By DTN Staff

This article was originally published at 11:02 a.m. CDT on Tuesday, May 12. It was last updated with additional information at 11:36 a.m. CDT on Tuesday, May 12.

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OMAHA (DTN) -- USDA forecasts the 2026-27 corn crop at 15.995 billion bushels and the soybean crop at 4.435 billion bushels.

For both crops, they would each be the second largest in history.

USDA estimates 2026-27 U.S. wheat production at 1.561 billion bushels in May's report, a decrease from 1.921 bb last May. If that production is realized, it would be the lowest since 1972.

USDA offered its first detailed look at crop production for the 2026-27 corn and soybean crops on Tuesday with May's World Agricultural Supply and Demand Estimates (WASDE) report.

Tuesday's U.S. ending stocks estimates were neutral for corn, slightly bullish for soybeans and bullish for wheat, according to DTN Lead Analyst Rhett Montgomery. Meanwhile, world ending stocks estimates from USDA were neutral for corn, neutral for soybeans and slightly bullish for wheat.

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 forecasts new-crop corn at 15.995 billion bushels (bb) based on a yield forecast of 183 bushels per acre. Both fell within the pre-report estimates. If that holds, the 2026-27 corn crop would be the second largest on record, trailing only last year's crop.

Planted acres are projected at 95.3 million acres. Harvested acres are projected at 87.4 million.

On the demand side, the early forecast for the 2026-27 corn crop projects total feed and residual use at 6.1 bb. Ethanol use is pegged at 5.6 bb. Total domestic use is forecast at 13.055 bb.

Corn exports for the new crop are projected at 3.15 bb.

Total usage comes in at 16.205 bb.

Ending stocks for the 2026-27 crop are projected at 1.957 bb, which comes in below the pre-report average.

The farmgate price for the 2026-27 crop is projected at $4.40 a bushel.

Globally, USDA projects beginning stocks for the 2026-27 corn crop are forecast at 296.95 million metric tons (mmt). Production is forecast at 1,295.38 mmt. Exports globally are projected at 206.91 mmt. That puts projected global ending stocks for the 2026-27 crop at 277.54 mmt.

Looking at the 2025-26 "old crop" corn, USDA bumped up ending stocks to 2.142 billion bushels, an increase of 15 million bushels (mb).

The farmgate price is $4.15 a bushel.

Globally, corn beginning stocks for the 2025-26 corn crop were lowered slightly to 294.8 mmt. Global production was increased to 1,312.68 mmt. Exports globally were pegged at 213.59 mmt. Global ending stocks were 296.95 mmt.

Brazil's production rose 3 mmt to 135 mmt with exports holding pat at 43 mmt. Argentina's production is forecast at 59 mmt, with exports at 43 mmt as well. Ukraine's production was 30.9 mmt, and Ukraine's exports came in at 22 mmt.

SOYBEANS

For the new crop, 2026-27 marketing year, USDA estimates farmers will grow 4.435 bb of soybeans, using a trendline yield estimate of 53 bpa and 84.7 million acres, in line with pre-report expectations. That would be the second-largest crop in U.S. history.

Domestic ending stocks, at 310 million bushels, were toward the low end of pre-report estimates. USDA sees total supplies at 4.8 bb. Crush demand would climb to 2.75 bb, while exports are forecast to be 100 mb higher than the 2025-26 marketing year at 1.63 bb. Seed use is forecast at 72 mb and residual at 38 mb. USDA's initial national average farm-gate price estimate is $11.40 per bushel.

For the old crop, 2025-26 marketing year, domestic ending stocks declined 10 mb from last month to 340 mb. USDA trimmed its crush estimate by 20 mb to 2.63 mb, while boosting exports 10 mb to 1.53 bb. Seed and residual use were unchanged at 73 mb and 39 mb respectively. USDA raised the national average farm gate price by a dime to $10.40 per bushel.

Globally, new-crop ending stocks for the 2026-27 marketing year were forecast at 124.78 mmt. USDA anticipates Brazil producing 186 mmt of soybeans and Argentina 50 mmt.

Global old crop ending stocks (2025-26) were estimated at 125.13 mmt, up slightly from last month. USDA left Brazil and Argentina production unchanged at 180 mmt and 48 mmt, respectively.

WHEAT

USDA estimates 2026-2027 U.S. wheat production at 1.561 billion bushels in May's report, a decrease from 1.921 bb last May. If that production is realized, it would be the lowest since 1972. The estimate includes 43.8 million acres planted, 32.9 ma harvested with an estimated yield of 47.5 bushels per acre.

Old-crop production is unchanged from April's estimate of 1.985 bb.

USDA estimates U.S. wheat 2026-2027 ending stocks at 762 million bushels. Old crop ending stocks were estimated at 935 mb, down from 938 mb in April.

Exports for the 2026-2027 crop were estimated at 775 mb, down from 800 mb last May. Imports for the new crop year were estimated at 140 mb, increased from 120 mb last May.

Old-crop exports were estimated at 910 mb in May, an increase from 900 mb in April. USDA estimates old crop imports at 125 mb, unchanged from last month.

Total use for the 2026-2027 crop is estimated at 1.874 bb and the farm gate price at $6.50 per bushel. Old-crop use was estimated at 2.030 bb, increased from 2.027 bb in April, with the farm gate price at $5.00 per bushel, unchanged from last month.

Winter wheat production is forecast at 1.05 billion bushels, down 25% from 2025. As of May 1, the U.S. yield is forecast at 47.6 bushels per acre, down 7.3 bushels from last year's average yield of 54.9 bushels per acre. Area expected to be harvested for grain or seed totals 22.0 million acres, down 14% from last year.

Hard red winter production is down 36% from last year at 515 million bushels.

Soft red winter wheat at 301 million bushels is down 15% from 2025. White winter is down 5% from last year at 232 million bushels. Of the white winter production, 8.03 million bushels are hard white and 224 million bushels are soft white.

On world wheat ending stocks, USDA estimates 275.04 million metric tons for the 2026-2027 crop -- an increase from 265.73 mmt last May. Old crop ending stocks are estimated at 279.21 mmt, down from 283.12 mmt last month.

Global wheat production for 2026-2027 is estimated at 819.06 mmt. Old-crop wheat production is estimated at 843.84 mmt, down from 844.15 mmt last month.

Wheat production in 2026-2027 is estimated at 141.0 mmt in China; 136.0 mmt in the European Union; 86.0 mmt in Russia; 23.0 mmt in Ukraine; 35.0 mmt in Canada; 30.0 mmt in Australia; and 21.0 mmt in Argentina.

LIVESTOCK

Tuesday's WASDE report shared mixed news for the cattle and beef markets of 2026, according to DTN Livestock Analyst ShayLe Stewart.

"Beef production for 2026 was 243 million pounds, as slower marketings of fed cattle have affected throughput, and cull cow slaughter is lighter than years past, as well," Stewart said. "Quarterly steer prices were increased substantially from last month, as the cash market continues to rally and trade far higher than was originally assumed -- steers in the second quarter are now expected to average $253 (up $12 from last month), steers in the third quarter are expected to average $252 (up $10 from last month) and steers in the fourth quarter are expected to average $255 (up $10 from last month). Beef imports increased by 319 million pounds and beef exports fell by 4 million pounds from last month's projections."

Tuesday's WASDE report shared mixed news for the hog and pork markets of 2026, according to Stewart.

"Pork production for 2026 was increased by 10 million pounds, as production in the second half of the year is expected to be greater than what the industry has currently seen. The quarterly price projection for hogs was mixed, as hogs in the second quarter of 2026 are now expected to average $71 (down $1 from last month), hogs in the third quarter are now expected to average $74 (down $1 from last month) and hogs in the fourth quarter are now anticipated to average $64 (down $1 from last month). Pork imports for 2026 fell by 12 million pounds, but pork exports grew by 32 million pounds."

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Join us for DTN's post-report webinar at 12:30 p.m. CDT on Tuesday, 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 Tuesday's USDA WASDE webinar: https://www.dtn.com/….

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