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
Acre shifts reflect margins, costs, and market opportunities.
Lower shipping costs alone will not restore export competitiveness.
The five-day auction drew up to 6,000 people and saw steady prices throughout the event
The USDA’s upcoming reports will drop on Tuesday afternoon, giving the trade real results on acreage shifts, drought concerns, and ongoing trade tensions, adding uncertainty for U.S. farmers.
Expanded access could boost demand for U.S. exports.
Spring Fieldwork Advances As Weather Patterns Shift Nationwide

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:

Corn and sorghum exports remain strong; soybean demand lags.
Higher energy activity likely keeps fuel and fertilizer costs elevated.
USDA’s Quarterly Grain Stocks report shows increased supplies across all major commodities, with corn, soybeans, and wheat stocks all rising compared to a year ago. Lewis Williamson with HTS Commodities discusses producer and market sentiment ahead of the key report.
Strong Easter demand supports protein and crop markets.
Rising fuel costs will soon increase grain transportation expenses.
Processing disruptions could impact cattle markets if the strike continues.