USDA Reports Summary
This article was originally published at 11:01 a.m. CST on Tuesday, Feb. 10. It was last updated with additional information at 11:30 a.m. CST on Tuesday, Feb. 10.
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OMAHA (DTN) -- In a report with few major changes, USDA increased U.S. corn exports by 100 million bushels (mb), lowering corn ending stocks for the 2025-26 crop, as well.
USDA also increased Brazil's soybean production by 2 million metric tons (mmt) to 180 mmt but held pat on Brazilian exports at 114 mmt.
USDA released its February Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports on Tuesday.
Tuesday's U.S. ending stocks estimates were neutral to bullish for corn, neutral for soybeans, and neutral to slightly bearish for wheat, said DTN Senior Analyst Rhett Montgomery. Tuesday's world ending stocks estimates from USDA were neutral for corn, neutral for soybeans, and neutral for wheat, he said.
Stay tuned throughout the morning and refresh this page often. We will be sending a series of updates with the important highlights from Tuesday'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 bumped up corn exports in the 2025-26 crop by 100 million bushels to 3.3 billion bushels (bb), a record for corn exports.
That lowered corn ending stocks by 100 mb to 2.127 bb as well.
Domestically, there were no other changes in the 2025-26 crop.
Corn production is pegged at a record 17.02 billion bushels with yield forecast at 186.5 bpa and harvested acres at 91.3 million acres.
On the demand side, feed and residual use came in at 6.2 bb.
Food, seed residual use and industrial use is projected at 6.97 bb.
Ethanol use is pegged at 5.6 bb.
Total domestic use is forecast at 13.17 bb.
The farmgate price is $4.10 a bushel.
Globally, corn beginning stocks for the 2025-26 corn crop were lowered slightly to 294.35 million metric tons. Global production was also lowered slightly to 1,295.91 mmt. Exports globally are 206.55 mmt, up 1.44 mmt. That puts projected global ending stocks at 288.98 mmt, down 1.93 mmt from last month. Brazil's production held pat at 131 mmt with 43 mmt of exports. Argentina's production is forecast at 53 mmt with 37 mmt of exports. USDA held pat on Ukraine's production's 29 mmt, and Ukraine's exports came in at 22 mmt.
SOYBEANS
USDA left the U.S. soybean supply and demand balance sheet unchanged from January. Ending stocks, at 350 mb, reflected 2.57 bb of crush and 1.575 bb of exports. Seed use was unchanged at 73 mb, as was the residual at 39 mb. The national average farm gate price was unchanged at $10.20 per bushel.
Globally, ending stocks climbed by 1.1 mmt to 125.5 mmt, reflecting higher production in Brazil and Paraguay as well as increased global crush demand. The forecast for Brazil's crop climbed 2 mmt to 180 mmt, while Paraguay was 0.5 mmt higher at 11.5 mmt. All other global production numbers were unchanged.
WHEAT
USDA estimates U.S. wheat ending stocks at 931 million bushels, up 5 mb from January's report. Exports are estimated at 900 mb, unchanged from last month. Imports were pegged at 120 mb, unchanged from January.
The farmgate price is estimated at $4.90, unchanged from last month.
Domestic use was trimmed by slightly to 2.028 billion bushels from January's estimate of 2.033 bb. That is accounted for on the balance sheet in a slight cut in food use.
Seed demand is pegged at 61 mb, feed and residual use is estimated at 100 mb, unchanged from last month.
Globally, ending stocks were pegged at 277.51 million metric tons, a slight decrease from 278.25 mmt in January.
Exports are estimated at 44.0 mmt for Russia and 14.0 mmt for Ukraine.
Production in Australia was estimated at 37.0 mmt, unchanged from last month, while production in Argentina was bumped up to 27.8 mmt from 27.5 mmt in January.
LIVESTOCK
Tuesday's WASDE report shared a fruitful outlook for the cattle and beef markets of 2026, said DTN Livestock Analyst ShayLe Stewart.
"Beef production for 2026 was increased by 185 million pounds, as fed cattle slaughter is expected to increase, cow slaughter is expected to increase, and carcass weights are obviously higher. I, personally, question what leads USDA to believe that fed cattle and cow slaughter speeds are going to increase -- as the entire industry knows that supplies are historically thin, and that's not expected to change in 2026, and potentially not in 2027 either. But as always, time will tell.
"The quarterly steer price projections were bullish, as every single quarter for 2026 was increased from January's estimates. Steers in the first quarter of 2026 are expected to average $238 (up $6 from last month), steers in the second quarter are expected to average $238 (up $4 from last month), steers in the third quarter are expected to average $240 (up $3 from last month) and steers in the fourth quarter are expected to average $245 (up $5 from last month). Beef imports for 2026 were increased by 50 million pounds, and beef exports for 2026 remained steady."
Tuesday's WASDE report shared a positive outlook for the hog and pork markets of 2026, Stewart said.
"Pork production for 2026 was increased by 60 million pounds as both slaughter speeds and carcass weights are heavier than originally anticipated. The quarterly price projections for hogs were bullish, as well, as every single quarter saw an increase from January's estimates. Hogs in the first quarter of 2026 are expected to average $65 (up $1 from last month), hogs in the second quarter are expected to average $73 (up $3 from last month), hogs in the third quarter are expected to average $75 (up $3 from last month) and hogs in the fourth quarter are expected to average $63 (up $2 from last month). Pork imports for 2026 remained steady, but pork exports increased by 50 million pounds."
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Join us for DTN's post-report webinar at 12:30 p.m. CST on Tuesday, Feb. 10, 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 Tuesday's USDA February reports webinar: https://www.dtn.com/….
| U.S. ENDING STOCKS (Million Bushels) 2025-26 | ||||||
| Feb | Avg | High | Low | Jan | 2024-25 | |
| Corn | 2,127 | 2,260 | 2,452 | 2,177 | 2,227 | 1,551 |
| Soybeans | 350 | 348 | 375 | 265 | 350 | 325 |
| Wheat | 931 | 916 | 926 | 876 | 926 | 855 |
| WORLD ENDING STOCKS (million metric tons) 2025-26 | ||||||
| Feb | Avg | High | Low | Jan | 2024-25 | |
| Corn | 289.0 | 291.3 | 294.6 | 288.3 | 290.9 | 294.7 |
| Soybeans | 125.5 | 125.5 | 127.0 | 123.2 | 124.4 | 123.4 |
| Wheat | 277.5 | 278.3 | 279.0 | 277.1 | 278.3 | 260.0 |
| WORLD PRODUCTION (million metric tons) 2025-26 | ||||||
| Feb | Avg | High | Low | Jan | 2024-25 | |
| CORN | ||||||
| Argentina | 53.0 | 52.9 | 55.0 | 51.5 | 53.0 | 50.0 |
| Brazil | 131.0 | 132.6 | 135.5 | 131.0 | 131.0 | 136.0 |
| SOYBEANS | ||||||
| Argentina | 48.5 | 48.1 | 48.5 | 47.0 | 48.5 | 51.1 |
| Brazil | 180.0 | 179.2 | 181.6 | 178.0 | 178.0 | 171.5 |
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