed demand.
Bioethanol continues to gain ground as the bridge fuel connecting agriculture, aviation, and maritime industries in the global shift toward lower-carbon energy.
Expanding bioethanol use strengthens rural economies, supports farm markets, and positions U.S. agriculture at the center of global low-carbon trade.