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
Tight storage could widen basis and limit marketing flexibility.
Large carry-in stocks across major crops could limit price recovery in 2026/27 unless demand strengthens or weather-related supply reductions occur.
Cotton acres slipping as competing crops gain ground.
Rising Chinese feed output — especially for swine — signals sustained demand for protein meals and feed inputs, even when meat production growth appears modest.
Ethanol output is improving, but weak domestic demand and export headwinds temper optimism about corn demand. Renewable Fuels Association President & CEO Geoff Cooper discusses the latest developments on Federal approval of year-round E15.
In the U.S. and Canada, reduced planted acres—not yield losses—led to a decline in potato production, while Mexico saw modest gains due to increased yields and harvested areas.

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:

USDA Farmer Bridge Assistance payments could begin this weekend as producers face tight margins, shifting acreage expectations, cattle herd contraction, and growing pressure for a stronger farm safety net.
Delays on year-round E15 keep potential corn demand and fuel savings in limbo.
Higher energy costs ripple through local farm supply chains.
Strong export demand supports barge markets, but weather risks remain.
A stalled World Trade Organization appeals body increases long-term trade policy risk for U.S. agriculture.
Policy awareness is becoming part of everyday risk management.