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
Acreage shifts could influence spring marketing decisions.
Corn and sorghum exports continue outperforming soybeans.
Expanding supplies are weighing on global coffee and cocoa prices.
NMPF’s Alan Bjerga discusses pending trade agreements with Indonesia and Ecuador and how they will benefit U.S. dairy producers and improve overall global competitiveness of U.S. ag products.
Lewis Williamson with HTS Commodities discusses how tensions in the Middle East are impacting producer’s spring planting decisions.
Mike Steenhoek with the Soy Transportation Coalition discusses supply chain disruptions, rising costs, and the potential impact on agriculture as farmers navigate ongoing global uncertainty.

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:

Agricultural groups warn that the deal could limit competition and raise transportation costs for farmers
The Trump Administration’s new rule limiting CDL renewals for immigrant truckers is seeing mixed reactions in agriculture. While some support the change, it is raising concerns about higher freight costs and impacts on U.S. grain export competitiveness.
Farm CPA Paul Neiffer explains the updates to crop insurance subsidies, additional benefits for new farmers, and eligibility considerations for those entering the program.
Higher prices are bringing relief to markets, but rising input costs are putting pressure on the producers.
Regulatory changes may influence farm costs and operations.
Lower hop stocks may support prices in the near term.