What are the key changes in the USDA's May WASDE report for corn production and price compared to last year?

The USDA's May WASDE report projects the 2026–2027 U.S. corn crop at 16 billion bushels, down 6% year-on-year due to declines in both planted area (95.3 million acres, down 3.5 million) and yield (183 bushels/acre). Total corn supplies are forecast to decline 2% to 18.1 billion bushels, total use is expected to fall 2%—with exports down 5% to 3.2 billion bushels—and ending stocks will drop by 185 million bushels, representing 12.1% of use. The season-average farm price is projected at $4.40/bushel, up 25 cents from the prior report.

How does the May WASDE report revise soybean supply, demand, and price forecasts for 2026–2027 compared to 2025–2026?

The May WASDE report projects the 2026–2027 U.S. soybean crop at 4.435 billion bushels—up 173 million bushels from last year—driven by higher harvested area and trend yield; with larger beginning stocks, total supplies rise 188 million bushels year-on-year. Soybean crush is forecast at 2.750 billion bushels (up 120 million), supported by strong soybean oil demand for biofuels, and exports are projected to increase to 1.630 billion bushels. Ending stocks are expected to fall 30 million bushels to 310 million bushels, and the season-average price is estimated at $11.40/bushel.

USDA May WASDE Projects Corn Crop at 16 Billion Bushels

May 12, 2026

The USDA's May WASDE report projects a 6% drop in corn production to 16 billion bushels and a soybean increase, leading to higher farm prices and adjusted export forecasts for the 2026-2027 marketing year.

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