NASHVILLE, TN – Farmers preparing for spring planting face another year of tight margins as large carryover stocks are expected to outweigh solid production potential, according to a 2026/27 outlook from Terrain economists.
Corn acreage is projected at nearly 94 million acres, with trend yields pushing production above 15.8 billion bushels. Combined with more than 2.15 billion bushels of beginning stocks, total supplies could exceed 18 billion bushels, keeping average prices near $4.33 per bushel despite steady feed and ethanol demand.
Soybean acres are forecast to rebound to 85 million, lifting production near 4.46 billion bushels. Even with stronger exports — including assumed Chinese purchases — ending stocks near 370 million bushels could hold prices around $10.31 per bushel.
Wheat acreage is expected to remain historically low, but large global inventories keep supplies comfortable. Prices may improve modestly to about $5.46 per bushel as markets rebalance rather than tighten.
Sorghum faces the heaviest pressure as large beginning stocks outweigh lower production, leaving prices near $3.69 per bushel unless Chinese demand strengthens.
Farm-Level Takeaway: Large carryover stocks limit upside despite solid yields.