WASDE - 668 - 8 February 2026 World and U.S. Supply and Use for Grains 1/ Million Metric Tons ================================================================================ Total Total Ending Commodity Output Supply Trade 2/ Use 3/ Stocks ================================================================================ World Total Grains 4/ 2023/24 2822.98 3615.96 515.24 2819.43 796.53 2024/25 (Est.) 2853.41 3649.94 499.07 2875.80 774.14 2025/26 (Proj.) Jan 2973.93 3748.60 532.90 2958.13 790.47 Feb 2973.51 3747.65 537.31 2959.47 788.18 Wheat 2023/24 791.53 1066.17 222.24 796.88 269.29 2024/25 (Est.) 800.43 1069.72 210.47 809.95 259.77 2025/26 (Proj.) Jan 842.17 1102.16 219.76 823.91 278.25 Feb 841.80 1101.57 221.96 824.06 277.51 Coarse Grains 5/ 2023/24 1507.48 1844.93 236.25 1497.85 347.08 2024/25 (Est.) 1511.32 1858.40 227.33 1535.34 323.06 2025/26 (Proj.) Jan 1590.61 1914.06 249.64 1592.19 321.88 Feb 1590.43 1913.49 252.08 1593.70 319.79 Rice, milled 2023/24 523.97 704.86 56.75 524.70 180.16 2024/25 (Est.) 541.66 721.82 61.26 530.51 191.31 2025/26 (Proj.) Jan 541.16 732.38 63.50 542.03 190.34 Feb 541.28 732.59 63.27 541.71 190.88 United States Total Grains 4/ 2023/24 458.90 520.30 85.72 366.49 68.09 2024/25 (Est.) 452.42 528.32 100.66 360.32 67.34 2025/26 (Proj.) Jan 508.41 582.87 114.55 381.88 86.44 Feb 508.41 582.84 117.03 381.88 83.93 Wheat 2023/24 49.10 68.35 19.21 30.18 18.95 2024/25 (Est.) 53.85 76.86 22.48 31.12 23.26 2025/26 (Proj.) Jan 54.01 80.54 24.49 30.84 25.21 Feb 54.01 80.54 24.49 30.71 25.34 Coarse Grains 5/ 2023/24 402.88 442.66 63.37 331.42 47.87 2024/25 (Est.) 391.51 441.58 75.31 323.90 42.37 2025/26 (Proj.) Jan 447.83 492.51 87.23 345.62 59.66 Feb 447.83 492.51 89.77 345.75 56.99 Rice, milled 2023/24 6.92 9.29 3.15 4.88 1.27 2024/25 (Est.) 7.05 9.88 2.87 5.30 1.71 2025/26 (Proj.) Jan 6.56 9.82 2.83 5.43 1.57 Feb 6.56 9.79 2.76 5.43 1.60 ================================================================================ WASDE - 668 - 9 February 2026 World and U.S. Supply and Use for Grains, Continued 1/ Million Metric Tons ================================================================================ Total Total Ending Commodity Output Supply Trade 2/ Use Stocks ================================================================================ Foreign 3/ Total Grains 4/ 2023/24 2364.08 3095.66 429.51 2452.95 728.44 2024/25 (Est.) 2400.99 3121.62 398.41 2515.48 706.80 2025/26 (Proj.) Jan 2465.53 3165.73 418.35 2576.24 704.04 Feb 2465.11 3164.81 420.28 2577.59 704.25 Wheat 2023/24 742.44 997.82 203.03 766.70 250.34 2024/25 (Est.) 746.58 992.87 187.99 778.83 236.51 2025/26 (Proj.) Jan 788.16 1021.62 195.26 793.08 253.04 Feb 787.79 1021.03 197.46 793.36 252.17 Coarse Grains 5/ 2023/24 1104.60 1402.27 172.88 1166.43 299.21 2024/25 (Est.) 1119.80 1416.82 152.02 1211.44 280.69 2025/26 (Proj.) Jan 1142.78 1421.55 162.41 1246.57 262.22 Feb 1142.60 1420.98 162.31 1247.95 262.80 Rice, milled 2023/24 517.04 695.57 53.61 519.82 178.90 2024/25 (Est.) 534.60 711.93 58.39 525.21 189.59 2025/26 (Proj.) Jan 534.59 722.56 60.68 536.60 188.78 Feb 534.72 722.80 60.51 536.28 189.28 ================================================================================ World and U.S. Supply and Use for Cotton 1/ Million 480-lb. Bales ================================================================================ Total Total Ending Commodity Output Supply Trade 2/ Use 3/ Stocks ================================================================================ World 2023/24 112.23 188.09 44.06 114.99 73.30 2024/25 (Est.) 118.54 191.84 42.41 118.94 73.76 2025/26 (Proj.) Jan 119.43 193.20 43.77 118.92 74.48 Feb 119.86 193.61 43.71 118.72 75.11 United States 2023/24 12.07 16.72 11.75 1.85 3.15 2024/25 (Est.) 14.41 17.57 11.90 1.70 4.00 2025/26 (Proj.) Jan 13.92 17.92 12.20 1.60 4.20 Feb 13.92 17.92 12.00 1.60 4.40 Foreign 4/ 2023/24 100.17 171.38 32.31 113.14 70.15 2024/25 (Est.) 104.13 174.28 30.51 117.24 69.76 2025/26 (Proj.) Jan 105.52 175.27 31.57 117.32 70.28 Feb 105.94 175.69 31.71 117.12 70.71 ================================================================================ WASDE - 668 - 10 February 2026 World and U.S. Supply and Use for Oilseeds 1/ (Million Metric Tons) ================================================================================ Total Total Ending Commodity Output Supply Trade Use 2/ Stocks ================================================================================ World Oilseeds 2023/24 657.38 780.38 205.53 543.43 136.09 2024/25 (Est.) 684.91 821.00 213.96 567.96 142.10 2025/26 (Proj.) Jan 693.15 834.84 214.83 578.66 145.07 Feb 695.78 837.87 215.13 580.44 146.30 Oilmeals 2023/24 371.41 389.66 105.70 366.15 19.24 2024/25 (Est.) 392.46 411.70 114.11 382.43 23.34 2025/26 (Proj.) Jan 399.81 423.21 114.12 395.45 23.37 Feb 401.11 424.45 115.36 396.13 24.03 Vegetable Oils 2023/24 222.19 254.53 86.12 217.72 30.86 2024/25 (Est.) 229.97 260.83 88.51 222.59 29.79 2025/26 (Proj.) Jan 234.21 264.12 86.72 228.31 29.90 Feb 235.10 264.89 87.40 228.92 29.93 United States Oilseeds 2023/24 122.16 132.12 47.49 66.22 10.81 2024/25 (Est.) 128.60 140.69 52.29 70.43 10.23 2025/26 (Proj.) Jan 126.24 137.56 44.01 73.95 11.10 Feb 126.24 137.51 44.01 73.85 11.25 Oilmeals 2023/24 51.43 56.13 14.75 40.90 0.49 2024/25 (Est.) 55.27 60.70 16.77 43.49 0.45 2025/26 (Proj.) Jan 57.45 62.50 17.80 44.20 0.50 Feb 57.40 62.45 17.80 44.15 0.50 Vegetable Oils 2023/24 13.59 21.59 0.42 20.13 1.04 2024/25 (Est.) 14.49 21.44 1.28 19.06 1.10 2025/26 (Proj.) Jan 14.90 22.54 0.70 20.68 1.16 Feb 14.90 22.53 0.70 20.68 1.16 Foreign 3/ Oilseeds 2023/24 535.21 648.25 158.05 477.20 125.27 2024/25 (Est.) 556.32 680.31 161.67 497.53 131.87 2025/26 (Proj.) Jan 566.91 697.28 170.82 504.72 133.96 Feb 569.54 700.36 171.12 506.59 135.05 Oilmeals 2023/24 319.98 333.53 90.95 325.25 18.75 2024/25 (Est.) 337.19 350.99 97.34 338.94 22.89 2025/26 (Proj.) Jan 342.36 360.71 96.31 351.25 22.88 Feb 343.71 362.00 97.56 351.98 23.54 Vegetable Oils 2023/24 208.60 232.94 85.70 197.59 29.83 2024/25 (Est.) 215.49 239.39 87.22 203.53 28.69 2025/26 (Proj.) Jan 219.31 241.58 86.02 207.63 28.74 Feb 220.20 242.36 86.71 208.24 28.77 ================================================================================ WASDE - 668 - 11 February 2026 U.S. Wheat Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Jan Feb ================================================================================ Million Acres Area Planted 49.6 46.3 45.3 45.3 Area Harvested 37.1 38.6 37.2 37.2 Bushels Yield per Harvested Acre 48.7 51.2 53.3 53.3 Million Bushels Beginning Stocks 570 696 855 855 Production 1804 1979 1985 1985 Imports 138 149 120 120 Supply, Total 2511 2824 2959 2959 Food 961 969 972 967 Seed 62 61 61 61 Feed and Residual 86 113 100 100 Domestic, Total 1109 1143 1133 1128 Exports 706 826 900 900 Use, Total 1815 1969 2033 2028 Ending Stocks 696 855 926 931 Avg.FarmPrice ($/bu) 2/ 6.96 5.52 4.90 4.90 ================================================================================ U.S. Wheat by Class: Supply and Use ================================================================================ Year begining Hard Red Hard Red Soft Red June 1 Winter Spring Winter White Durum Total ================================================================================ Million Bushels 2024/25 (Est.) Beginning Stocks 274 190 126 85 21 696 Production 773 505 344 276 80 1979 Imports 6 79 5 7 51 149 Supply, Total 3/ 1054 774 476 368 152 2824 Food 387 258 153 84 88 969 Seed 26 15 12 6 3 61 Feed and Residual 25 33 66 -25 15 113 Domestic Use 438 305 231 65 105 1143 Exports 215 251 118 223 19 826 Use, Total 652 556 349 288 124 1969 Ending Stocks, Total 402 218 127 80 28 855 2025/26 (Proj.) Beginning Stocks 402 218 127 80 28 855 Production 804 458 353 283 86 1985 Imports 5 65 5 5 40 120 Supply, Total 3/ 1211 741 485 368 154 2959 Food 390 255 152 84 86 967 Seed 26 15 12 6 3 61 Feed and Residual 25 10 65 -10 10 100 Domestic Use 441 280 229 80 99 1128 Exports 320 230 115 210 25 900 Use, Total 761 510 344 290 124 2028 Ending Stocks, Total Feb 450 231 141 78 31 931 Jan 450 226 141 77 32 926 ================================================================================ WASDE - 668 - 12 February 2026 U.S. Feed Grain and Corn Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Jan Feb ================================================================================ Million Acres FEED GRAINS Area Planted 107.5 101.8 110.1 110.1 Area Harvested 96.0 91.4 100.0 100.0 Metric Tons Yield per Harvested Acre 4.19 4.28 4.48 4.48 Million Metric Tons Beginning Stocks 37.1 47.9 42.3 42.3 Production 402.6 391.1 447.5 447.5 Imports 2.3 2.0 2.1 2.1 Supply, Total 442.0 441.0 492.0 492.0 Feed and Residual 151.5 144.0 161.7 161.7 Food, Seed & Industrial 179.3 179.3 183.4 183.5 Domestic, Total 330.8 323.3 345.1 345.2 Exports 63.4 75.3 87.2 89.8 Use, Total 394.2 398.6 432.3 435.0 Ending Stocks 47.9 42.3 59.6 57.0 Million Acres CORN Area Planted 94.6 90.9 98.8 98.8 Area Harvested 86.5 83.0 91.3 91.3 Bushels Yield per Harvested Acre 177.3 179.3 186.5 186.5 Million Bushels Beginning Stocks 1360 1763 1551 1551 Production 15341 14892 17021 17021 Imports 28 22 25 25 Supply, Total 16729 16677 18597 18597 Feed and Residual 5831 5454 6200 6200 Food,Seed& Industrial 2/ 6880 6813 6970 6970 Ethanol & by-products 3/ 5489 5436 5600 5600 Domestic, Total 12711 12267 13170 13170 Exports 2255 2858 3200 3300 Use, Total 14966 15126 16370 16470 Ending Stocks 1763 1551 2227 2127 Avg.FarmPrice ($/bu) 4/ 4.55 4.24 4.10 4.10 ================================================================================ WASDE - 668 - 13 February 2026 U.S. Sorghum, Barley, and Oats Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Jan Feb ================================================================================ Million Bushels SORGHUM AreaPlanted (mil. acres) 7.2 6.3 6.6 6.6 AreaHarvested(mil.acres) 6.1 5.6 6.0 6.0 Yield (bushels/acre) 52.0 61.3 72.6 72.6 Beginning Stocks 24 33 40 40 Production 318 344 437 437 Imports 0 0 0 0 Supply, Total 342 377 477 477 Feed and Residual 51 140 105 105 Food, Seed & Industrial 24 98 105 110 Total Domestic 75 239 210 215 Exports 234 98 225 225 Use, Total 309 336 435 440 Ending Stocks 33 40 42 37 Avg.FarmPrice ($/bu) 2/ 4.93 4.07 3.70 3.60 BARLEY AreaPlanted (mil. acres) 3.1 2.4 2.3 2.3 AreaHarvested(mil.acres) 2.6 1.9 1.8 1.8 Yield (bushels/acre) 72.3 76.6 80.0 80.0 Beginning Stocks 66 78 69 69 Production 186 144 141 141 Imports 13 9 9 9 Supply, Total 265 232 219 219 Feed and Residual 56 36 25 25 Food, Seed & Industrial 126 118 115 115 Total Domestic 182 154 140 140 Exports 5 9 9 9 Use, Total 187 162 149 149 Ending Stocks 78 69 70 70 Avg.FarmPrice ($/bu) 2/ 7.39 6.31 5.40 5.40 OATS AreaPlanted (mil. acres) 2.6 2.2 2.4 2.4 AreaHarvested(mil.acres) 0.8 0.9 0.9 0.9 Yield (bushels/acre) 68.6 76.4 73.8 73.8 Beginning Stocks 35 36 28 28 Production 57 68 70 70 Imports 74 71 74 74 Supply, Total 166 176 172 172 Feed and Residual 47 64 55 55 Food, Seed & Industrial 80 81 82 82 Total Domestic 127 145 137 137 Exports 2 2 2 2 Use, Total 129 148 139 139 Ending Stocks 36 28 33 33 Avg.FarmPrice ($/bu) 2/ 3.92 3.35 3.15 3.20 ================================================================================ WASDE - 668 - 14 February 2026 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Jan Feb ================================================================================ Million Acres TOTAL RICE Area Planted 2.90 2.92 2.81 2.81 Area Harvested 2.85 2.87 2.74 2.74 Pounds Yield per Harvested Acre 7641 7753 7544 7544 Million Hundredweight Beginning Stocks 2/ 30.3 39.8 53.9 53.9 Production 218.0 222.6 206.7 206.7 Imports 44.4 49.3 48.7 47.7 Supply, Total 292.6 311.7 309.3 308.3 Domestic & Residual 3/ 153.7 167.3 171.0 171.0 Exports, Total 4/ 99.0 90.5 89.0 87.0 Rough 42.5 28.9 25.0 23.0 Milled (rough equiv.) 56.5 61.7 64.0 64.0 Use, Total 252.8 257.8 260.0 258.0 Ending Stocks 39.8 53.9 49.3 50.3 Avg.MillingYield (%) 5/ 70.00 70.00 70.00 70.00 Avg.FarmPrice($/cwt) 6/ 17.30 15.10 11.80 12.10 LONG GRAIN RICE Harvested Acres (mil.) 2.05 2.26 2.08 2.08 Yield (pounds/acre) 7523 7626 7359 7359 Beginning Stocks 21.2 19.3 37.3 37.3 Imports 37.2 42.7 42.0 41.0 Production 153.8 172.0 153.3 153.3 Supply, Total 7/ 212.2 234.0 232.6 231.6 Domestic & Residual 3/ 117.8 135.8 139.0 139.0 Exports 8/ 75.1 60.8 59.0 56.0 Use, Total 192.9 196.6 198.0 195.0 Ending Stocks 19.3 37.3 34.6 36.6 Avg.FarmPrice($/cwt) 6/ 15.90 14.00 10.50 10.50 MEDIUM & SHORT GRAIN RICE Harvested Acres (mil.) 0.81 0.62 0.66 0.66 Yield (pounds/acre) 7938 8219 8130 8130 Beginning Stocks 6.8 18.9 13.7 13.7 Imports 7.2 6.6 6.7 6.7 Production 64.1 50.6 53.4 53.4 Supply, Total 7/ 78.8 74.9 73.9 73.9 Domestic & Residual 3/ 35.9 31.5 32.0 32.0 Exports 8/ 23.9 29.7 30.0 31.0 Use, Total 59.9 61.2 62.0 63.0 Ending Stocks 18.9 13.7 11.9 10.9 Avg. Farm Price ($/cwt) 1/ 6/ 9/ 21.60 18.50 16.60 18.00 California 10/ 22.30 18.70 18.00 20.00 Other States 1/ 17.20 15.00 13.50 13.80 ================================================================================ WASDE - 668 - 15 February 2026 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Jan Feb ================================================================================ Million Acres SOYBEANS Area Planted 83.6 87.3 81.2 81.2 Area Harvested 82.3 86.2 80.4 80.4 Bushels Yield per Harvested Acre 50.6 50.7 53.0 53.0 Million Bushels Beginning Stocks 264 342 325 325 Production 4162 4374 4262 4262 Imports 21 29 20 20 Supply, Total 4447 4746 4607 4607 Crushings 2285 2445 2570 2570 Exports 1700 1882 1575 1575 Seed 75 70 73 73 Residual 44 23 39 39 Use, Total 4105 4421 4257 4257 Ending Stocks 342 325 350 350 Avg.FarmPrice ($/bu) 2/ 12.40 10.00 10.20 10.20 Million Pounds SOYBEAN OIL Beginning Stocks 1607 1551 1747 1747 Production 4/ 27093 29218 29940 29940 Imports 621 362 365 365 Supply, Total 29321 31131 32052 32052 Domestic Disappearance 27153 26891 29100 29100 Biofuel 3/ 12995 11758 14800 14800 Food, Feed & other Industrial 14158 15133 14300 14300 Exports 617 2492 1200 1200 Use, Total 27770 29384 30300 30300 Ending stocks 1551 1747 1752 1752 Avg. Price (c/lb) 2/ 47.28 47.59 53.00 53.00 Thousand Short Tons SOYBEAN MEAL Beginning Stocks 371 453 398 398 Production 4/ 54106 58443 60752 60752 Imports 687 807 725 725 Supply, Total 55164 59704 61875 61875 Domestic Disappearance 38657 41041 42025 42025 Exports 16054 18265 19400 19400 Use, Total 54711 59305 61425 61425 Ending Stocks 453 398 450 450 Avg. Price ($/s.t.) 2/ 384.11 299.77 295.00 295.00 ================================================================================ WASDE - 668 - 16 February 2026 U.S. Sugar Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Jan Feb ================================================================================ 1000 Short Tons, Raw Value Beginning Stocks 1843 2220 2489 2489 Production 2/ 9313 9396 9381 9410 Beet Sugar 5172 5370 5102 5102 Cane Sugar 4141 4027 4279 4308 Florida 2079 1931 2082 2082 Louisiana 2022 2095 2197 2226 Texas 40 0 0 0 Imports 3840 3393 2255 2243 TRQ 3/ 1788 1534 1366 1316 Other Program 4/ 300 373 200 200 Non-program 1752 1485 689 728 Mexico 521 504 220 220 High-tier tariff/other 1231 980 469 508 Total Supply 14995 15009 14125 14142 Exports 249 111 50 50 Deliveries 12443 12450 12153 12153 Food 12336 12340 12048 12048 Other 5/ 106 111 105 105 Miscellaneous 83 -41 0 0 Total Use 12775 12520 12203 12203 Ending Stocks 2220 2489 1922 1940 Stocks to Use Ratio 17.4 19.9 15.8 15.9 ================================================================================ Mexico Sugar Supply and Use and High Fructose Corn Syrup Consumption 1/ ================================================================================ Supply Use Fiscal Beginning Produc- Imports Domestic Exports Ending Year Stocks tion 2/ Stocks ================================================================================ 1000 Metric Tons, Actual Weight Sugar 2024/25 Est. Jan 1418 4771 167 4210 1023 1123 Feb 1418 4771 167 4210 1023 1123 2025/26 Proj. Jan 1123 5047 75 4320 803 1122 Feb 1123 5024 66 4311 820 1082 ================================================================================ WASDE - 668 - 17 February 2026 U.S. Cotton Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Jan Feb ================================================================================ Million Acres Planted 10.23 11.18 9.28 9.28 Harvested 6.44 7.81 7.80 7.80 Pounds Yield per Harvested Acre 899 886 856 856 Million 480 Pound Bales Beginning Stocks 4.65 3.15 4.00 4.00 Production 12.07 14.41 13.92 13.92 Imports 0.00 0.00 0.01 0.01 Supply, Total 16.72 17.57 17.92 17.92 Domestic Use 1.85 1.70 1.60 1.60 Exports, Total 11.75 11.90 12.20 12.00 Use, Total 13.60 13.60 13.80 13.60 Unaccounted 2/ -0.03 -0.03 -0.08 -0.08 Ending Stocks 3.15 4.00 4.20 4.40 Avg. Farm Price 3/ 76.1 63.0 61.0 60.0 ================================================================================ WASDE - 668 - 18 February 2026 World Wheat Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2023/24 World 3/ 274.64 791.53 222.82 159.14 796.88 222.24 269.29 World Less China 135.82 654.94 209.19 122.14 643.38 221.23 134.77 United States 15.50 49.10 3.75 2.33 30.18 19.21 18.95 Total Foreign 259.14 742.44 219.07 156.81 766.70 203.03 250.34 Major Exporters 4/ 47.63 325.10 13.79 72.97 179.70 165.60 41.22 Argentina 3.97 15.85 0.00 0.25 7.05 8.23 4.54 Australia 4.37 25.96 0.22 4.80 8.30 19.84 2.41 Canada 5.71 33.41 0.56 3.82 8.95 25.44 5.29 European Union 5/ 16.27 135.38 12.65 46.50 110.50 38.01 15.78 Russia 14.39 91.50 0.30 16.00 39.00 55.50 11.69 Ukraine 2.93 23.00 0.06 1.60 5.90 18.58 1.51 Major Importers 6/ 178.76 208.72 139.30 56.54 329.63 19.75 177.39 Bangladesh 0.83 1.10 6.65 0.20 7.30 0.00 1.28 Brazil 1.80 8.10 6.61 0.60 12.00 2.81 1.69 China 138.82 136.59 13.63 37.00 153.50 1.01 134.52 Japan 1.14 1.15 5.35 0.73 6.23 0.31 1.09 N. Africa 7/ 12.07 16.37 31.58 1.63 46.48 2.00 11.54 Nigeria 0.37 0.12 5.05 0.00 4.80 0.35 0.39 Sel. Mideast 8/ 11.74 20.77 20.34 3.23 39.72 0.65 12.47 Southeast Asia 9/ 3.13 0.00 30.56 9.85 27.86 1.32 4.51 Selected Other India 9.50 110.55 0.13 6.75 112.34 0.34 7.50 Kazakhstan 4.21 12.11 2.50 2.50 7.55 7.83 3.45 United Kingdom 2.31 13.98 3.14 7.40 15.59 0.57 3.26 2024/25 Est. World 3/ 269.29 800.43 201.82 156.81 809.95 210.47 259.77 World Less China 134.77 660.34 197.65 123.81 659.95 209.45 132.00 United States 18.95 53.85 4.05 3.07 31.12 22.48 23.26 Total Foreign 250.34 746.58 197.77 153.74 778.83 187.99 236.51 Major Exporters 4/ 41.22 315.71 11.86 74.49 181.90 152.94 33.95 Argentina 4.54 18.51 0.01 0.25 7.15 13.31 2.60 Australia 2.41 34.11 0.22 5.60 9.10 23.65 3.99 Canada 5.29 35.94 0.61 3.04 8.35 29.31 4.18 European Union 5/ 15.78 122.15 10.64 45.00 109.00 27.92 11.66 Russia 11.69 81.60 0.30 17.00 40.00 43.00 10.59 Ukraine 1.51 23.40 0.07 3.60 8.30 15.75 0.93 Major Importers 6/ 177.39 211.38 121.17 51.50 328.28 16.31 165.34 Bangladesh 1.28 1.10 5.80 0.20 7.40 0.00 0.78 Brazil 1.69 7.89 7.20 0.70 12.20 1.89 2.69 China 134.52 140.10 4.17 33.00 150.00 1.02 127.78 Japan 1.09 1.08 5.57 0.73 6.28 0.34 1.13 N. Africa 7/ 11.54 15.84 31.71 1.35 46.15 2.51 10.42 Nigeria 0.39 0.13 6.37 0.00 6.20 0.38 0.31 Sel. Mideast 8/ 12.47 23.56 17.60 2.94 40.24 0.72 12.66 Southeast Asia 9/ 4.51 0.00 29.17 9.60 28.43 1.44 3.81 Selected Other India 7.50 113.29 0.16 6.00 108.96 0.19 11.80 Kazakhstan 3.45 18.58 0.50 3.20 8.30 10.19 4.03 United Kingdom 3.26 11.15 3.81 6.83 15.03 0.50 2.69 ================================================================================ WASDE - 668 - 19 February 2026 World Wheat Supply and Use 1/ (Contd.) (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2025/26 Proj. World 3/ Jan 260.00 842.17 215.54 165.44 823.91 219.76 278.25 Feb 259.77 841.80 217.73 164.96 824.06 221.96 277.51 World Less China Jan 132.22 702.10 209.54 134.44 675.91 218.76 153.41 Feb 132.00 701.73 211.73 133.96 676.06 220.96 152.66 United States Jan 23.26 54.01 3.27 2.72 30.84 24.49 25.21 Feb 23.26 54.01 3.27 2.72 30.71 24.49 25.34 Total Foreign Jan 236.73 788.16 212.27 162.72 793.08 195.26 253.04 Feb 236.51 787.79 214.47 162.24 793.36 197.46 252.17 Major Exporters 4/ Jan 33.90 360.96 6.74 83.50 191.85 161.50 48.24 Feb 33.95 361.26 7.24 83.00 191.65 163.50 47.29 Argentina Jan 2.60 27.50 0.01 1.00 8.10 16.00 6.01 Feb 2.60 27.80 0.01 1.00 8.10 18.00 4.31 Australia Jan 3.96 37.00 0.23 5.50 9.10 27.00 5.09 Feb 3.99 37.00 0.23 5.50 9.10 27.00 5.12 Canada Jan 4.11 39.96 0.60 5.00 10.35 28.00 6.32 Feb 4.18 39.96 0.60 4.50 9.85 29.00 5.89 European Union 5/ Jan 11.71 144.00 5.50 50.00 114.50 32.50 14.21 Feb 11.66 144.00 6.00 50.00 114.50 31.50 15.66 Russia Jan 10.59 89.50 0.30 18.50 41.70 44.00 14.69 Feb 10.59 89.50 0.30 18.50 41.70 44.00 14.69 Ukraine Jan 0.93 23.00 0.10 3.50 8.10 14.00 1.93 Feb 0.93 23.00 0.10 3.50 8.40 14.00 1.63 Major Importers 6/ Jan 165.53 206.80 138.25 50.61 330.65 15.86 164.07 Feb 165.34 206.30 139.60 50.72 331.17 15.86 164.21 Bangladesh Jan 0.78 1.00 6.70 0.30 7.70 0.00 0.78 Feb 0.78 1.00 7.20 0.30 8.00 0.00 0.98 Brazil Jan 2.69 8.00 7.30 0.75 12.35 2.50 3.14 Feb 2.69 8.00 7.30 0.75 12.35 2.50 3.14 China Jan 127.78 140.07 6.00 31.00 148.00 1.00 124.85 Feb 127.78 140.07 6.00 31.00 148.00 1.00 124.85 Japan Jan 1.13 0.99 5.65 0.73 6.28 0.34 1.15 Feb 1.13 0.99 5.65 0.73 6.28 0.34 1.15 N. Africa 7/ Jan 10.38 17.45 33.60 1.40 47.40 2.12 11.91 Feb 10.42 17.45 33.70 1.45 47.45 2.12 12.00 Nigeria Jan 0.41 0.13 6.70 0.00 6.40 0.40 0.44 Feb 0.31 0.13 6.70 0.00 6.40 0.40 0.34 Sel. Mideast 8/ Jan 12.69 19.38 20.70 2.78 40.42 0.96 11.39 Feb 12.66 19.38 20.75 2.79 40.44 0.96 11.39 Southeast Asia 9/ Jan 3.81 0.00 32.50 10.35 30.10 1.34 4.87 Feb 3.81 0.00 33.30 10.85 30.80 1.34 4.97 India Jan 11.80 117.95 0.25 6.50 112.51 0.25 17.24 Feb 11.80 117.95 0.25 6.50 112.51 0.25 17.24 Kazakhstan Jan 4.03 18.90 0.50 3.50 8.65 9.50 5.28 Feb 4.03 18.90 0.70 3.50 8.65 9.70 5.28 United Kingdom Jan 2.68 11.85 3.50 7.10 15.30 0.60 2.13 Feb 2.69 11.96 3.50 7.10 15.30 0.60 2.24 ================================================================================ WASDE - 668 - 20 February 2026 World Coarse Grain Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2023/24 World 3/ 337.45 1507.48 242.67 924.54 1497.85 236.25 347.08 World Less China 130.69 1210.10 194.64 678.74 1159.15 236.25 133.62 United States 37.14 402.88 2.64 151.70 331.42 63.37 47.87 Total Foreign 300.31 1104.60 240.03 772.85 1166.43 172.88 299.21 Major Exporters 4/ 30.63 323.06 6.87 137.96 195.67 142.33 22.56 Argentina 3.13 59.98 0.01 12.88 18.94 40.58 3.61 Australia 3.97 14.48 0.00 5.09 6.97 9.66 1.83 Brazil 10.61 124.81 2.64 67.85 90.63 38.36 9.07 Canada 3.95 27.52 2.95 16.19 24.35 6.16 3.91 Russia 2.32 42.54 0.10 20.94 29.99 13.27 1.71 Ukraine 3.95 39.78 0.01 7.87 10.30 32.02 1.42 Major Importers 5/ 37.36 231.42 144.60 272.14 360.10 14.66 38.61 European Union 6/ 16.53 137.04 22.06 109.81 148.71 11.52 15.41 Japan 1.45 0.25 16.67 13.23 16.92 0.00 1.45 Mexico 5.61 28.93 24.95 30.50 53.17 0.02 6.29 N. Afr & Mideast 7/ 7.02 34.01 37.77 59.62 68.01 2.52 8.28 Saudi Arabia 1.40 0.27 7.00 6.92 7.25 0.00 1.41 Southeast Asia 8/ 2.89 30.67 19.82 38.24 49.59 0.60 3.19 South Korea 1.91 0.16 11.67 9.30 11.68 0.00 2.06 Selected Other China 206.75 297.38 48.03 245.80 338.70 0.01 213.46 2024/25 Est. World 3/ 347.08 1511.32 225.95 945.88 1535.34 227.33 323.06 World Less China 133.62 1207.85 207.71 696.13 1193.26 227.33 129.97 United States 47.87 391.51 2.19 144.14 323.90 75.31 42.37 Total Foreign 299.21 1119.80 223.76 801.74 1211.44 152.02 280.69 Major Exporters 4/ 22.56 333.13 5.10 143.05 206.89 125.15 28.74 Argentina 3.61 58.46 0.01 14.37 20.58 34.22 7.27 Australia 1.83 17.70 0.00 4.92 6.79 11.35 1.39 Brazil 9.07 143.59 2.82 73.00 102.43 41.63 11.42 Canada 3.91 27.52 1.87 14.85 22.92 6.90 3.48 Russia 1.71 34.78 0.10 20.43 28.40 6.77 1.41 Ukraine 1.42 33.47 0.02 8.43 11.16 22.35 1.40 Major Importers 5/ 38.61 227.98 154.92 286.56 374.48 11.30 35.73 European Union 6/ 15.41 136.80 20.17 110.20 148.72 9.16 14.50 Japan 1.45 0.20 16.72 13.15 16.84 0.00 1.53 Mexico 6.29 28.27 27.06 32.55 55.48 0.03 6.12 N. Afr & Mideast 7/ 8.28 30.98 45.27 67.65 76.16 1.56 6.81 Saudi Arabia 1.41 0.27 8.44 8.37 8.71 0.00 1.41 Southeast Asia 8/ 3.19 31.19 21.27 40.87 52.22 0.55 2.88 South Korea 2.06 0.16 11.56 9.40 11.74 0.00 2.05 Selected Other China 213.46 303.47 18.24 249.75 342.08 0.01 193.09 ================================================================================ WASDE - 668 - 21 February 2026 World Coarse Grain Supply and Use 1/ (Contd.) (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2025/26 Proj. World 3/ Jan 323.45 1590.61 233.26 978.47 1592.19 249.64 321.88 Feb 323.06 1590.43 236.00 979.42 1593.70 252.08 319.79 World Less China Jan 130.37 1280.42 206.51 721.89 1243.29 249.61 140.78 Feb 129.97 1280.24 209.25 722.85 1244.80 252.06 138.69 United States Jan 42.37 447.83 2.31 161.77 345.62 87.23 59.66 Feb 42.37 447.83 2.31 161.77 345.75 89.77 56.99 Total Foreign Jan 281.09 1142.78 230.95 816.70 1246.57 162.41 262.22 Feb 280.69 1142.60 233.69 817.65 1247.95 162.31 262.80 Major Exporters 4/ Jan 28.72 340.52 4.95 145.95 213.15 137.69 23.36 Feb 28.74 341.00 5.06 145.40 212.97 137.59 24.25 Argentina Jan 7.27 61.82 0.01 14.34 20.63 41.90 6.57 Feb 7.27 62.32 0.01 14.34 20.63 42.40 6.57 Australia Jan 1.39 19.92 0.00 5.49 7.36 11.67 2.27 Feb 1.39 19.92 0.00 5.49 7.36 11.67 2.27 Brazil Jan 11.42 137.61 2.60 72.20 104.20 43.09 4.34 Feb 11.42 137.61 2.70 72.20 104.28 43.09 4.37 Canada Jan 3.48 29.48 2.12 16.44 24.57 6.29 4.21 Feb 3.48 29.48 2.12 15.99 24.42 6.39 4.26 Russia Jan 1.41 39.05 0.10 22.73 31.30 7.03 2.23 Feb 1.41 39.05 0.10 22.43 31.00 7.33 2.23 Ukraine Jan 1.40 35.58 0.01 7.50 10.15 25.50 1.34 Feb 1.40 35.58 0.01 7.70 10.35 24.50 2.14 Major Importers 5/ Jan 36.15 234.78 155.13 289.79 377.90 11.05 37.11 Feb 35.73 234.18 157.13 290.75 379.12 11.18 36.75 European Union 6/ Jan 14.50 141.11 21.18 112.90 151.84 9.64 15.31 Feb 14.50 141.31 20.77 112.60 151.54 9.77 15.27 Japan Jan 1.53 0.25 17.01 13.55 17.26 0.00 1.53 Feb 1.53 0.25 16.91 13.45 17.16 0.00 1.53 Mexico Jan 6.54 31.19 27.10 34.45 57.48 0.03 7.32 Feb 6.12 30.89 27.55 34.55 57.83 0.03 6.70 N. Afr & Mideast 7/ Jan 6.81 30.62 43.25 64.87 73.46 0.82 6.40 Feb 6.81 30.12 44.62 65.43 74.03 0.82 6.70 Saudi Arabia Jan 1.41 0.27 8.37 8.33 8.67 0.00 1.39 Feb 1.41 0.27 8.87 8.83 9.17 0.00 1.39 Southeast Asia 8/ Jan 2.88 31.08 21.98 41.78 52.63 0.57 2.75 Feb 2.88 31.08 22.18 41.98 52.83 0.57 2.75 South Korea Jan 2.05 0.16 11.61 9.39 11.78 0.00 2.04 Feb 2.05 0.16 11.61 9.39 11.78 0.00 2.04 China Jan 193.09 310.19 26.75 256.58 348.90 0.03 181.10 Feb 193.09 310.19 26.75 256.58 348.90 0.03 181.10 ================================================================================ WASDE - 668 - 22 February 2026 World Corn Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2023/24 World 3/ 305.36 1231.14 197.62 769.95 1221.24 192.65 315.26 World Less China 99.34 942.30 174.29 544.95 914.24 192.65 104.07 United States 34.55 389.67 0.72 148.11 322.87 57.28 44.79 Total Foreign 270.81 841.47 196.90 621.83 898.37 135.38 270.47 Major Exporters 4/ 18.51 233.13 2.72 94.24 128.72 112.88 12.76 Argentina 2.32 51.60 0.01 11.00 15.20 36.26 2.48 Brazil 9.88 119.00 1.72 62.50 84.00 38.26 8.33 Russia 0.91 16.60 0.05 9.10 10.20 6.60 0.76 South Africa 2.41 13.43 0.94 7.04 13.84 2.27 0.65 Ukraine 3.00 32.50 0.01 4.60 5.48 29.49 0.54 Major Importers 5/ 21.04 123.52 102.77 160.25 220.90 5.01 21.41 Egypt 1.51 7.20 8.02 12.80 15.30 0.00 1.43 European Union 6/ 8.02 61.95 19.81 58.10 78.10 4.39 7.29 Japan 1.30 0.01 15.29 12.00 15.30 0.00 1.30 Mexico 4.88 23.55 24.22 25.70 47.00 0.02 5.63 Southeast Asia 7/ 2.88 30.62 19.29 37.90 49.00 0.60 3.19 South Korea 1.90 0.09 11.55 9.25 11.50 0.00 2.04 Selected Other Canada 1.63 15.42 2.81 9.70 15.72 2.15 2.00 China 206.02 288.84 23.33 225.00 307.00 0.00 211.19 2024/25 Est. World 3/ 315.26 1230.58 186.14 786.67 1251.50 187.14 294.35 World Less China 104.07 935.67 184.32 552.67 935.50 187.14 102.42 United States 44.79 378.27 0.55 138.55 311.60 72.60 39.40 Total Foreign 270.47 852.32 185.59 648.12 939.89 114.54 254.95 Major Exporters 4/ 12.76 243.86 1.95 100.20 141.80 95.92 20.85 Argentina 2.48 50.00 0.01 12.00 16.40 29.50 6.58 Brazil 8.33 136.00 1.75 66.00 94.00 41.50 10.58 Russia 0.76 14.00 0.05 9.80 10.90 3.00 0.91 South Africa 0.65 17.06 0.13 7.00 14.00 1.90 1.94 Ukraine 0.54 26.80 0.02 5.40 6.50 20.02 0.84 Major Importers 5/ 21.41 120.48 107.30 164.70 225.71 3.33 20.15 Egypt 1.43 7.00 10.56 14.70 17.30 0.00 1.69 European Union 6/ 7.29 59.02 18.76 56.10 76.10 2.76 6.21 Japan 1.30 0.02 15.46 12.10 15.40 0.00 1.37 Mexico 5.63 23.10 25.93 27.50 49.10 0.03 5.53 Southeast Asia 7/ 3.19 31.14 20.80 40.60 51.71 0.55 2.88 South Korea 2.04 0.09 11.44 9.35 11.55 0.00 2.03 Selected Other Canada 2.00 15.35 1.69 8.58 14.44 3.00 1.58 China 211.19 294.92 1.82 234.00 316.00 0.00 191.93 ================================================================================ WASDE - 668 - 23 February 2026 World Corn Supply and Use 1/ (Contd.) (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2025/26 Proj. World 3/ Jan 294.70 1296.01 190.22 813.24 1299.80 205.11 290.91 Feb 294.35 1295.91 192.08 814.63 1301.29 206.55 288.98 World Less China Jan 102.77 994.77 182.22 574.24 978.80 205.09 110.76 Feb 102.42 994.67 184.08 575.63 980.29 206.53 108.83 United States Jan 39.40 432.34 0.64 157.49 334.53 81.28 56.56 Feb 39.40 432.34 0.64 157.49 334.53 83.82 54.02 Total Foreign Jan 255.29 863.67 189.59 655.75 965.27 123.82 234.35 Feb 254.95 863.57 191.44 657.15 966.75 122.73 234.96 Major Exporters 4/ Jan 20.83 244.00 1.67 100.50 144.80 108.20 13.49 Feb 20.85 244.00 1.67 100.70 145.00 107.20 14.32 Argentina Jan 6.58 53.00 0.01 12.30 16.70 37.00 5.89 Feb 6.58 53.00 0.01 12.30 16.70 37.00 5.89 Brazil Jan 10.58 131.00 1.60 66.00 96.50 43.00 3.68 Feb 10.58 131.00 1.60 66.00 96.50 43.00 3.68 Russia Jan 0.91 14.50 0.05 10.30 11.40 3.00 1.06 Feb 0.91 14.50 0.05 10.30 11.40 3.00 1.06 South Africa Jan 1.91 16.50 0.00 7.10 14.20 2.20 2.01 Feb 1.94 16.50 0.00 7.10 14.20 2.20 2.04 Ukraine Jan 0.84 29.00 0.01 4.80 6.00 23.00 0.85 Feb 0.84 29.00 0.01 5.00 6.20 22.00 1.65 Major Importers 5/ Jan 20.51 120.69 109.15 166.35 227.10 2.40 20.85 Feb 20.15 120.59 109.35 166.45 227.40 2.40 20.29 Egypt Jan 1.69 6.70 10.50 14.50 17.10 0.00 1.79 Feb 1.69 6.70 10.50 14.50 17.10 0.00 1.79 European Union 6/ Jan 6.21 56.75 20.00 55.20 75.30 1.80 5.86 Feb 6.21 56.95 19.50 54.90 75.00 1.80 5.86 Japan Jan 1.37 0.02 15.50 12.20 15.50 0.00 1.39 Feb 1.37 0.02 15.50 12.20 15.50 0.00 1.39 Mexico Jan 5.89 26.00 25.80 29.30 51.00 0.03 6.66 Feb 5.53 25.70 26.30 29.50 51.40 0.03 6.10 Southeast Asia 7/ Jan 2.88 31.03 21.30 41.30 51.90 0.57 2.74 Feb 2.88 31.03 21.50 41.50 52.10 0.57 2.74 South Korea Jan 2.03 0.09 11.50 9.35 11.60 0.00 2.02 Feb 2.03 0.09 11.50 9.35 11.60 0.00 2.02 Canada Jan 1.58 14.87 2.00 9.00 14.60 2.20 1.65 Feb 1.58 14.87 2.00 8.70 14.60 2.20 1.65 China Jan 191.93 301.24 8.00 239.00 321.00 0.02 180.15 Feb 191.93 301.24 8.00 239.00 321.00 0.02 180.15 ================================================================================ WASDE - 668 - 24 February 2026 World Rice Supply and Use (Milled Basis) 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Total 2/ Ending Stocks tion Imports Domestic Exports Stocks ================================================================================ 2023/24 World 3/ 180.90 523.97 53.54 524.70 56.75 180.16 World Less China 74.30 379.35 52.02 376.59 55.12 77.16 United States 0.96 6.92 1.41 4.88 3.15 1.27 Total Foreign 179.94 517.04 52.14 519.82 53.61 178.90 Major Exporters 4/ 46.57 207.19 3.77 165.10 42.62 49.81 Burma 1.55 12.30 0.01 9.90 2.75 1.22 India 35.00 137.83 0.00 116.40 14.42 42.00 Pakistan 2.04 9.87 0.02 4.00 6.53 1.40 Thailand 4.35 20.00 0.05 12.30 9.89 2.21 Vietnam 3.62 27.20 3.70 22.50 9.04 2.99 Major Importers 5/ 121.35 237.27 20.80 259.34 2.01 118.07 China 106.60 144.62 1.53 148.12 1.63 103.00 European Union 6/ 0.83 1.37 2.11 3.25 0.36 0.70 Indonesia 4.70 33.02 4.65 36.20 0.00 6.17 Nigeria 1.92 5.61 1.89 8.00 0.00 1.41 Philippines 3.38 12.33 4.50 16.80 0.00 3.40 Sel. Mideast 7/ 1.22 2.02 4.64 6.58 0.00 1.30 Selected Other Brazil 0.62 7.20 0.96 7.10 0.97 0.71 C. Amer & Carib 8/ 0.61 1.31 1.87 3.15 0.06 0.58 Egypt 0.60 3.78 0.18 4.05 0.06 0.46 Japan 1.81 7.30 0.72 8.15 0.09 1.60 Mexico 0.12 0.15 0.85 0.99 0.02 0.12 South Korea 1.43 3.70 0.40 4.19 0.13 1.21 2024/25 Est. World 3/ 180.16 541.66 57.88 530.51 61.26 191.31 World Less China 77.16 396.38 55.55 385.56 60.11 86.81 United States 1.27 7.05 1.57 5.30 2.87 1.71 Total Foreign 178.90 534.60 56.32 525.21 58.39 189.59 Major Exporters 4/ 49.81 219.21 3.55 169.97 46.45 56.15 Burma 1.22 11.90 0.01 9.60 2.57 0.95 India 42.00 150.00 0.00 121.17 22.83 48.00 Pakistan 1.40 9.72 0.02 4.10 5.13 1.91 Thailand 2.21 20.84 0.05 12.50 7.86 2.75 Vietnam 2.99 26.75 3.48 22.60 8.06 2.55 Major Importers 5/ 118.07 239.53 22.60 257.61 1.51 121.09 China 103.00 145.28 2.34 144.96 1.15 104.50 European Union 6/ 0.70 1.60 2.53 3.50 0.34 0.99 Indonesia 6.17 34.10 0.81 35.50 0.00 5.58 Nigeria 1.41 5.77 3.30 8.30 0.00 2.18 Philippines 3.40 12.37 5.42 17.40 0.00 3.79 Sel. Mideast 7/ 1.30 2.28 4.96 6.85 0.00 1.68 Selected Other Brazil 0.71 8.68 0.98 7.35 1.15 1.86 C. Amer & Carib 8/ 0.58 1.44 1.98 3.27 0.09 0.63 Egypt 0.46 3.90 0.16 4.05 0.15 0.31 Japan 1.60 7.29 0.84 8.13 0.06 1.55 Mexico 0.12 0.17 0.89 1.01 0.03 0.14 South Korea 1.21 3.59 0.33 4.18 0.19 0.75 ================================================================================ WASDE - 668 - 25 February 2026 World Rice Supply and Use (Milled Basis) 1/ (Contd.) (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Total 2/ Ending Stocks tion Imports Domestic Exports Stocks ================================================================================ 2025/26 Proj. World 3/ Jan 191.22 541.16 60.11 542.03 63.50 190.34 Feb 191.31 541.28 60.02 541.71 63.27 190.88 World Less China Jan 86.72 394.83 57.11 395.10 61.60 85.34 Feb 86.81 394.95 56.92 394.68 61.37 85.88 United States Jan 1.71 6.56 1.55 5.43 2.83 1.57 Feb 1.71 6.56 1.52 5.43 2.76 1.60 Total Foreign Jan 189.51 534.59 58.56 536.60 60.68 188.78 Feb 189.59 534.72 58.51 536.28 60.51 189.28 Major Exporters 4/ Jan 56.27 219.80 4.18 176.25 48.00 56.00 Feb 56.15 219.80 4.18 175.95 47.80 56.38 Burma Jan 1.02 12.00 0.01 9.70 2.50 0.83 Feb 0.95 12.00 0.01 9.40 2.60 0.95 India Jan 48.00 152.00 0.00 127.00 25.00 48.00 Feb 48.00 152.00 0.00 127.00 25.00 48.00 Pakistan Jan 1.91 9.40 0.02 4.20 5.10 2.03 Feb 1.91 9.40 0.02 4.20 5.10 2.03 Thailand Jan 2.71 20.40 0.05 12.65 7.50 3.01 Feb 2.75 20.40 0.05 12.65 7.20 3.35 Vietnam Jan 2.64 26.00 4.10 22.70 7.90 2.14 Feb 2.55 26.00 4.10 22.70 7.90 2.05 Major Importers 5/ Jan 121.00 240.85 22.35 260.98 2.34 120.88 Feb 121.09 240.85 22.45 261.13 2.34 120.92 China Jan 104.50 146.33 3.00 146.93 1.90 105.00 Feb 104.50 146.33 3.10 147.03 1.90 105.00 European Union 6/ Jan 0.99 1.77 2.30 3.60 0.40 1.06 Feb 0.99 1.77 2.30 3.60 0.40 1.06 Indonesia Jan 5.55 33.60 0.80 35.30 0.00 4.65 Feb 5.58 33.60 0.80 35.30 0.00 4.68 Nigeria Jan 2.18 5.54 3.20 8.50 0.00 2.42 Feb 2.18 5.54 3.20 8.50 0.00 2.42 Philippines Jan 3.79 12.30 4.60 17.60 0.00 3.09 Feb 3.79 12.30 4.60 17.60 0.00 3.09 Sel. Mideast 7/ Jan 1.68 2.23 5.05 7.25 0.00 1.70 Feb 1.68 2.23 5.05 7.25 0.00 1.71 Brazil Jan 1.86 7.60 0.85 7.35 1.35 1.61 Feb 1.86 7.60 0.85 7.35 1.35 1.61 C. Amer & Carib 8/ Jan 0.63 1.43 2.06 3.37 0.08 0.68 Feb 0.63 1.43 2.04 3.35 0.08 0.68 Egypt Jan 0.31 4.20 0.13 4.10 0.15 0.39 Feb 0.31 4.20 0.13 4.10 0.15 0.39 Japan Jan 1.55 7.54 0.76 8.00 0.09 1.76 Feb 1.55 7.54 0.80 8.13 0.09 1.67 Mexico Jan 0.15 0.18 0.90 1.02 0.01 0.19 Feb 0.14 0.19 0.90 1.02 0.01 0.20 South Korea Jan 0.75 3.54 0.41 3.81 0.13 0.76 Feb 0.75 3.54 0.41 3.85 0.18 0.67 ================================================================================ WASDE - 668 - 26 February 2026 World Cotton Supply and Use 1/ (Million 480-Pound Bales) ================================================================================ Supply Use Region Beginning Produc- Loss Ending Stocks tion Imports Domestic Exports 2/ Stocks ================================================================================ 2023/24 World 75.86 112.23 44.05 114.99 44.06 -0.21 73.30 World Less China 42.50 84.88 29.08 76.09 44.00 -0.21 36.59 United States 4.65 12.07 3/ 1.85 11.75 -0.03 3.15 Total Foreign 71.21 100.17 44.05 113.14 32.31 -0.18 70.15 Major Exporters 4/ 27.24 57.93 1.63 34.60 28.25 -0.18 24.12 Central Asia 5/ 3.62 5.00 0.05 3.90 1.65 0.00 3.13 Afr. Fr. Zone 6/ 0.96 5.02 3/ 0.10 4.59 0.00 1.29 S. Hemis. 7/ 11.37 22.03 0.15 4.44 19.24 -0.18 10.04 Australia 4.81 5.00 3/ 0.00 5.76 -0.18 4.22 Brazil 3.93 14.57 0.01 3.37 12.31 0.00 2.83 India 10.82 25.40 0.89 25.50 2.31 0.00 9.30 Major Importers 8/ 41.78 39.61 39.95 74.49 2.99 0.00 43.86 Mexico 0.38 0.87 0.70 1.50 0.20 0.00 0.24 China 33.36 27.35 14.97 38.90 0.06 0.00 36.71 European Union 9/ 0.40 1.04 0.47 0.51 1.14 0.00 0.27 Turkey 2.63 3.19 3.57 6.60 1.39 0.00 1.40 Pakistan 1.53 7.00 3.20 9.70 0.18 0.00 1.85 Indonesia 0.36 3/ 1.85 1.80 0.01 0.00 0.40 Thailand 0.14 3/ 0.40 0.45 0.00 0.00 0.09 Bangladesh 1.73 0.16 7.58 7.75 0.00 0.00 1.71 Vietnam 1.05 3/ 6.59 6.60 0.00 0.00 1.03 2024/25 Est. World 73.30 118.54 43.03 118.94 42.41 -0.22 73.76 World Less China 36.59 86.54 37.85 79.94 42.35 -0.22 38.92 United States 3.15 14.41 3/ 1.70 11.90 -0.03 4.00 Total Foreign 70.15 104.13 43.03 117.24 30.51 -0.19 69.76 Major Exporters 4/ 24.12 58.02 4.29 34.70 26.54 -0.19 25.37 Central Asia 5/ 3.13 5.09 0.10 3.94 1.47 0.00 2.91 Afr. Fr. Zone 6/ 1.29 4.44 3/ 0.10 4.27 0.00 1.37 S. Hemis. 7/ 10.04 24.70 0.15 4.49 19.14 -0.19 11.44 Australia 4.22 5.60 3/ 0.00 5.23 -0.19 4.79 Brazil 2.83 17.00 3/ 3.39 13.02 0.00 3.42 India 9.30 23.20 3.04 25.00 1.33 0.00 9.22 Major Importers 8/ 43.86 43.35 35.92 78.00 3.01 0.00 42.11 Mexico 0.24 1.00 0.60 1.35 0.18 0.00 0.31 China 36.71 32.00 5.19 39.00 0.06 0.00 34.84 European Union 9/ 0.27 1.24 0.41 0.46 1.26 0.00 0.20 Turkey 1.40 3.95 4.46 7.10 1.43 0.00 1.28 Pakistan 1.85 5.00 6.10 10.80 0.05 0.00 2.10 Indonesia 0.40 3/ 1.98 1.95 0.02 0.00 0.41 Thailand 0.09 3/ 0.51 0.50 0.00 0.00 0.11 Bangladesh 1.71 0.15 8.05 8.20 0.00 0.00 1.71 Vietnam 1.03 3/ 7.98 8.00 0.00 0.00 1.02 ================================================================================ WASDE - 668 - 27 February 2026 World Cotton Supply and Use 1/ (Million 480-Pound Bales) ================================================================================ Supply Use Region Beginning Produc- Loss Ending Stocks tion Imports Domestic Exports 2/ Stocks ================================================================================ 2025/26 Proj. World Jan 73.76 119.43 43.76 118.92 43.77 -0.22 74.48 Feb 73.76 119.86 43.71 118.72 43.71 -0.22 75.11 World Less China Jan 38.93 84.93 38.36 79.92 43.70 -0.22 38.82 Feb 38.92 84.86 38.11 79.72 43.64 -0.22 38.75 United States Jan 4.00 13.92 0.01 1.60 12.20 -0.08 4.20 Feb 4.00 13.92 0.01 1.60 12.00 -0.08 4.40 Total Foreign Jan 69.76 105.52 43.75 117.32 31.57 -0.14 70.28 Feb 69.76 105.94 43.70 117.12 31.71 -0.14 70.71 Major Exporters 4/ Jan 25.37 58.19 4.45 34.83 28.14 -0.16 25.20 Feb 25.37 58.13 4.65 34.83 28.31 -0.16 25.18 Central Asia 5/ Jan 2.91 4.81 0.20 3.94 1.42 0.00 2.57 Feb 2.91 4.81 0.20 3.94 1.42 0.00 2.57 Afr. Fr. Zone 6/ Jan 1.37 4.03 3/ 0.11 4.07 0.00 1.23 Feb 1.37 4.03 3/ 0.11 4.07 0.00 1.23 S. Hemis. 7/ Jan 11.44 25.43 0.15 4.51 20.91 -0.16 11.75 Feb 11.44 25.37 0.15 4.51 21.08 -0.16 11.53 Australia Jan 4.79 4.50 3/ 0.00 5.30 -0.16 4.15 Feb 4.79 4.50 3/ 0.00 5.50 -0.16 3.95 Brazil Jan 3.42 18.75 0.01 3.40 14.50 0.00 4.27 Feb 3.42 18.75 0.01 3.40 14.50 0.00 4.27 India Jan 9.22 23.50 3.00 25.00 1.40 0.00 9.32 Feb 9.22 23.50 3.20 25.00 1.40 0.00 9.52 Major Importers 8/ Jan 42.08 44.44 36.32 77.85 2.29 0.02 42.68 Feb 42.11 44.92 36.12 77.65 2.29 0.02 43.19 Mexico Jan 0.28 0.58 0.70 1.30 0.10 0.02 0.14 Feb 0.31 0.57 0.70 1.30 0.10 0.02 0.16 China Jan 34.84 34.50 5.40 39.00 0.08 0.00 35.66 Feb 34.84 35.00 5.60 39.00 0.08 0.00 36.36 European Union 9/ Jan 0.20 1.20 0.47 0.51 1.14 0.00 0.22 Feb 0.20 1.20 0.45 0.48 1.14 0.00 0.22 Turkey Jan 1.28 3.00 4.60 6.80 0.90 0.00 1.18 Feb 1.28 3.00 4.50 6.80 0.90 0.00 1.08 Pakistan Jan 2.10 5.00 5.90 10.90 0.05 0.00 2.05 Feb 2.10 5.00 5.70 10.80 0.05 0.00 1.95 Indonesia Jan 0.41 3/ 2.00 2.00 0.02 0.00 0.40 Feb 0.41 3/ 1.95 1.95 0.02 0.00 0.40 Thailand Jan 0.11 3/ 0.50 0.50 0.00 0.00 0.11 Feb 0.11 3/ 0.48 0.48 0.00 0.00 0.11 Bangladesh Jan 1.71 0.15 8.00 8.10 0.00 0.00 1.77 Feb 1.71 0.15 8.00 8.10 0.00 0.00 1.77 Vietnam Jan 1.02 3/ 8.10 8.10 0.00 0.00 1.02 Feb 1.02 3/ 8.10 8.10 0.00 0.00 1.02 ================================================================================ WASDE - 668 - 28 February 2026 World Soybean Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic Ending Stocks tion Imports Crush Total Exports Stocks ================================================================================ 2023/24 World 2/ 101.78 396.35 178.42 331.16 383.64 177.84 115.08 World Less China 69.44 375.51 66.42 232.16 261.84 177.77 71.77 United States 7.19 113.27 0.57 62.20 65.44 46.27 9.32 Total Foreign 94.59 283.08 177.85 268.97 318.19 131.57 105.76 Major Exporters 3/ 54.26 217.00 8.67 94.14 105.49 120.02 54.43 Argentina 17.00 48.21 7.79 36.58 43.83 5.11 24.05 Brazil 36.80 154.50 0.87 54.41 58.26 104.19 29.72 Paraguay 0.37 11.00 0.01 3.00 3.10 7.99 0.29 Major Importers 4/ 35.03 24.57 144.12 126.74 157.15 0.35 46.21 China 32.34 20.84 112.00 99.00 121.80 0.07 43.31 European Union 1.26 2.81 13.47 14.50 16.00 0.25 1.29 Southeast Asia 5/ 0.68 0.47 9.09 4.35 9.40 0.02 0.83 Mexico 0.56 0.20 6.46 6.53 6.60 0.01 0.62 2024/25 Est. World 2/ 115.08 427.15 179.49 359.22 413.74 184.33 123.66 World Less China 71.77 406.50 71.49 255.72 286.34 184.26 79.17 United States 9.32 119.05 0.79 66.55 69.09 51.23 8.84 Total Foreign 105.76 308.11 178.70 292.68 344.65 133.10 114.82 Major Exporters 3/ 54.43 237.01 7.07 105.14 116.44 121.12 60.94 Argentina 24.05 51.11 6.32 43.24 50.24 7.87 23.37 Brazil 29.72 171.50 0.73 58.00 62.00 103.14 36.81 Paraguay 0.29 10.20 0.00 3.70 3.80 6.41 0.29 Major Importers 4/ 46.21 24.58 142.70 133.31 165.00 0.42 48.07 China 43.31 20.65 108.00 103.50 127.40 0.07 44.49 European Union 1.29 2.93 14.71 15.40 17.00 0.33 1.60 Southeast Asia 5/ 0.83 0.45 10.32 5.28 10.39 0.01 1.19 Mexico 0.62 0.28 6.43 6.65 6.74 0.00 0.59 2025/26 Proj. World 2/ Jan 123.40 425.68 186.04 366.43 423.14 187.57 124.41 Feb 123.66 428.18 185.99 368.03 424.74 187.57 125.51 World Less China Jan 78.91 404.78 74.04 258.43 290.24 187.47 80.02 Feb 79.17 407.28 73.99 260.03 291.84 187.47 81.13 United States Jan 8.84 115.99 0.54 69.94 72.99 42.86 9.52 Feb 8.84 115.99 0.54 69.94 72.99 42.86 9.52 Total Foreign Jan 114.56 309.69 185.50 296.49 350.15 144.70 114.89 Feb 114.82 312.19 185.45 298.09 351.75 144.70 116.00 Major Exporters 3/ Jan 60.67 240.60 8.23 104.27 116.15 132.85 60.51 Feb 60.94 243.10 8.03 105.77 117.65 132.85 61.58 Argentina Jan 23.09 48.50 7.70 41.00 48.20 8.25 22.84 Feb 23.37 48.50 7.50 41.00 48.20 8.25 22.92 Brazil Jan 36.81 178.00 0.50 60.00 64.40 114.00 36.91 Feb 36.81 180.00 0.50 61.00 65.40 114.00 37.91 Paraguay Jan 0.29 11.00 0.02 3.10 3.23 7.70 0.39 Feb 0.29 11.50 0.02 3.60 3.73 7.70 0.38 Major Importers 4/ Jan 48.09 24.63 146.60 137.86 170.81 0.43 48.08 Feb 48.07 24.63 146.75 137.96 170.91 0.43 48.12 China Jan 44.49 20.90 112.00 108.00 132.90 0.10 44.39 Feb 44.49 20.90 112.00 108.00 132.90 0.10 44.39 European Union Jan 1.60 2.79 14.00 15.00 16.52 0.30 1.57 Feb 1.60 2.79 14.00 15.00 16.52 0.30 1.57 Southeast Asia 5/ Jan 1.21 0.42 10.80 5.71 11.16 0.02 1.25 Feb 1.19 0.42 10.95 5.81 11.26 0.02 1.29 Mexico Jan 0.59 0.28 6.70 6.80 6.89 0.01 0.68 Feb 0.59 0.28 6.70 6.80 6.89 0.01 0.68 ================================================================================ WASDE - 668 - 29 February 2026 World Soybean Meal Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Stocks tion Imports Domestic Exports Stocks Region Beginning Produc- Total Exports Ending ================================================================================ 2023/24 World 2/ 14.14 259.98 69.58 254.90 74.14 14.65 World Less China 13.20 181.57 69.55 177.75 72.71 13.86 United States 0.34 49.08 0.62 35.07 14.56 0.41 Total Foreign 13.81 210.90 68.96 219.83 59.58 14.24 Major Exporters 3/ 6.31 79.43 0.05 30.58 49.58 5.64 Argentina 2.30 28.54 0.00 3.50 24.89 2.44 Brazil 3.82 41.86 0.02 20.00 22.72 2.97 India 0.20 9.04 0.03 7.08 1.97 0.22 Major Importers 4/ 1.64 21.78 38.40 58.58 0.87 2.36 European Union 0.47 11.46 16.54 26.94 0.65 0.88 Mexico 0.15 5.16 1.94 7.08 0.00 0.16 Southeast Asia 5/ 0.98 3.39 18.10 21.04 0.22 1.21 China 0.94 78.41 0.03 77.15 1.43 0.79 2024/25 Est. World 2/ 14.65 281.94 78.19 273.24 82.81 18.73 World Less China 13.86 199.97 78.15 192.39 81.79 17.79 United States 0.41 53.02 0.73 37.23 16.57 0.36 Total Foreign 14.24 228.92 77.46 236.01 66.24 18.37 Major Exporters 3/ 5.64 86.79 0.29 30.80 54.95 6.97 Argentina 2.44 33.72 0.28 3.50 29.78 3.17 Brazil 2.97 44.27 0.01 20.30 23.39 3.55 India 0.22 8.80 0.01 7.00 1.78 0.25 Major Importers 4/ 2.36 23.29 44.07 65.13 1.05 3.54 European Union 0.88 12.17 20.61 31.24 0.65 1.76 Mexico 0.16 5.26 2.35 7.45 0.00 0.31 Southeast Asia 5/ 1.21 4.01 19.49 22.96 0.40 1.36 China 0.79 81.97 0.05 80.85 1.02 0.94 2025/26 Proj. World 2/ Jan 18.80 287.71 79.14 283.93 82.77 18.95 Feb 18.73 288.94 80.41 284.58 83.99 19.51 World Less China Jan 17.86 202.18 79.09 199.78 81.57 17.77 Feb 17.79 203.41 80.31 200.43 82.79 18.28 United States Jan 0.36 55.11 0.66 38.12 17.60 0.41 Feb 0.36 55.11 0.66 38.12 17.60 0.41 Total Foreign Jan 18.44 232.60 78.48 245.81 65.17 18.54 Feb 18.37 233.83 79.75 246.46 66.39 19.10 Major Exporters 3/ Jan 6.96 85.72 0.43 31.88 54.45 6.78 Feb 6.97 86.49 0.43 31.78 55.35 6.77 Argentina Jan 3.15 31.98 0.17 3.60 29.00 2.70 Feb 3.17 31.98 0.17 3.60 29.00 2.72 Brazil Jan 3.55 46.32 0.01 21.30 24.70 3.88 Feb 3.55 47.09 0.01 21.30 25.50 3.86 India Jan 0.25 7.42 0.25 6.98 0.75 0.20 Feb 0.25 7.42 0.25 6.88 0.85 0.20 Major Importers 4/ Jan 3.64 23.44 43.05 66.14 0.88 3.11 Feb 3.54 23.51 44.05 66.64 0.88 3.58 European Union Jan 1.76 11.85 18.45 30.44 0.60 1.02 Feb 1.76 11.85 19.45 30.94 0.60 1.52 Mexico Jan 0.31 5.37 2.55 7.90 0.00 0.33 Feb 0.31 5.37 2.55 7.90 0.00 0.33 Southeast Asia 5/ Jan 1.46 4.45 20.35 24.34 0.28 1.65 Feb 1.36 4.53 20.35 24.34 0.28 1.62 China Jan 0.94 85.54 0.05 84.15 1.20 1.18 Feb 0.94 85.54 0.10 84.15 1.20 1.23 ================================================================================ WASDE - 668 - 30 February 2026 World Soybean Oil Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Stocks tion Imports Domestic Exports Stocks Region Beginning Produc- Total Exports Ending ================================================================================ 2023/24 World 2/ 5.90 63.99 10.54 62.87 11.81 5.76 World Less China 4.89 45.18 10.16 43.97 11.71 4.56 United States 0.73 12.29 0.28 12.32 0.28 0.70 Total Foreign 5.18 51.70 10.26 50.56 11.53 5.05 Major Exporters 3/ 1.99 21.63 0.68 14.68 8.05 1.58 Argentina 0.72 7.25 0.00 1.77 5.53 0.67 Brazil 0.59 11.06 0.08 10.20 1.35 0.18 European Union 0.60 2.76 0.59 2.63 0.66 0.66 Major Importers 4/ 1.93 22.16 5.41 27.01 0.26 2.24 China 1.01 18.81 0.38 18.90 0.10 1.20 India 0.60 2.03 3.31 5.18 0.02 0.75 North Africa 5/ 0.30 0.96 1.15 2.00 0.14 0.27 2024/25 Est. World 2/ 5.76 70.07 14.00 68.22 15.19 6.41 World Less China 4.56 49.97 13.70 47.72 14.88 5.63 United States 0.70 13.25 0.16 12.20 1.13 0.79 Total Foreign 5.05 56.81 13.83 56.02 14.06 5.62 Major Exporters 3/ 1.58 24.08 0.95 15.47 9.91 1.24 Argentina 0.67 8.63 0.11 1.98 7.10 0.32 Brazil 0.18 11.83 0.09 10.41 1.49 0.19 European Union 0.66 2.93 0.76 3.01 0.70 0.63 Major Importers 4/ 2.24 23.64 7.85 30.52 0.51 2.71 China 1.20 20.10 0.30 20.50 0.32 0.78 India 0.75 1.98 5.47 6.65 0.03 1.53 North Africa 5/ 0.27 1.23 1.29 2.27 0.17 0.34 2025/26 Proj. World 2/ Jan 6.35 71.13 12.57 70.32 13.69 6.05 Feb 6.41 71.45 12.72 70.55 13.90 6.13 World Less China Jan 5.58 50.16 12.27 49.72 13.29 5.00 Feb 5.63 50.47 12.42 50.05 13.40 5.08 United States Jan 0.79 13.58 0.17 13.20 0.54 0.80 Feb 0.79 13.58 0.17 13.20 0.54 0.80 Total Foreign Jan 5.56 57.55 12.40 57.12 13.14 5.25 Feb 5.62 57.87 12.55 57.35 13.35 5.33 Major Exporters 3/ Jan 1.21 23.85 0.80 15.57 8.99 1.30 Feb 1.24 24.15 0.80 15.77 9.10 1.32 Argentina Jan 0.32 8.18 0.05 1.98 6.15 0.42 Feb 0.32 8.18 0.05 1.98 6.15 0.42 Brazil Jan 0.19 12.23 0.10 10.75 1.50 0.27 Feb 0.19 12.44 0.10 10.95 1.50 0.28 European Union Jan 0.63 2.85 0.65 2.76 0.85 0.53 Feb 0.63 2.85 0.65 2.76 0.85 0.53 Major Importers 4/ Jan 2.71 24.32 6.52 30.67 0.60 2.29 Feb 2.71 24.32 6.62 30.64 0.70 2.31 China Jan 0.78 20.97 0.30 20.60 0.40 1.05 Feb 0.78 20.97 0.30 20.50 0.50 1.05 India Jan 1.53 1.67 4.25 6.57 0.02 0.86 Feb 1.53 1.67 4.25 6.57 0.02 0.86 North Africa 5/ Jan 0.34 1.29 1.27 2.43 0.18 0.30 Feb 0.34 1.29 1.37 2.50 0.18 0.33 ================================================================================ WASDE - 668 - 31 February 2026 U.S. Quarterly Animal Product Production 1/ ================================================================================ Year Red Total Red and meat poultry meat & quarter Beef Pork 2/ Broiler Turkey 3/ poultry Egg Milk ================================================================================ Million Pounds Mil doz Bil lbs 2024 Annual 26984 27789 54947 46994 5121 52677 107625 9017 225.9 2025 I 6543 6956 13540 11565 1146 12829 26369 2114 56.8 II 6453 6706 13201 11885 1181 13192 26393 2107 58.7 III 6359 6614 13010 12436 1275 13854 26864 2195 58.2 IV 6646 7301 13986 12118 1242 13481 27467 2238 57.8 Jan Est. 26000 27572 53730 48046 4832 53390 107120 8636 231.4 Feb Est. 26001 27577 53737 48003 4844 53356 107093 8653 231.5 2026 I* 6360 7060 13460 11700 1190 13020 26480 2225 58.7 II* 6440 6840 13322 12000 1200 13340 26662 2275 59.7 III* 6475 6900 13412 12500 1275 13915 27327 2325 58.4 IV* 6645 7475 14159 12300 1300 13735 27894 2350 57.8 JanProj. 25735 28215 54107 48600 4975 54120 108227 9200 234.3 FebProj. 25920 28275 54353 48500 4965 54010 108363 9175 234.5 ================================================================================ U.S. Quarterly Prices for Animal Products ================================================================================ Year Barrows and Streers and gilts Broilers Turkeys Eggs Milk quarter 2/ 3/ 4/ 5/ 6/ 7/ ================================================================================ Dol./cwt Dol./cwt Cents/lb. Cents/lb. Cents/doz. Dol./cwt 2024 Annual 187.12 63.41 129.4 93.7 303.1 22.55 2025 I 205.02 63.59 130.8 94.8 675.3 23.23 II 225.22 69.69 135.9 119.3 344.4 21.20 III 239.62 77.05 121.9 156.8 283.0 20.70 IV 227.62 64.87 110.5 172.2 192.0 19.57 Jan Est. 224.37 68.80 124.8 135.8 373.7 21.15 Feb Est. 224.37 68.80 124.8 135.8 373.7 21.17 2026 I* 238.00 65.00 120.0 165.0 130.0 17.90 II* 238.00 73.00 130.0 150.0 125.0 18.60 III* 240.00 75.00 125.0 150.0 115.0 19.40 IV* 245.00 63.00 125.0 150.0 130.0 19.90 JanProj. 236.0 67.0 125.0 153.0 120.0 18.25 FebProj. 240.0 69.0 125.0 154.0 125.0 18.95 ================================================================================ WASDE - 668 - 32 February 2026 U.S. Meats Supply and Use ================================================================================ Disappearance Beg- Produc- Per Item inning tion Total Ending capita stocks 1/ Imports Supply Exports stocks Total 2/ 3/ ================================================================================ Million Pounds 4/ Beef 2024 638 27051 4635 32324 3007 602 28714 59.1 2025 Est. Jan 602 26066 5369 32037 2568 595 28874 59.0 Feb 602 26067 5394 32063 2568 581 28914 59.2 2026 Proj. Jan 595 25802 5525 31922 2425 570 28927 58.9 Feb 581 25987 5575 32142 2425 560 29157 59.5 Pork 2024 471 27804 1148 29422 7125 435 21862 49.9 2025 Est. Jan 435 27586 1117 29138 6962 385 21791 49.4 Feb 435 27592 1112 29139 6982 433 21723 49.3 2026 Proj. Jan 385 28229 1145 29759 7085 385 22289 50.3 Feb 433 28289 1145 29868 7135 430 22303 50.5 TotalRed Meat5/ 2024 1130 55038 6148 62316 10137 1058 51121 110.4 2025 Est. Jan 1058 53821 6841 61719 9537 1000 51183 109.8 Feb 1058 53828 6871 61757 9557 1031 51169 109.9 2026 Proj. Jan 1000 54198 7035 62233 9517 977 51739 110.5 Feb 1031 54444 7090 62565 9567 1011 51986 111.4 Broiler 2024 835 46491 150 47475 6680 761 40034 101.1 2025 Est. Jan 761 47532 155 48448 6645 770 41033 103.0 Feb 761 47490 152 48403 6660 792 40951 102.9 2026 Proj. Jan 770 48080 140 48990 6715 780 41495 103.7 Feb 792 47981 132 48905 6670 785 41450 103.8 Turkey 2024 243 5121 37 5401 486 219 4697 13.8 2025 Est. Jan 219 4832 36 5087 412 185 4490 13.1 Feb 219 4844 38 5101 417 165 4519 13.2 2026 Proj. Jan 185 4975 28 5188 400 200 4588 13.3 Feb 165 4965 40 5170 400 190 4580 13.4 Total Poultry6/ 2024 1085 52174 190 53449 7187 985 45277 116.5 2025 Est. Jan 985 52875 193 54054 7103 964 45987 117.4 Feb 985 52842 192 54019 7121 968 45930 117.4 2026 Proj. Jan 964 53599 170 54733 7163 986 46584 118.5 Feb 968 53490 174 54633 7118 984 46531 118.7 RedMeat& Poultry 2024 2215 107212 6338 115765 17324 2043 96398 226.9 2025 Est. Jan 2043 106696 7034 115773 16639 1964 97170 227.2 Feb 2043 106670 7063 115776 16677 2000 97099 227.3 2026 Proj. Jan 1964 107797 7205 116966 16680 1963 98323 229.0 Feb 2000 107934 7264 117198 16685 1995 98517 230.0 ================================================================================ WASDE - 668 - 33 February 2026 U.S. Egg Supply and Use ================================================================================ 2023 2024 2025 Est. 2025 Est. 2026Proj. 2026Proj. Commodity Jan Feb Jan Feb ================================================================================ Million Dozen Eggs Supply BeginningStocks 18.8 23.1 14.2 14.2 17.0 17.6 Production 9150.3 9016.6 8635.5 8653.4 9200.0 9175.0 Imports 27.5 30.1 124.5 122.5 50.0 40.0 Total Supply 9196.5 9069.8 8774.2 8790.1 9267.0 9232.6 Use Exports 250.5 236.7 199.9 204.9 245.0 260.0 Hatching Use 1120.4 1148.2 1162.7 1163.8 1160.0 1170.0 Ending Stocks 23.1 14.2 17.0 17.6 21.0 21.0 Disappearance Total 7802.5 7670.7 7394.7 7403.9 7841.0 7781.6 Per Capita (number) 277.8 270.7 259.2 259.8 273.7 272.3 ================================================================================ U.S. Milk Supply and Use ================================================================================ 2023 2024 2025 Est. 2025 Est. 2026Proj. 2026Proj. Commodity Jan Feb Jan Feb ================================================================================ Billion Pounds Milk Production 226.3 225.9 231.4 231.5 234.3 234.5 Farm Use 1.0 1.0 1.0 1.0 1.0 1.0 FatBasisSupply BeginningStocks 14.4 13.8 13.1 13.1 12.4 12.8 Marketings 225.3 224.9 230.4 230.5 233.3 233.5 Imports 7.4 9.1 7.8 7.5 8.3 8.0 Total Supply 247.1 247.8 251.2 251.0 253.9 254.3 FatBasisUse Exports 10.5 11.8 16.4 16.6 17.0 17.5 Ending Stocks 13.8 13.1 12.4 12.8 12.4 13.1 Domestic Use 222.8 222.8 222.4 221.7 224.5 223.7 Skim-solidBasisSupply BeginningStocks 11.7 9.8 9.4 9.4 9.4 9.2 Marketings 225.3 224.9 230.4 230.5 233.3 233.5 Imports 6.3 6.8 6.9 6.8 7.0 7.0 Total Supply 243.3 241.5 246.7 246.7 249.7 249.7 Skim-solidBasisUse Exports 49.9 48.9 48.0 48.0 48.1 48.0 Ending Stocks 9.8 9.4 9.4 9.2 9.0 9.0 Domestic Use 183.6 183.2 189.3 189.5 192.7 192.7 ================================================================================ WASDE - 668 - 34 February 2026 U.S. Dairy Prices ================================================================================ Commod- 2023 2024 2025 Est. 2025 Est. 2026 Proj. 2026 Proj. ity Jan Feb Jan Feb ================================================================================ Dollars Per Pound Product Prices 1/ Cheese 1.7593 1.8634 1.7878 1.7878 1.585 1.605 Butter 2.6170 2.8870 2.2202 2.2202 1.610 1.680 Nonfat Dry Milk 1.1856 1.2420 1.2348 1.2348 1.205 1.315 Dry Whey 0.3618 0.4913 0.5956 0.5956 0.670 0.690 Milk Prices 2/ Dollars Per Cwt ClassIII 17.02 18.89 18.01 18.01 16.35 16.65 Class IV 19.12 20.75 17.38 17.38 14.45 15.70 All Milk 3/ 20.34 22.55 21.15 21.17 18.25 18.95 ================================================================================ WASDE - 668 - 35 February 2026 Reliability of February Projections 1/ ================================================================================ Differences between forecast and final estimate 90 percent Years Commodity and Root mean Confidence Below Above Region square error interval Average Smallest Largest Final Final ================================================================================ Million Metric Tons WHEAT Production World 0.6 1.0 2.7 0.0 7.3 34 10 U.S. 0.2 0.3 0.1 0.0 0.3 20 12 Foreign 0.6 1.1 2.7 0.0 7.3 34 10 Exports World 4.6 7.7 5.0 0.1 18.8 33 11 U.S. 3.9 6.5 0.9 0.0 3.0 20 23 Foreign 5.5 9.3 4.9 0.5 18.4 37 7 Domestic Use World 1.0 1.7 4.8 0.1 15.6 22 22 U.S. 3.7 6.2 0.9 0.0 2.4 13 30 Foreign 1.0 1.7 4.7 0.1 15.1 26 18 Ending Stocks World 4.4 7.5 6.0 0.1 18.2 30 14 U.S. 8.0 13.6 1.3 0.0 4.5 32 12 Foreign 4.9 8.2 5.3 0.2 17.0 28 16 COARSE GRAINS 2/ Production World 1.3 2.1 11.1 0.0 36.3 35 9 U.S. 0.2 0.3 0.2 0.0 1.8 19 12 Foreign 1.8 3.0 11.2 0.0 36.3 33 10 Exports World 5.5 9.3 5.5 0.5 27.7 32 12 U.S. 10.3 17.4 4.2 0.1 12.2 24 20 Foreign 9.2 15.5 5.8 0.1 23.4 29 15 Domestic Use World 1.0 1.8 7.8 0.0 31.3 24 20 U.S. 2.8 4.6 4.0 0.0 17.3 17 26 Foreign 1.3 2.1 8.1 0.5 33.0 27 17 Ending Stocks World 10.3 17.3 13.8 0.2 139.8 38 6 U.S. 13.9 23.4 5.0 0.0 18.5 23 21 Foreign 12.7 21.4 12.0 0.8 144.0 39 5 RICE, milled Production World 1.5 2.6 4.6 0.1 14.0 35 9 U.S. 1.4 2.3 0.0 0.0 0.3 12 6 Foreign 1.6 2.6 4.6 0.1 14.0 35 9 Exports World 8.2 13.8 1.7 0.0 5.2 33 11 U.S. 7.5 12.6 0.2 0.0 0.6 22 20 Foreign 9.1 15.3 1.7 0.0 5.3 32 12 Domestic Use World 1.2 2.1 3.4 0.2 13.3 29 15 U.S. 6.9 11.5 0.2 0.0 0.5 19 25 Foreign 1.2 2.1 3.3 0.1 13.0 29 15 Ending Stocks World 8.7 14.7 5.4 0.2 27.0 35 9 U.S. 18.1 30.4 0.2 0.0 0.5 23 20 Foreign 8.9 15.0 5.3 0.0 26.9 35 8 ================================================================================ WASDE - 668 - 36 February 2026 Reliability of February Projections (Continued) 1/ ================================================================================ Differences between forecast and final estimate 90 percent Years Commodity and Root mean Confidence Below Above Region square error interval Average Smallest Largest Final Final ================================================================================ Million Metric Tons SOYBEANS Production World 2.6 4.4 4.6 0.4 15.3 24 20 U.S. 1.3 2.2 0.7 0.0 3.2 19 19 Foreign 4.4 7.4 4.6 0.3 14.9 26 18 Exports World 6.0 10.0 3.4 0.1 13.2 29 15 U.S. 6.9 11.6 1.7 0.1 6.7 29 15 Foreign 14.7 24.8 3.2 0.0 17.2 22 22 Domestic Use World 2.2 3.7 3.5 0.0 12.3 23 21 U.S. 2.9 4.9 1.1 0.0 3.0 28 16 Foreign 2.6 4.4 3.1 0.0 12.5 23 21 Ending Stocks World 13.4 22.6 4.0 0.0 19.3 24 20 U.S. 39.1 65.8 1.9 0.1 6.9 15 29 Foreign 14.7 24.7 3.7 0.2 19.1 28 16 COTTON Production World 2.3 3.9 1.7 0.0 5.4 31 13 U.S. 1.1 1.9 0.1 0.0 0.4 14 28 Foreign 2.8 4.7 1.8 0.1 5.7 31 13 Exports World 5.8 9.8 1.6 0.0 7.9 26 18 U.S. 9.6 16.2 0.7 0.0 2.2 24 19 Foreign 7.6 12.8 1.4 0.1 7.2 25 19 Domestic Use World 3.5 5.8 2.3 0.3 17.0 24 20 U.S. 7.4 12.5 0.2 0.0 0.9 23 17 Foreign 3.5 5.8 2.2 0.3 16.1 25 19 Ending Stocks World 9.5 16.0 4.0 0.0 17.5 25 18 U.S. 20.8 35.0 0.8 0.0 2.1 15 29 Foreign 10.2 17.2 3.9 0.1 15.6 27 17 ================================================================================ WASDE - 668 - 37 February 2026 Reliability of United States February Projections 1/ ================================================================================ Differences between forecast and final estimate 90 percent Years Commodity and Root mean Confidence Below Above Region square error interval Average Smallest Largest Final Final ================================================================================ Million Bushels CORN Production 0.2 0.3 7 0 72 3 7 Exports 11.0 18.5 154 9 388 22 22 Domestic Use 2.7 4.5 140 6 474 19 25 Ending Stocks 15.7 26.4 200 8 838 24 20 SORGHUM Production 0.1 0.2 0 0 4 0 2 Exports 19.8 33.3 28 0 97 26 16 Domestic Use 16.2 27.3 30 1 178 19 25 Ending Stocks 40.2 67.7 22 1 148 16 28 BARLEY Production 0.9 1.6 1 0 11 22 4 Exports 32.3 54.4 5 0 35 16 23 Domestic Use 7.2 12.1 14 0 70 20 22 Ending Stocks 13.3 22.4 12 0 52 27 16 OATS Production 0.4 0.6 0 0 2 5 4 Exports 47.4 79.8 1 0 3 9 8 Domestic Use 5.0 8.5 10 0 36 16 27 Ending Stocks 15.9 26.8 10 1 47 25 19 Thousand Short Tons SOYBEAN MEAL Production 2.9 4.9 847 9 3117 30 14 Exports 9.0 15.2 649 1 2626 33 11 Domestic Use 2.5 4.3 597 7 2066 26 18 Ending Stocks 33.2 55.9 63 0 253 18 23 Million Pounds SOYBEAN OIL Production 2.8 4.7 387 7 1242 29 15 Exports 27.9 47.0 330 25 1027 25 19 Domestic Use 2.9 4.9 383 0 1261 27 16 Ending Stocks 18.9 31.8 278 25 1131 25 19 ANIMAL PROD. 3/ Million Pounds Beef 2.8 4.7 584 9 1613 28 15 Pork 2.9 4.9 398 10 1717 23 20 Broilers 1.6 2.7 372 0 1225 27 15 Turkeys 3.1 5.2 130 2 465 19 24 Million Dozen Eggs 2.1 3.5 121 4 525 23 20 Billion Pounds Milk 1.3 2.2 1.7 0.1 5.7 22 21 ================================================================================