By DTN Staff

This article was originally published at 11:08 a.m. CST on Tuesday, Dec. 9. It was last updated with additional information at 11:40 a.m. CST on Tuesday, Dec. 9.

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OMAHA (DTN) -- USDA increased corn exports, which dropped ending stocks, while making no changes to supply and demand in the soybean crop in its World Agricultural Supply and Demand Estimates (WASDE) report on Tuesday.

USDA increased corn exports to 3.2 billion bushels (bb), a record for corn exports, which led to lowering corn ending stocks to 2.029 bb, which was below the pre-report estimates.

USDA released its December Crop Production and WASDE reports on Tuesday.

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

The only change in the domestic corn numbers came from higher export demand. USDA bumped up exports 125 million bushels (mb) to 3.2 bb.

That brought down ending stocks for the 2025-26 crop to 2.029 bb, down 125 mb from last month.

USDA held pat on production for the corn crop at 16.752 billion bushels.

USDA held corn yield at 186 bushels per acre (bpa) with harvested acres remaining at 90 million acres.

On the demand side, total feed and residual use is projected at 6.1 bb.

Ethanol use is pegged at 5.6 bb.

Total domestic use is forecast at 13.08 bb.

The farm gate price for corn remained at $4 a bushel.

Globally, USDA did make some adjustments. Corn beginning stocks for the 2025-26 corn crop are at 293.37 million metric tons (mmt), up 1.71 mmt from November. Global production was lowered 3.27 mmt to 1,282.96 mmt. Exports globally were raised 1.63 mmt to 205.1 mmt. That puts projected global ending stocks at 279.15 mmt, down 2.19 mmt from November. USDA lowered Ukraine's production 3 mmt to 29 mmt and dropped Ukraine's exports 1.5 mmt to 23 mmt.

SOYBEANS

USDA estimates domestic soybean exports at 1.635 bb, unchanged from November.

Ending stocks for 2025-2026 are forecast at 290 mb. The national average farm gate price was estimated at $10.50 per bushel, unchanged from last month.

Total U.S. production is estimated at 4.253 bb, unchanged from November, while the yield forecast, at 53.0 bushels per acre in December, is unchanged from last month.

Globally, USDA pegged world soybean stocks at 122.37 mmt, an increase from 121.99 mmt in November.

Brazilian soybean production was pegged at 175.0 mmt, unchanged from last month. Brazil's exports were also unchanged at an estimated 112.5 mmt.

Production in Argentina was estimated at 48.5 mmt, unchanged from November, while exports were estimated at 8.25 mmt, unchanged from last month.

WHEAT

USDA estimates U.S. wheat ending stocks at 901 mb, unchanged from November.

U.S. wheat use is unchanged from last month at 2.054 bb.

Wheat exports were estimated at 900 mb, also unchanged from last month. USDA estimates the farm gate price of wheat at $5.00.

Wheat world ending stocks were estimated at 274.87 mmt, an increase from 271.43 mmt in November.

USDA increased global wheat production to 837.81 mmt in December, compared to 828.89 mmt in November.

USDA estimates wheat production in Argentina at 24.0 mmt, increased from 22 mmt in November. Wheat production in Australia was estimated at 37.0 mmt, a bump up from 36 mmt last month. Brazil's production is estimated at 7.7 mmt, which is unchanged from November. Production in Canada was estimated at 39.96 mmt, an increase from 37 mmt last month.

USDA estimates wheat production in Russia at 87.5 mmt and Ukraine wheat production at 23.0 mmt.

Wheat exports from Russia were estimated at 44.0 mmt, while USDA pegs Ukraine exports at 14.5 mmt, a slight decline from 15 mmt last month.

LIVESTOCK

Tuesday's WASDE report shared mixed news for cattle and beef markets of 2025 and 2026, said DTN Livestock ShayLe Stewart.

"Beef production for 2025 was increased as both fed and non-fed slaughter has increased, and as carcass weights continue to be at an all-time high. Beef production for 2025 is now estimated at 25,950 million pounds -- up 194 million pounds from last month's report. Beef production for 2026 increased from last month's report as well -- now estimated to total 25,725 million pounds, up 335 million pounds from last month's estimate. Cattle prices, unfortunately, softened substantially from last month's report to reflect the market's recent prices and to account for reduced shackle space in 2026. Steer prices in the fourth quarter of 2025 are expected to average $226 (down $8 from last month), steers in the first quarter of 2026 are expected to average $230 (down $12 from last month), steers in the second quarter of 2026 are expected to average $234 (down $11 from last month's report) and steers in the third quarter of 2026 are expected to average $236 (down $12 from last month's report). Beef imports for 2025 are lowered by 20 million pounds, and beef exports for 2025 are lowered by 45 million pounds as well. Beef imports for 2026 were increased by 500 million pounds as reduced tariffs will affect the influx of beef, but beef exports were decreased by 40 million pounds."

Tuesday's WASDE report shared mixed news for the hog and pork markets of 2025 and 2026, Stewart said.

"Pork production for 2025 was decreased by 25 million pounds, and pork production for 2026 remained steady at 27,475 million pounds for 2026. Quarterly price projections also saw a decrease as hog prices in the fourth quarter of 2025 are expected to average $64 (down $2 from last month's report), hog prices in the first quarter of 2026 are expected to average $64 (down $1 from last month's report), hog prices in the second quarter of 2026 are expected to average $70 (unchanged from last month) and hog prices in the third quarter of 2026 are expected to average $71 (unchanged from last month). 2025 pork imports increased by 10 million pounds, but pork exports for 2025 decreased by 10 million pounds. Pork imports for 2026 increased by 15 million pounds to 1,175 million pounds, but pork exports for 2026 increased by 60 million pounds to 7,020 million pounds."

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Join us for DTN's post-report webinar at 12:30 p.m. CST on Tuesday, Dec. 9, as we discuss USDA's new estimates considering recent market events. Questions are welcome, and registrants will receive a replay link for viewing at their convenience. Register here for Tuesday's December WASDE report webinar: https://www.dtn.com/….

U.S. ENDING STOCKS (Million Bushels) 2025-26
	Nov	Avg	High	Low	Nov
Corn	2,029	2,166	2,376	2,037	2,154
Soybeans	290	309	385	250	290
Wheat	901	893	906	846	901
WORLD ENDING STOCKS (million metric tons) 2024-25
	Nov	Avg	High	Low	Nov
Corn	293.4	290.6	292.0	284.0	291.7
Soybeans	123.2	123.4	124.0	123.0	123.3
Wheat	260.0	261.6	262.4	261.0	261.4
WORLD ENDING STOCKS (million metric tons) 2025-26
	Nov	Avg	High	Low	Nov
Corn	279.2	281.3	283.0	279.0	281.3
Soybeans	122.4	122.8	125.0	121.6	122.0
Wheat	274.9	272.6	275.0	270.9	271.4

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