WASHINGTON, DC – USDA’s September World Agricultural Supply and Demand Estimates tightened the outlook for corn and cotton, raised soybean exports, and left the U.S. wheat balance sheet largely unchanged.
Corn production fell 213 million bushels to 15.8 billion after yield dropped 2.2 bushels to 178.5 per acre. Ending stocks declined to 1.6 billion bushels, while the season-average farm price increased 30 cents to $4.80.
Soybean production increased 16 million bushels to 4.5 billion, with exports raised 25 million to 1.69 billion. Ending stocks fell to 310 million bushels, and the farm price increased 60 cents to $12. Wheat supplies and use were unchanged, but the farm price rose 20 cents to $6.40.
Cotton production dropped 3% to 13.2 million bales as yield fell to 776 pounds per harvested acre. Ending stocks declined to 3.6 million bales, while the upland farm price increased to 78 cents per pound.
Elsewhere, USDA lowered 2026 beef and pork production and raised milk production. World corn stocks also declined, while global wheat stocks increased.
Farm-Level Takeaway: Lower corn and cotton supplies strengthened price expectations, while soybeans gained from stronger exports and wheat remained comparatively steady.