The US Department of Agriculture will on Monday reveal the May edition of its monthly Wasde report, giving estimates for world ag supply and demand.
This edition is a particularly important one, in giving the USDA’s first full forecasts for 2025-26.
Below expectations of what investors, as polled by Reuters, expect the report to show.
| Market expectations for USDA forecasts for 2025-26 US corn, soybean production |
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| Crop | Mean forecast | Range of forecasts | USDA Outlook Forum | USDA 2024-25 |
| Corn yield | 181.1 | 180.0-182.2 | 181.0 | 179.3 |
| Corn production | 15,787 | 15,585-15,990 | 15,585 | 14,867 |
| Soybean yield | 52.5 | 51.9-53.5 | 52.5 | 50.7 |
| Soybean production | 4,338 | 4,300-4,400 | 4,370 | 4,366 |
| Yield data in bushels per acre. Production data in million bushels | ||||
| Market expectations for USDA estimates of US grain stocks, close of 2024-25 | |||
| Crop | Mean forecast | Range of forecasts | USDA’s existing estimate |
| Corn | 1,433 | 1,142-1,515 | 1,465 |
| Soybeans | 368 | 336-392 | 375 |
| All wheat | 847 | 816-866 | 846 |
| All data in million bushels | |||
| Market expectations for USDA estimates of US grain stocks, close of 2025-26 | |||
| Crop | Mean forecast | Range of forecasts | USDA Outlook Forum |
| Corn | 2,020 | 1,800-2,260 | 1,360 |
| Soybeans | 375 | 267-675 | 264 |
| All wheat | 857 | 775-1,036 | 570 |
| All data in million bushels | |||
| Market expectations for USDA estimates of world grain stocks, close of 2024-25 | |||
| Crop | Mean forecast | Range of forecasts | USDA’s existing estimate |
| Corn | 287.5 | 284.5-292.0 | 287.7 |
| Soybeans | 122.7 | 121.0-124.0 | 122.5 |
| All wheat | 262.3 | 259.0-287.8 | 260.7 |
| All data in million tonnes | |||
| Market expectations for USDA estimates of world grain stocks, close of 2025-26 | |||
| Crop | Mean forecast | Range of forecasts | USDA’s existing estimate |
| Corn | 298.0 | 279.7-308.0 | N/A |
| Soybeans | 127.2 | 120.7-137.0 | N/A |
| All wheat | 260.6 | 250.2-271.1 | N/A |
| All data in million tonnes | |||
| Market expectations for USDA estimates of US winter wheat harvest, 2025-26 | |||
| Crop | Mean forecast | Range of forecasts | USDA’s 2024- 25 estimate |
| Hard red | 748 | 712-800 | 770 |
| Soft red | 342 | 320-366 | 342 |
| White | 234 | 220-246 | 236 |
| Total winter wheat | 1,311 | 1,272-1,385 | 1,349 |
| Spring wheat + durum | |||
| All wheat | 1,885 | 1,800-2,000 | 1,971 |
| All data in million bushels | |||
