Generated by Edge AI
Release Date: January 12th 2026 | Report Number: 667
Executive Summary
The January 2026 WASDE report shows higher global grain supplies with increased ending stocks projections across most major commodities. U.S. corn production was raised significantly due to larger harvested area, while soybean ending stocks increased substantially. Price projections were lowered for most crops, reflecting ample supplies. Livestock production is projected higher, with increased pork production being the most notable revision.
🌾 U.S. GRAINS
Corn (2025/26)
Metric | December | January | Change |
Production | 16,752 MB | 17,021 MB | +269 MB |
Harvested Area | 90.0 M acres | 91.3 M acres | +1.3 M acres |
Yield | 186.0 bu/acre | 186.5 bu/acre | +0.5 bu/acre |
Ending Stocks | 2,029 MB | 2,227 MB | +198 MB |
Avg Farm Price | $4.00/bu | $4.10/bu | +$0.10 |
Key Takeaway: Larger corn crop with significantly higher ending stocks. Despite the price uptick, the 2,227 MB ending stocks represent a comfortable supply cushion.
Wheat (2025/26)
Metric | December | January | Change |
Production | 1,985 MB | 1,985 MB | Unchanged |
Feed & Residual | 120 MB | 100 MB | -20 MB |
Ending Stocks | 901 MB | 926 MB | +25 MB |
Avg Farm Price | $5.00/bu | $4.90/bu | -$0.10 |
Key Takeaway: Lower feed use lifted ending stocks. Price pressure continues with sub-$5 projections.
Sorghum (2025/26)
Metric | December | January | Change |
Production | 428 MB | 437 MB | +9 MB |
Ending Stocks | 43 MB | 42 MB | -1 MB |
Avg Farm Price | $3.80/bu | $3.70/bu | -$0.10 |
🫘 U.S. OILSEEDS
Soybeans (2025/26)
Metric | December | January | Change |
Production | 4,253 MB | 4,262 MB | +9 MB |
Crushings | 2,555 MB | 2,570 MB | +15 MB |
Exports | 1,635 MB | 1,575 MB | -60 MB |
Ending Stocks | 290 MB | 350 MB | +60 MB |
Avg Farm Price | $10.50/bu | $10.20/bu | -$0.30 |
Key Takeaway: Sharply higher ending stocks (+21%) due to reduced export expectations. Bearish for prices.
Soybean Oil (2025/26)
Metric | December | January | Change |
Production | 30,150 M lbs | 29,940 M lbs | -210 M lbs |
Biofuel Use | 15,500 M lbs | 14,800 M lbs | -700 M lbs |
Exports | 900 M lbs | 1,200 M lbs | +300 M lbs |
Avg Price | 53.0 ¢/lb | 53.0 ¢/lb | Unchanged |
Key Takeaway: Reduced biofuel demand offset by higher exports; overall balance steady.
Soybean Meal (2025/26)
Metric | December | January | Change |
Production | 60,225 K tons | 60,752 K tons | +527 K tons |
Domestic Use | 41,675 K tons | 42,025 K tons | +350 K tons |
Exports | 19,200 K tons | 19,400 K tons | +200 K tons |
🌍 WORLD GRAINS & OILSEEDS
World Totals (2025/26)
Commodity | Dec Ending Stocks | Jan Ending Stocks | Change |
Total Grains | 773.47 MMT | 790.47 MMT | +17.0 MMT |
Wheat | 274.87 MMT | 278.25 MMT | +3.38 MMT |
Coarse Grains | 309.76 MMT | 321.88 MMT | +12.12 MMT |
Rice (milled) | 188.83 MMT | 190.34 MMT | +1.51 MMT |
Oilseeds | 143.60 MMT | 145.07 MMT | +1.47 MMT |
Key Takeaway: Global supplies ample across all major grain categories with stocks building.
🧶 U.S. COTTON (2025/26)
Metric | December | January | Change |
Production | 14.27 M bales | 13.92 M bales | -0.35 M bales |
Exports | 12.20 M bales | 12.20 M bales | Unchanged |
Ending Stocks | 4.50 M bales | 4.20 M bales | -0.30 M bales |
Key Takeaway: Lower production tightens ending stocks slightly; neutral to mildly supportive for prices.
🍬 U.S. SUGAR (2025/26)
Metric | December | January | Change |
Production | 9,342 K tons | 9,381 K tons | +39 K tons |
Imports | 2,289 K tons | 2,255 K tons | -34 K tons |
Exports | 100 K tons | 50 K tons | -50 K tons |
Ending Stocks | 1,867 K tons | 1,922 K tons | +55 K tons |
Stocks/Use Ratio | 15.2% | 15.8% | +0.6% |
Key Takeaway: Marginally higher stocks provide some additional supply cushion.
🥩 U.S. LIVESTOCK & MEATS
Production (2026 Projections)
Commodity | Dec Projection | Jan Projection | Change |
Beef | 25,725 M lbs | 25,735 M lbs | +10 M lbs |
Pork | 27,475 M lbs | 28,215 M lbs | +740 M lbs |
Broilers | 48,550 M lbs | 48,600 M lbs | +50 M lbs |
Turkey | 4,955 M lbs | 4,975 M lbs | +20 M lbs |
Total Red Meat & Poultry | 106,968 M lbs | 107,797 M lbs | +829 M lbs |
Price Projections (2026 Annual Average)
Product | December | January | Change |
Steers ($/cwt) | $235.00 | $236.00 | +$1.00 |
Barrows & Gilts ($/cwt) | $67.00 | $67.00 | Unchanged |
Broilers (¢/lb) | 125.0 | 125.0 | Unchanged |
Turkeys (¢/lb) | 143.0 | 153.0 | +10.0¢ |
Eggs (¢/doz) | 195.0 | 120.0 | -75.0¢ |
Key Takeaway: Significantly higher pork production expected in 2026. Egg prices projected to normalize sharply lower after HPAI-related spikes.
🥛 U.S. DAIRY
Price Projections (2026)
Product | December | January | Change |
Cheese | $1.675/lb | $1.585/lb | -$0.09 |
Butter | $1.675/lb | $1.610/lb | -$0.065 |
Nonfat Dry Milk | $1.170/lb | $1.205/lb | +$0.035 |
Dry Whey | $0.635/lb | $0.670/lb | +$0.035 |
Class III Milk | $17.05/cwt | $16.35/cwt | -$0.70 |
Class IV Milk | $14.40/cwt | $14.45/cwt | +$0.05 |
All Milk | $18.75/cwt | $18.25/cwt | -$0.50 |
Key Takeaway: Lower cheese and Class III milk prices pressure overall dairy returns. Whey products offer some price support.
📊 Market Implications & Risk Factors
Bearish Factors:
Corn: Record-large ending stocks (2,227 MB) could cap rally potential
Soybeans: 60 MB increase in ending stocks, weak export pace
Wheat: Sub-$5 prices with growing stocks
Dairy: Cheese and Class III milk prices trending lower
Eggs: Sharp price decline expected as supplies recover
Bullish Factors:
Cattle: Strong steer prices above $235/cwt, tight supplies
Cotton: Lower production tightening the balance sheet
Turkey: Price projections raised on tight supplies
Key Risks to Monitor:
South American weather: Any disruption could quickly tighten soybean/corn balances
Export demand: Pace of corn/soy exports vs. projections
HPAI (Avian Flu): Continued impacts on poultry/egg sectors
Biofuel policy: Soybean oil demand for renewable diesel remains uncertain
Data Sources
USDA WASDE Report #667 - January 2026