May 2026 wasde overview

Wheat: U.S. wheat production is projected to fall with production being down 424 million bushels from last year driven by reduced harvested area and yields well below last year's record. With exports and stocks also falling, the season-average farm price is projected at $6.50/bushel, up $1.50 from last year. Futures responded to the bullish report by closing limit up in July Kansas City wheat.

Corn: Corn production is forecast at 16.0 billion bushels, down 6% from last year, on both lower planted area and lower yields. The season-average price is projected at $4.40/bushel. The global corn ending stocks are headed toward their lowest level since 2013/14, as consumption continues to outpace production. December corn closed up on the day at $5.01.

Soybeans: The 2026/27 crop is projected at 4.435 billion bushels, up from last year on higher area and trend yields. Strong biofuel demand is driving a big jump in soybean oil use, and the season-average soybean price is forecast at $11.40/bushel, up $1.00. November beans closed up 9 cents at $12.03, the highest close for the November contract in three years. 

Livestock: Beef production is expected to decline as herd rebuilding limits cattle availability, while pork and poultry output are both forecast higher. Fed cattle prices are expected to climb on tighter supplies, while hog prices face downward pressure from increased production. 

Cotton : Cotton production is forecast at 13.3 million bales which is slightly below last year, with the farm price projected at 73 cents per pound. Ending stocks are expected to be slightly lower as well. 

The bottom line: expect higher prices for wheat, corn, soybeans, and cattle in the year ahead, as reduced production across multiple commodities tightens U.S. and global supplies. These initial projections remain subject to change as planting progress continues across the country.