By DTN Staff

This article was originally published at 11:01 a.m. CDT on Monday, May 12. It was last updated with additional information at 11:29 a.m. CDT on Monday, May 12.

**

OMAHA (DTN) -- USDA on Monday forecast a 15.8-billion-bushel (bb) corn crop and a 4.34 bb soybean crop for the 2025-26 marketing year.

USDA estimated wheat production for 2025-26 at 1.921 billion bushels, an increase from last May's estimate of 1.858 bb.

USDA released its latest World Agricultural Supply and Demand Estimates (WASDE) and Crop Production reports on Monday.

Monday's U.S. ending stocks estimates were slightly bullish for corn, bullish for soybeans, and slightly bearish for wheat, said DTN Lead Analyst Rhett Montgomery. Monday's world ending stocks estimates from USDA were neutral for corn, neutral for soybeans and bearish for wheat.

Stay tuned throughout the morning and refresh this page often, as we will be sending a series of updates with the important highlights from Monday's reports, including commentary from our analysts.

You can also view the full reports here:

-- Crop Production: https://www.nass.usda.gov/…

-- World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…

CORN

USDA forecasts new-crop corn at 15.82 billion bushels (bb) based on a yield forecast of 181 bushels per acre (bpa) with both estimates coming in at the pre-report averages by analysts.

Planted acres are projected at 95.3 million acres, up 5% from a year ago. Harvested acres are projected at 87.4 million.

On the demand side, the early forecast for the 2025-26 corn crop projects total feed and residual use at 5.9 billion bushels. Ethanol use is pegged at 5.5 bb. Total domestic use is forecast at 12.785 bb.

Corn exports for the new crop are projected at 2.675 bb.

Ending stocks for the 2025-26 crop are projected 1.8 bb, which is roughly 200 million bushels below the pre-report trade estimates.

The farmgate price for the 2025-26 crop is projected at $4.20 a bushel.

Globally, USDA projects beginning stocks for the 2025-26 corn crop at 287.29 million metric tons (mmt). Production is forecast at 1,264.98 mmt. Exports globally are projected at 195.81 mmt. That puts projected global ending stocks for the 2025-26 crop at 277.84 mmt.

With old-crop domestic corn, USDA also again boosted exports and lowered ending stocks.

Corn exports for the 2024-25 crop are pegged at 2.6 bb, up 50 million bushels from the April report.

Ending stocks for the 2024-25 crop were 1.415 bb, down 50 mb with the boost in exports.

Production for the 2024-25 crop remained at 14.867 billion bushels.

For demand, projected old-crop feed and residual use is 5.75 bb. Ethanol use is forecast at 5.5 bb. Total domestic use is forecast at 12.64 bb.

The farmgate price for 2024-25 held pat at $4.35 a bushel.

Globally, USDA also increased Brazil's production but lowered exports slightly for 2024-25 crop. Brazil's production was pegged at 130 mmt, up 4 mmt, while exports were pegged at 43 mmt, down 1 mmt. Argentina's production was maintained at 50 mmt, and exports were dropped 0.5 mmt to 35.5 mmt.

Globally, 2024-25 corn beginning stocks came in at 316.07 mmt. Global ending stocks were pegged at 287.29 mmt, down slightly from April.

SOYBEANS

USDA pegged new-crop soybean production at 4.34 billion bushels using a 52.5 bpa national average yield, 83.5 million planted acres and 82.7 million harvested acres.

For the 2025-26 season, the agency uses a beginning stocks estimate of 350 mb and imports of 20 mb for total supplies of 4.71 bb. Crush is forecast at 2.49 bb, exports at 1.815 bb, seed at 73 mb, residual at 37 mb. With total usage at 4.415 bb, ending stocks are forecast at 295 mb with a national average farm gate price of $10.25 per bushel.

USDA revised old-crop soybean ending stocks lower by 25 mb to 350 mb. Exports are forecast 25 mb higher than last month. All other demand categories were unchanged, as was the national average farmgate price at $9.95 per bushel.

In its first estimates for the new-crop season, USDA pegs global ending stocks at 124.33 million metric tons. Global production is forecast at 426.82 mmt, with Brazil's crop forecast at 175 mmt and Argentina's at 48.5 mmt. China's import demand is forecast at 112 mmt, up 4 mmt from 2024-25.

Global ending stocks for the 2024-25 season are pegged at 123.18 mmt, up 0.7 mmt from last month. Brazil and Argentina's estimates were unchanged at 169 mmt and 49 mmt, respectively.

WHEAT

USDA estimates 2025-2026 U.S. wheat production at 1.921 billion bushels in May's report, an increase from 1.858 bb last May. Old-crop production is left unchanged from April's estimate of 1.971 bb.

USDA estimates U.S. wheat 2025-2026 ending stocks at 923 million bushels. Old-crop ending stocks were estimated at 841 mb, decreased from 846 mb in April.

Old-crop exports were estimated at 820 mb in May, unchanged from April. USDA estimates old-crop imports at 150 mb, also unchanged from last month.

Exports for the 2025-2026 crop were estimated at 800 mb, up from 775 mb last May. Imports for the new crop year were estimated at 120 mb, unchanged from last May.

Total use for the new crop is estimated at 1.959 bb and the farmgate price at $5.30 per bushel. Old-crop use was estimated at 1.977 bb, increased from 1.972 bb in April.

Winter wheat production is forecast at 1.38 billion bushels, up 2% from 2024. As of May 1, the United States yield is forecast at 53.7 bushels per acre, up 2.0 bushels from last year's average yield of 51.7 bushels per acre. Area expected to be harvested for grain or seed totals 25.7 million acres, down 1% from last year.

Hard red winter production, at 784 million bushels, is up 2% from a year ago. Soft red winter, at 345 million bushels, is up 1% from 2024. White winter, at 253 million bushels, is up 7% from last year. Of the white winter production, 20.6 million bushels are hard white and 232 million bushels are soft white.

On world wheat ending stocks, USDA estimates 265.73 million metric tons for the 2025-2026 crop -- an increase from 253.6 mmt last May. Old crop ending stocks is estimated at 265.21 mmt, increased from 260.7 mmt last month.

Global wheat production for 2025-2026 is estimated at 808.52 mmt. Old crop wheat production is estimated at 799.71 mmt, up from 796.85 mmt last month.

Wheat production in 2025-2026 is estimated at 142.0 mmt in China; 136.0 mmt in the European Union; 83.0 mmt in Russia; 23.0 mmt in Ukraine; 36.0 mmt in Canada; 31.0 mmt in Australia; and 20.0 mmt in Argentina.

LIVESTOCK

Monday's WASDE report shared mixed news for the cattle and beef markets of 2025, said DTN Livestock Analyst ShayLe Stewart.

"Beef production for 2025 was decreased, as larger carcass weights are more than offsetting the decrease in production in terms of number of head processed. Beef production for 2025 was decreased by 277 million pounds compared to a month ago. Compared to last month's estimates, the quarterly price projections were changed drastically upon seeing the recent price uptick in the fed cash cattle market. Steers in the second quarter of 2025 are expected to average $217 (up $13 from last month), steers in the third quarter of 2025 are expected to average $216 (up $10 from last month) and steers in the fourth quarter of 2025 are expected to average $220 (up $13 from last month). Beef imports were increased by 212 million pounds compared to last month's estimates (and, yes, this report does take into account the ban on Mexican cattle imports currently), but beef exports were decreased by 22 million pounds."

Monday's WASDE report shared mixed news for the hog and pork markets of 2025, Stewart said.

"Pork production for 2025 was decreased by 79 million pounds, as processing speeds in the second half of the year aren't expected to be as aggressive. Hog prices also saw an increase from last month's projections as hogs in the second quarter of 2025 are expected to average $68 (up $5 from last month), hogs in the third quarter are expected to average $71 (up $6 from last month) and hogs in the fourth quarter of 2025 are expected to average $60 (up $4 from last month). Pork imports for 2025 were increased by 15 million pounds, and pork exports for 2025 were increased by 103 million pounds."

**

Join us for DTN's webinar at 12:30 p.m. CDT on Monday, May 12, as we discuss USDA's new estimates in light of recent market events. Questions are welcome, and registrants will receive a replay link for viewing at their convenience. Register here for Monday's May WASDE report webinar: https://www.dtn.com/….

U.S. PRODUCTION (Million Bushels) 2025-26
	May	Avg	High	Low		2024-25
Corn	15,820	15,799	15,928	15,700		14,867
Soybeans	4,340	4,325	4,358	4,228		4,366
All Wheat	1,921	1,896	2,000	1,800		1,971
Winter	1,349	1,333	1,385	1,272		1,349
U.S. ENDING STOCKS (Million Bushels) 2024-25
	May	Avg	High	Low	Apr
Corn	1,415	1,444	1,515	1,385	1,465
Soybeans	350	370	392	350	375
Wheat	841	845	866	816	846
U.S. ENDING STOCKS (Million Bushels) 2025-26
	May	Avg	High	Low
Corn	1,800	2,044	2,260	1,800
Soybeans	295	351	550	265
Wheat	923	848	920	771
WORLD ENDING STOCKS (million metric tons) 2024-25
	May	Avg	High	Low	Apr
Corn	287.3	287.4	290.0	285.4	287.7
Soybeans	123.2	122.6	124.0	121.0	122.5
Wheat	265.2	260.7	261.6	259.0	260.7
WORLD ENDING STOCKS (million metric tons) 2025-26
	May	Avg	High	Low
Corn	277.8	296.0	308.0	279.7
Soybeans	124.3	125.3	133.2	120.7
Wheat	265.7	259.8	271.1	250.2
WORLD PRODUCTION (million metric tons) 2024-25
	May	Avg	High	Low	Apr
CORN
Argentina	50.0	49.8	51.0	48.5	50.0
Brazil	130.0	127.1	132.4	124.0	126.0
SOYBEANS
Argentina	49.0	49.3	50.0	48.5	49.0
Brazil	169.0	169.1	170.0	168.0	169.0

(c) Copyright 2025 DTN, LLC. All rights reserved.