The August 12 World Agricultural Supply and Demand Estimates (WASDE) report bumped up the USDA’s corn forecast, predicting the crop to come in at a record 16.7 billion bushels. Yields are also forecast to break the record at 188.8 bushels per acre.

Corn planted acres increased by 2.1 million acres, while projected harvested acres increased from 86.8 million acres in July to 88.7 million acres.

On the demand side, total feed and residual use is projected to increase by 250 million bushels from July. Ending stocks for the 2025-26 crop are forecast to increase by 457 million bushels to 2.117 billion bushels. That would mark a seven-year high.

The USDA also increased soybean yields to 53.5 bushels per acre. This is just short of the record yield. However, the USDA did lower the estimated soybean production by 43 million bushels from the previous report. Soybean production is now predicted to come in at 4.292 billion bushels.

Ending stocks are projected to decrease by 20 million bushels to 290 million bushels. The export forecast was reduced by 40 million bushels. Exports are now expected to be 1.705 billion bushels.

The USDA lowered wheat production estimates to 1.927 billion bushels. This is a decrease from 1.929 billion bushels in the July report. Ending stocks for the 2025-26 crop were lowered to 869 million bushels.

The USDA reduced 2025 beef production estimates by 262 million pounds. However, steer prices in the third quarter are expected to average $238 and fourth quarter prices are expected to average $240. These are $12 and $11 up from last month, respectively. This trend will continue into the next year.

Read more from the latest WADSE report here.