WASDE - 673 - 8 July 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/ 2024/25 2858.00 3653.07 499.85 2877.47 775.60 2025/26 (Est.) 3013.83 3789.43 556.49 2982.34 807.09 2026/27 (Proj.) Jun 2952.37 3763.16 524.91 2982.57 780.59 Jul 2949.10 3756.19 528.24 2984.57 771.62 Wheat 2024/25 799.68 1069.76 210.54 809.88 259.88 2025/26 (Est.) 843.77 1103.65 227.08 824.61 279.04 2026/27 (Proj.) Jun 820.06 1100.01 211.95 824.59 275.42 Jul 819.97 1099.01 213.05 826.16 272.84 Coarse Grains 5/ 2024/25 1515.97 1861.31 227.80 1536.72 324.58 2025/26 (Est.) 1624.33 1948.91 269.08 1619.06 329.86 2026/27 (Proj.) Jun 1594.49 1929.17 249.95 1616.80 312.37 Jul 1591.95 1921.81 252.41 1615.61 306.20 Rice, milled 2024/25 542.35 722.00 61.51 530.87 191.13 2025/26 (Est.) 545.73 736.86 60.33 538.67 198.20 2026/27 (Proj.) Jun 537.82 733.98 63.01 541.18 192.81 Jul 537.18 735.38 62.78 542.80 192.58 United States Total Grains 4/ 2024/25 452.42 528.34 101.10 359.89 67.34 2025/26 (Est.) 508.41 582.76 117.68 384.22 80.86 2026/27 (Proj.) Jun 467.51 559.42 109.05 376.29 74.08 Jul 467.06 555.57 110.29 376.38 68.90 Wheat 2024/25 53.85 76.88 22.56 31.06 23.26 2025/26 (Est.) 54.01 80.67 24.71 30.92 25.04 2026/27 (Proj.) Jun 42.01 71.25 21.09 29.91 20.25 Jul 41.81 70.67 21.09 29.91 19.66 Coarse Grains 5/ 2024/25 391.51 441.58 75.68 323.53 42.37 2025/26 (Est.) 447.83 492.45 90.34 347.93 54.18 2026/27 (Proj.) Jun 419.94 479.41 85.45 341.50 52.47 Jul 420.38 476.81 86.72 341.83 48.26 Rice, milled 2024/25 7.05 9.88 2.87 5.31 1.71 2025/26 (Est.) 6.56 9.65 2.64 5.37 1.64 2026/27 (Proj.) Jun 5.56 8.76 2.51 4.89 1.36 Jul 4.87 8.09 2.48 4.64 0.98 ================================================================================ WASDE - 673 - 9 July 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/ 2024/25 2405.58 3124.73 398.75 2517.58 708.26 2025/26 (Est.) 2505.42 3206.66 438.80 2598.11 726.23 2026/27 (Proj.) Jun 2484.86 3203.74 415.86 2606.27 706.52 Jul 2482.04 3200.62 417.95 2608.19 702.73 Wheat 2024/25 745.83 992.88 187.99 778.82 236.62 2025/26 (Est.) 789.76 1022.98 202.38 793.69 253.99 2026/27 (Proj.) Jun 778.06 1028.76 190.86 794.68 255.17 Jul 778.16 1028.34 191.96 796.25 253.18 Coarse Grains 5/ 2024/25 1124.46 1419.73 152.12 1213.19 282.22 2025/26 (Est.) 1176.50 1456.46 178.73 1271.12 275.68 2026/27 (Proj.) Jun 1174.55 1449.76 164.50 1275.31 259.90 Jul 1171.57 1445.00 165.69 1273.78 257.94 Rice, milled 2024/25 535.30 712.12 58.64 525.57 189.42 2025/26 (Est.) 539.17 727.22 57.69 533.30 196.55 2026/27 (Proj.) Jun 532.26 725.23 60.50 536.29 191.45 Jul 532.31 727.28 60.30 538.16 191.60 ================================================================================ 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 2024/25 119.34 192.79 42.43 119.11 74.52 2025/26 (Est.) 121.91 196.42 44.84 119.95 75.72 2026/27 (Proj.) Jun 116.04 192.67 43.32 121.76 71.13 Jul 117.26 192.98 43.34 121.95 71.22 United States 2024/25 14.41 17.56 11.90 1.70 4.00 2025/26 (Est.) 13.90 17.90 12.20 1.55 4.20 2026/27 (Proj.) Jun 13.30 17.51 12.30 1.60 3.70 Jul 13.70 17.91 12.30 1.60 4.10 Foreign 4/ 2024/25 104.93 175.23 30.53 117.41 70.52 2025/26 (Est.) 108.01 178.52 32.64 118.40 71.52 2026/27 (Proj.) Jun 102.74 175.17 31.02 120.16 67.43 Jul 103.56 175.08 31.04 120.35 67.12 ================================================================================ WASDE - 673 - 10 July 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 2024/25 686.84 822.92 213.33 568.90 144.36 2025/26 (Est.) 700.72 845.09 216.23 589.20 146.05 2026/27 (Proj.) Jun 718.18 864.69 217.03 606.74 146.99 Jul 719.97 865.96 218.52 608.54 146.31 Oilmeals 2024/25 392.49 411.44 114.16 382.39 22.51 2025/26 (Est.) 406.73 429.24 116.83 401.04 24.21 2026/27 (Proj.) Jun 412.52 436.27 118.91 405.59 25.04 Jul 413.73 437.67 119.03 406.84 25.34 Vegetable Oils 2024/25 230.81 261.61 88.47 224.08 30.14 2025/26 (Est.) 238.47 268.61 88.98 231.16 30.76 2026/27 (Proj.) Jun 244.13 274.31 91.80 237.59 30.41 Jul 244.67 275.43 92.00 238.07 31.04 United States Oilseeds 2024/25 128.60 140.71 52.56 70.43 10.23 2025/26 (Est.) 126.17 137.58 42.57 76.00 11.00 2026/27 (Proj.) Jun 130.38 142.82 45.48 78.86 10.34 Jul 131.58 143.74 46.42 79.07 10.09 Oilmeals 2024/25 55.27 60.70 16.60 43.65 0.45 2025/26 (Est.) 59.51 65.30 18.62 46.18 0.50 2026/27 (Proj.) Jun 61.11 66.79 19.78 46.52 0.49 Jul 61.19 66.91 20.06 46.36 0.49 Vegetable Oils 2024/25 14.49 21.45 1.27 19.07 1.10 2025/26 (Est.) 15.35 22.49 0.60 20.74 1.16 2026/27 (Proj.) Jun 16.17 24.77 0.32 23.28 1.17 Jul 16.24 24.84 0.32 23.34 1.18 Foreign 3/ Oilseeds 2024/25 558.24 682.21 160.78 498.47 134.13 2025/26 (Est.) 574.55 707.51 173.66 513.20 135.04 2026/27 (Proj.) Jun 587.81 721.88 171.55 527.88 136.66 Jul 588.40 722.22 172.10 529.47 136.22 Oilmeals 2024/25 337.22 350.74 97.55 338.74 22.06 2025/26 (Est.) 347.22 363.94 98.21 354.86 23.71 2026/27 (Proj.) Jun 351.41 369.48 99.12 359.07 24.55 Jul 352.54 370.76 98.97 360.48 24.85 Vegetable Oils 2024/25 216.32 240.16 87.20 205.00 29.03 2025/26 (Est.) 223.12 246.12 88.38 210.42 29.60 2026/27 (Proj.) Jun 227.96 249.54 91.48 214.32 29.24 Jul 228.43 250.59 91.68 214.74 29.87 ================================================================================ WASDE - 673 - 11 July 2026 U.S. Wheat Supply and Use 1/ ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Jun Jul ================================================================================ Million Acres Area Planted 46.3 45.3 43.8* 42.7 Area Harvested 38.6 37.2 32.9* 32.1 Bushels Yield per Harvested Acre 51.2 53.3 47.0* 47.9 Million Bushels Beginning Stocks 696 855 935 920 Production 1979 1985 1543 1536 Imports 150 125 140 140 Supply, Total 2825 2964 2618 2596 Food 969 960 960 960 Seed 61 58 59 59 Feed and Residual 111 118 80 80 Domestic, Total 1141 1136 1099 1099 Exports 829 908 775 775 Use, Total 1970 2044 1874 1874 Ending Stocks 855 920 744 722 Avg.FarmPrice ($/bu) 2/ 5.52 5.06 6.00 6.00 ================================================================================ 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 2025/26 (Est.) Beginning Stocks 402 218 127 80 28 855 Production 804 458 353 283 86 1985 Imports 5 61 4 7 48 125 Supply, Total 3/ 1212 737 483 370 162 2964 Food 384 255 152 83 86 960 Seed 25 14 11 6 3 58 Feed and Residual 45 4 67 -4 7 118 Domestic Use 454 272 230 84 96 1136 Exports 321 233 122 199 33 908 Use, Total 775 505 351 284 129 2044 Ending Stocks, Total 437 232 132 86 33 920 2026/27 (Proj.) Beginning Stocks 437 232 132 86 33 920 Production 471 436 287 271 71 1536 Imports 20 65 5 5 45 140 Supply, Total 3/ 928 733 424 362 149 2596 Food 370 268 152 84 86 960 Seed 25 14 11 6 3 59 Feed and Residual 15 10 60 -10 5 80 Domestic Use 410 292 223 80 94 1099 Exports 210 240 100 200 25 775 Use, Total 620 532 323 280 119 1874 Ending Stocks, Total Jul 308 201 101 82 30 722 Jun NA NA NA NA NA NA ================================================================================ WASDE - 673 - 12 July 2026 U.S. Feed Grain and Corn Supply and Use 1/ ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Jun Jul ================================================================================ Million Acres FEED GRAINS Area Planted 101.8 110.1 106.2* 106.5* Area Harvested 91.4 100.0 95.4* 95.7* Metric Tons Yield per Harvested Acre 4.28 4.48 4.40 4.39 Million Metric Tons Beginning Stocks 47.9 42.3 57.2 54.2 Production 391.1 447.5 419.7 420.1 Imports 2.0 2.1 2.1 2.1 Supply, Total 441.0 491.9 478.9 476.3 Feed and Residual 143.6 165.3 158.2 158.3 Food, Seed & Industrial 179.4 182.1 182.8 183.0 Domestic, Total 322.9 347.5 341.0 341.3 Exports 75.7 90.3 85.4 86.7 Use, Total 398.6 437.8 426.5 428.1 Ending Stocks 42.3 54.2 52.4 48.2 Million Acres CORN Area Planted 90.9 98.8 95.3* 95.3* Area Harvested 83.0 91.3 87.4* 87.4* Bushels Yield per Harvested Acre 179.3 186.5 183.0* 183.0* Million Bushels Beginning Stocks 1763 1551 2145 2020 Production 14892 17021 15995 16000 Imports 22 28 25 25 Supply, Total 16677 18600 18165 18045 Feed and Residual 5438 6350 6100 6100 Food,Seed& Industrial 2/ 6815 6905 6955 6955 Ethanol & by-products 3/ 5436 5550 5600 5600 Domestic, Total 12253 13255 13055 13055 Exports 2873 3325 3150 3200 Use, Total 15126 16580 16205 16255 Ending Stocks 1551 2020 1960 1790 Avg.FarmPrice ($/bu) 4/ 4.24 4.15 4.40 4.40 ================================================================================ WASDE - 673 - 13 July 2026 U.S. Sorghum, Barley, and Oats Supply and Use 1/ ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Jun Jul ================================================================================ Million Bushels SORGHUM AreaPlanted (mil. acres) 6.3 6.6 6.1* 6.3* AreaHarvested(mil.acres) 5.6 6.0 5.3* 5.5* Yield (bushels/acre) 61.3 72.6 69.2* 69.3* Beginning Stocks 33 40 37 37 Production 344 437 367 380 Imports 0 0 0 0 Supply, Total 377 477 404 417 Feed and Residual 140 100 70 70 Food, Seed & Industrial 98 120 95 105 Total Domestic 238 220 165 175 Exports 98 220 205 205 Use, Total 336 440 370 380 Ending Stocks 40 37 34 37 Avg.FarmPrice ($/bu) 2/ 4.07 3.55 4.10 4.10 BARLEY AreaPlanted (mil. acres) 2.4 2.3 2.4* 2.4* AreaHarvested(mil.acres) 1.9 1.8 1.9* 1.9* Yield (bushels/acre) 76.6 80.0 78.4* 75.9* Beginning Stocks 78 69 62 66 Production 144 141 149 142 Imports 9 7 8 8 Supply, Total 232 217 219 217 Feed and Residual 36 25 30 30 Food, Seed & Industrial 118 115 115 115 Total Domestic 154 140 145 145 Exports 9 11 9 9 Use, Total 162 151 154 154 Ending Stocks 69 66 65 63 Avg.FarmPrice ($/bu) 2/ 6.31 5.46 5.60 5.60 OATS AreaPlanted (mil. acres) 2.2 2.4 2.4* 2.4* AreaHarvested(mil.acres) 0.9 0.9 0.8* 0.9* Yield (bushels/acre) 76.4 73.8 68.8* 72.1* Beginning Stocks 36 28 29 32 Production 68 70 55 63 Imports 71 71 72 72 Supply, Total 176 169 156 167 Feed and Residual 64 51 45 50 Food, Seed & Industrial 81 82 83 83 Total Domestic 145 133 128 133 Exports 2 4 2 2 Use, Total 147 137 130 135 Ending Stocks 28 32 26 32 Avg.FarmPrice ($/bu) 2/ 3.35 3.23 3.35 3.35 ================================================================================ WASDE - 673 - 14 July 2026 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Jun Jul ================================================================================ Million Acres TOTAL RICE Area Planted 2.92 2.81 2.32* 2.02* Area Harvested 2.87 2.74 2.27* 1.98* Pounds Yield per Harvested Acre 7753 7544 7732* 7746* Million Hundredweight Beginning Stocks 2/ 39.8 53.9 54.8 51.8 Production 222.6 206.7 175.2 153.3 Imports 49.3 43.2 45.8 49.8 Supply, Total 311.7 303.8 275.8 254.9 Domestic & Residual 3/ 167.5 169.0 154.0 146.0 Exports, Total 4/ 90.3 83.0 79.0 78.0 Rough 28.8 21.0 19.0 19.0 Milled (rough equiv.) 61.5 62.0 60.0 59.0 Use, Total 257.8 252.0 233.0 224.0 Ending Stocks 53.9 51.8 42.8 30.9 Avg.MillingYield (%) 5/ 70.00 70.00 70.00 70.00 Avg.FarmPrice($/cwt) 6/ 15.10 12.50 13.50 14.90 LONG GRAIN RICE Harvested Acres (mil.) 2.26 2.08 Yield (pounds/acre) 7626 7359 Beginning Stocks 19.3 37.3 40.6 36.6 Imports 42.7 37.0 39.0 43.0 Production 172.0 153.3 122.5 104.1 Supply, Total 7/ 234.0 227.6 202.1 183.7 Domestic & Residual 3/ 136.0 137.0 123.0 116.0 Exports 8/ 60.7 54.0 50.0 50.0 Use, Total 196.7 191.0 173.0 166.0 Ending Stocks 37.3 36.6 29.1 17.7 Avg.FarmPrice($/cwt) 6/ 14.00 10.40 12.00 13.50 MEDIUM & SHORT GRAIN RICE Harvested Acres (mil.) 0.62 0.66 Yield (pounds/acre) 8219 8130 Beginning Stocks 18.9 13.7 11.4 12.4 Imports 6.5 6.2 6.8 6.8 Production 50.6 53.4 52.7 49.2 Supply, Total 7/ 74.9 73.4 70.9 68.4 Domestic & Residual 3/ 31.5 32.0 31.0 30.0 Exports 8/ 29.6 29.0 29.0 28.0 Use, Total 61.1 61.0 60.0 58.0 Ending Stocks 13.7 12.4 10.9 10.4 Avg. Farm Price ($/cwt) 1/ 6/ 9/ 18.50 18.60 17.90 18.70 California 10/ 18.70 20.30 20.00 20.50 Other States 1/ 15.00 14.90 13.50 15.00 ================================================================================ WASDE - 673 - 15 July 2026 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Jun Jul ================================================================================ Million Acres SOYBEANS Area Planted 87.3 81.2 84.7* 85.4** Area Harvested 86.2 80.4 83.7* 84.4** Bushels Yield per Harvested Acre 50.7 53.0 53.0* 53.0** Million Bushels Beginning Stocks 342 325 340 330 Production 4374 4262 4435 4475 Imports 30 25 25 25 Supply, Total 4746 4612 4800 4830 Crushings 2445 2650 2750 2750 Exports 1892 1520 1630 1660 Seed 70 74 72 72 Residual 14 38 38 38 Use, Total 4421 4282 4490 4520 Ending Stocks 325 330 310 310 Avg.FarmPrice ($/bu) 2/ 10.00 10.40 11.40 11.40 Million Pounds SOYBEAN OIL Beginning Stocks 1551 1747 1837 1837 Production 4/ 29218 30855 32590 32590 Imports 362 330 600 600 Supply, Total 31131 32932 35027 35027 Domestic Disappearance 26912 30095 32750 32750 Biofuel 3/ 11758 14550 17800 17800 Food, Feed & other Industrial 15154 15545 14950 14950 Exports 2472 1000 400 400 Use, Total 29384 31095 33150 33150 Ending stocks 1747 1837 1877 1877 Avg. Price (c/lb) 2/ 47.59 64.00 70.00 70.00 Thousand Short Tons SOYBEAN MEAL Beginning Stocks 453 398 450 450 Production 4/ 58443 63037 65025 64985 Imports 806 840 800 840 Supply, Total 59703 64275 66275 66275 Domestic Disappearance 41232 43525 44125 43825 Exports 18073 20300 21700 22000 Use, Total 59305 63825 65825 65825 Ending Stocks 398 450 450 450 Avg. Price ($/s.t.) 2/ 299.77 315.00 310.00 310.00 ================================================================================ WASDE - 673 - 16 July 2026 U.S. Sugar Supply and Use 1/ ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Jun Jul ================================================================================ 1000 Short Tons, Raw Value Beginning Stocks 2141 2376 1851 1686 Production 2/ 9397 9185 9063 9004 Beet Sugar 5370 4996 4939 4821 Cane Sugar 4027 4189 4125 4182 Florida 1932 1957 1979 2016 Louisiana 2095 2232 2146 2166 Texas 0 0 0 0 Imports 3393 2696 3260 3579 TRQ 3/ 1534 1316 1422 1422 Other Program 4/ 373 325 300 300 Non-program 1485 1055 1538 1856 Mexico 504 220 1046 1346 High-tier tariff/other 980 835 492 510 Total Supply 14931 14257 14174 14268 Exports 111 25 25 25 Deliveries 12485 12546 12490 12546 Food 12375 12441 12385 12441 Other 5/ 111 105 105 105 Miscellaneous -41 0 0 0 Total Use 12555 12571 12515 12571 Ending Stocks 2376 1686 1660 1697 Stocks to Use Ratio 18.9 13.4 13.3 13.5 ================================================================================ 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 2025/26 Est. Jun 1123 5236 52 4297 938 1176 Jul 1123 5310 42 4241 1040 1195 2026/27 Proj. Jun 1176 5283 28 4226 1198 1063 Jul 1195 5377 28 4226 1292 1082 ================================================================================ WASDE - 673 - 17 July 2026 U.S. Cotton Supply and Use 1/ ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Jun Jul ================================================================================ Million Acres Planted 11.18 9.28 9.64* 9.85** Harvested 7.76 7.83 7.38* 7.54** Pounds Yield per Harvested Acre 892 852 866* 872** Million 480 Pound Bales Beginning Stocks 3.15 4.00 4.20 4.20 Production 14.41 13.90 13.30 13.70 Imports 0.00 0.01 0.01 0.01 Supply, Total 17.56 17.90 17.51 17.91 Domestic Use 1.70 1.55 1.60 1.60 Exports, Total 11.90 12.20 12.30 12.30 Use, Total 13.60 13.75 13.90 13.90 Unaccounted 2/ -0.04 -0.05 -0.10 -0.10 Ending Stocks 4.00 4.20 3.70 4.10 Avg. Farm Price 3/ 63.2 62.5 73.0 73.0 ================================================================================ WASDE - 673 - 18 July 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 ================================================================================ 2024/25 World 3/ 270.08 799.68 200.94 157.32 809.88 210.54 259.88 World Less China 135.56 659.58 196.77 124.32 659.88 209.53 132.11 United States 18.95 53.85 4.07 3.02 31.06 22.56 23.26 Total Foreign 251.12 745.83 196.86 154.31 778.82 187.99 236.62 Major Exporters 4/ 41.36 314.61 11.93 73.96 181.56 152.99 33.35 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 3.01 8.31 29.35 4.18 European Union 5/ 15.92 121.06 10.72 44.50 108.50 27.92 11.27 Russia 11.69 81.60 0.30 17.00 40.00 43.00 10.59 Ukraine 1.51 23.40 0.07 3.60 8.50 15.75 0.73 Major Importers 6/ 177.61 211.37 121.01 51.60 327.25 16.27 166.46 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 1.07 5.57 0.73 6.28 0.34 1.12 N. Africa 7/ 11.54 15.84 31.68 1.35 46.15 2.51 10.39 Nigeria 0.45 0.13 6.31 0.00 5.90 0.38 0.60 Sel. Mideast 8/ 12.53 23.56 17.59 2.99 40.53 0.68 12.46 Southeast Asia 9/ 4.56 0.00 29.17 9.40 28.26 1.45 4.03 Selected Other India 7.50 113.29 0.16 6.00 108.96 0.19 11.80 Kazakhstan 3.45 18.58 0.50 3.90 9.00 10.19 3.33 United Kingdom 3.26 11.15 3.81 6.83 15.03 0.50 2.69 2025/26 Est. World 3/ 259.88 843.77 222.01 169.31 824.61 227.08 279.04 World Less China 132.11 703.70 216.21 136.31 674.61 226.08 156.39 United States 23.26 54.01 3.40 3.22 30.92 24.71 25.04 Total Foreign 236.62 789.76 218.62 166.09 793.69 202.38 253.99 Major Exporters 4/ 33.35 363.37 8.47 83.10 191.85 167.00 46.34 Argentina 2.60 27.92 0.01 0.80 7.90 18.50 4.13 Australia 3.99 35.99 0.23 6.00 9.60 25.00 5.61 Canada 4.18 39.96 0.63 3.50 8.85 30.00 5.91 European Union 5/ 11.27 145.11 7.20 51.00 115.50 31.50 16.58 Russia 10.59 90.30 0.30 18.00 41.20 48.00 11.99 Ukraine 0.73 24.10 0.10 3.80 8.80 14.00 2.13 Major Importers 6/ 166.46 205.53 139.95 53.27 333.09 15.21 163.65 Bangladesh 0.78 1.05 7.80 0.30 8.00 0.00 1.63 Brazil 2.69 7.87 6.40 0.75 12.41 1.84 2.71 China 127.78 140.07 5.80 33.00 150.00 1.00 122.65 Japan 1.12 1.06 5.70 0.78 6.36 0.34 1.19 N. Africa 7/ 10.39 17.42 35.70 1.65 47.85 2.16 13.50 Nigeria 0.60 0.13 5.70 0.00 5.80 0.40 0.23 Sel. Mideast 8/ 12.46 19.35 22.38 2.89 41.23 0.83 12.13 Southeast Asia 9/ 4.03 0.00 33.85 11.25 31.40 1.42 5.06 Selected Other India 11.80 117.95 0.13 6.00 107.84 0.24 21.80 Kazakhstan 3.33 19.33 1.40 4.40 9.55 11.50 3.00 United Kingdom 2.69 12.30 3.50 7.50 15.30 0.50 2.69 ================================================================================ WASDE - 673 - 19 July 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 ================================================================================ 2026/27 Proj. World 3/ Jun 279.95 820.06 207.29 162.21 824.59 211.95 275.42 Jul 279.04 819.97 208.17 162.26 826.16 213.05 272.84 World Less China Jun 157.10 679.06 201.29 131.21 676.59 210.95 154.58 Jul 156.39 678.97 202.17 131.26 678.16 212.05 152.20 United States Jun 25.44 42.01 3.81 2.18 29.91 21.09 20.25 Jul 25.04 41.81 3.81 2.18 29.91 21.09 19.66 Total Foreign Jun 254.51 778.06 203.48 160.04 794.68 190.86 255.17 Jul 253.99 778.16 204.36 160.09 796.25 191.96 253.18 Major Exporters 4/ Jun 46.61 331.50 7.75 79.95 189.10 156.50 40.26 Jul 46.34 331.50 7.80 79.95 189.10 157.50 39.03 Argentina Jun 4.13 21.00 0.01 0.25 7.45 14.50 3.19 Jul 4.13 21.00 0.01 0.25 7.45 15.00 2.69 Australia Jun 5.61 28.00 0.24 5.00 8.65 22.00 3.19 Jul 5.61 28.00 0.24 5.00 8.65 22.00 3.19 Canada Jun 5.88 35.00 0.60 3.50 8.85 28.00 4.63 Jul 5.91 34.00 0.65 3.50 8.85 27.50 4.21 European Union 5/ Jun 16.88 136.00 6.50 49.00 113.75 31.00 14.63 Jul 16.58 136.00 6.50 49.00 113.75 31.00 14.33 Russia Jun 11.99 88.00 0.30 18.00 41.20 47.00 12.09 Jul 11.99 88.50 0.30 18.00 41.20 47.50 12.09 Ukraine Jun 2.13 23.50 0.10 4.20 9.20 14.00 2.53 Jul 2.13 24.00 0.10 4.20 9.20 14.50 2.53 Major Importers 6/ Jun 164.06 220.90 129.53 51.43 333.85 15.20 165.44 Jul 163.65 220.90 129.99 51.48 334.48 15.20 164.86 Bangladesh Jun 1.63 1.05 7.70 0.31 8.71 0.00 1.67 Jul 1.63 1.05 7.70 0.31 8.71 0.00 1.67 Brazil Jun 2.71 6.70 7.20 0.80 12.50 2.00 2.11 Jul 2.71 6.70 7.20 0.80 12.50 2.00 2.11 China Jun 122.85 141.00 6.00 31.00 148.00 1.00 120.85 Jul 122.65 141.00 6.00 31.00 148.00 1.00 120.65 Japan Jun 1.22 1.13 5.55 0.75 6.35 0.34 1.21 Jul 1.19 1.13 5.55 0.75 6.35 0.34 1.18 N. Africa 7/ Jun 13.70 23.10 29.60 1.98 49.18 2.45 14.78 Jul 13.50 23.10 29.60 1.98 49.18 2.45 14.58 Nigeria Jun 0.23 0.14 6.20 0.00 5.80 0.40 0.37 Jul 0.23 0.14 6.20 0.00 5.80 0.40 0.37 Sel. Mideast 8/ Jun 11.83 23.24 19.58 2.95 41.57 0.68 12.40 Jul 12.13 23.24 19.94 2.95 42.10 0.68 12.54 Southeast Asia 9/ Jun 5.01 0.00 31.60 10.25 30.75 1.44 4.42 Jul 5.06 0.00 31.70 10.30 30.85 1.44 4.47 India Jun 22.00 121.00 0.10 7.50 111.10 2.00 30.00 Jul 21.80 121.00 0.10 7.50 111.40 2.00 29.50 Kazakhstan Jun 2.98 15.00 0.70 2.50 7.68 9.00 2.00 Jul 3.00 15.00 0.70 2.50 7.68 9.00 2.03 United Kingdom Jun 2.69 13.50 2.50 7.50 15.50 0.60 2.59 Jul 2.69 13.50 2.50 7.50 15.50 0.60 2.59 ================================================================================ WASDE - 673 - 20 July 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 ================================================================================ 2024/25 World 3/ 345.34 1515.97 225.88 942.87 1536.72 227.80 324.58 World Less China 131.88 1212.50 207.64 693.12 1194.65 227.79 131.50 United States 47.87 391.51 2.19 143.70 323.53 75.68 42.37 Total Foreign 297.46 1124.46 223.69 799.18 1213.19 152.12 282.22 Major Exporters 4/ 21.41 332.34 5.07 140.59 203.90 125.40 29.52 Argentina 3.60 57.46 0.01 15.07 21.28 33.79 5.99 Australia 1.83 17.70 0.00 4.80 6.67 11.37 1.48 Brazil 8.09 143.59 2.83 71.00 99.93 42.14 12.44 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 1.27 33.47 0.02 8.23 11.06 22.35 1.35 Major Importers 5/ 38.48 228.40 155.15 286.27 375.76 11.29 34.98 European Union 6/ 15.22 137.22 20.17 110.25 149.94 9.16 13.51 Japan 1.45 0.20 16.72 13.16 16.85 0.00 1.52 Mexico 6.28 28.27 27.06 32.55 55.48 0.03 6.11 N. Afr & Mideast 7/ 8.35 30.98 45.50 67.40 76.30 1.56 6.96 Saudi Arabia 1.41 0.27 8.44 8.37 8.71 0.00 1.41 Southeast Asia 8/ 3.18 31.18 21.27 40.87 52.22 0.54 2.87 South Korea 2.06 0.16 11.56 9.30 11.64 0.00 2.15 Selected Other China 213.46 303.47 18.24 249.75 342.08 0.01 193.09 2025/26 Est. World 3/ 324.58 1624.33 243.54 991.29 1619.06 269.07 329.86 World Less China 131.50 1314.14 217.84 732.76 1268.21 269.05 151.76 United States 42.37 447.83 2.25 165.35 347.93 90.34 54.18 Total Foreign 282.22 1176.50 241.29 825.94 1271.12 178.73 275.68 Major Exporters 4/ 29.52 363.62 5.02 144.26 214.27 150.67 33.23 Argentina 5.99 71.76 0.01 15.84 22.23 50.10 5.43 Australia 1.48 21.25 0.00 5.14 7.01 13.88 1.84 Brazil 12.44 146.10 2.75 71.23 105.16 43.09 13.05 Canada 3.48 29.41 2.04 15.73 24.06 6.91 3.95 Russia 1.41 39.35 0.10 21.93 30.50 8.82 1.54 Ukraine 1.35 37.22 0.02 6.85 10.01 24.55 4.03 Major Importers 5/ 34.98 233.93 165.04 295.62 384.67 12.68 36.61 European Union 6/ 13.51 143.48 19.86 111.73 151.09 11.17 14.59 Japan 1.52 0.25 16.86 13.40 17.11 0.00 1.51 Mexico 6.11 28.79 28.16 33.42 56.60 0.03 6.43 N. Afr & Mideast 7/ 6.96 29.73 51.67 71.16 80.05 0.92 7.40 Saudi Arabia 1.41 0.27 9.67 9.63 9.97 0.00 1.39 Southeast Asia 8/ 2.87 31.15 22.48 42.23 53.18 0.56 2.75 South Korea 2.15 0.16 11.61 9.44 11.78 0.00 2.14 Selected Other China 193.09 310.19 25.70 258.53 350.85 0.03 178.10 ================================================================================ WASDE - 673 - 21 July 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 ================================================================================ 2026/27 Proj. World 3/ Jun 334.69 1594.49 239.73 998.37 1616.80 249.95 312.37 Jul 329.86 1591.95 244.10 999.18 1615.61 252.41 306.20 World Less China Jun 155.58 1278.54 215.03 737.82 1263.93 249.93 145.52 Jul 151.76 1276.00 219.20 738.43 1262.54 252.39 140.35 United States Jun 57.22 419.94 2.25 158.26 341.50 85.45 52.47 Jul 54.18 420.38 2.25 158.34 341.83 86.72 48.26 Total Foreign Jun 277.46 1174.55 237.48 840.10 1275.31 164.50 259.90 Jul 275.68 1171.57 241.85 840.84 1273.78 165.69 257.94 Major Exporters 4/ Jun 33.90 349.60 5.27 147.03 218.09 139.45 31.24 Jul 33.23 351.50 5.27 147.24 218.40 140.74 30.87 Argentina Jun 5.43 64.22 0.01 15.03 21.57 43.40 4.68 Jul 5.43 64.22 0.01 15.03 21.57 43.40 4.68 Australia Jun 2.04 18.45 0.00 6.00 7.88 10.28 2.33 Jul 1.84 18.45 0.00 6.00 7.88 10.28 2.13 Brazil Jun 12.95 147.21 2.90 72.25 107.08 44.11 11.87 Jul 13.05 147.21 2.90 72.25 107.18 44.11 11.87 Canada Jun 3.95 27.54 2.14 15.89 24.07 5.98 3.59 Jul 3.95 29.44 2.14 16.19 24.37 7.28 3.89 Russia Jun 1.63 38.87 0.10 22.60 31.02 7.98 1.61 Jul 1.54 38.87 0.10 22.50 30.92 7.98 1.62 Ukraine Jun 4.51 36.28 0.01 7.73 11.09 25.49 4.22 Jul 4.03 36.28 0.01 7.74 11.11 25.48 3.73 Major Importers 5/ Jun 36.84 238.13 163.39 300.79 390.96 10.81 36.59 Jul 36.61 234.76 166.69 300.99 391.16 10.81 36.08 European Union 6/ Jun 14.82 139.16 20.45 110.64 150.11 9.56 14.76 Jul 14.59 135.44 23.45 110.24 149.71 9.56 14.20 Japan Jun 1.51 0.25 16.76 13.26 16.95 0.00 1.58 Jul 1.51 0.25 16.76 13.26 16.95 0.00 1.58 Mexico Jun 6.43 29.35 28.70 35.55 59.18 0.02 5.27 Jul 6.43 29.70 28.70 35.85 59.48 0.02 5.32 N. Afr & Mideast 7/ Jun 7.40 37.58 47.21 73.79 83.04 0.66 8.49 Jul 7.40 37.58 47.51 74.09 83.34 0.66 8.49 Saudi Arabia Jun 1.39 0.27 9.01 8.96 9.30 0.00 1.36 Jul 1.39 0.27 9.01 8.96 9.30 0.00 1.36 Southeast Asia 8/ Jun 2.75 31.25 25.03 44.68 55.88 0.57 2.59 Jul 2.75 31.25 25.03 44.68 55.88 0.57 2.59 South Korea Jun 2.14 0.16 11.61 9.39 11.73 0.00 2.18 Jul 2.14 0.16 11.61 9.39 11.73 0.00 2.18 China Jun 179.10 315.95 24.70 260.55 352.88 0.03 166.85 Jul 178.10 315.95 24.90 260.75 353.08 0.03 165.85 ================================================================================ WASDE - 673 - 22 July 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 ================================================================================ 2024/25 World 3/ 313.87 1233.92 186.15 783.97 1251.58 187.48 296.21 World Less China 102.68 939.00 184.33 549.97 935.58 187.48 104.28 United States 44.79 378.27 0.55 138.12 311.24 72.97 39.40 Total Foreign 269.08 855.65 185.60 645.85 940.34 114.52 256.80 Major Exporters 4/ 11.77 243.07 1.94 97.96 139.06 96.15 21.58 Argentina 2.46 49.00 0.01 12.70 17.10 29.07 5.30 Brazil 7.35 136.00 1.76 64.00 91.50 42.01 11.60 Russia 0.76 14.00 0.05 9.80 10.90 3.00 0.91 South Africa 0.65 17.27 0.11 6.16 13.06 2.05 2.93 Ukraine 0.54 26.80 0.02 5.30 6.50 20.02 0.84 Major Importers 5/ 21.40 121.05 107.30 164.50 226.50 3.33 19.91 Egypt 1.43 7.00 10.56 14.70 17.30 0.00 1.69 European Union 6/ 7.29 59.59 18.76 56.00 77.00 2.76 5.88 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/ 3.17 31.13 20.80 40.60 51.70 0.54 2.86 South Korea 2.04 0.09 11.44 9.25 11.45 0.00 2.13 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 2025/26 Est. World 3/ 296.21 1327.70 196.73 825.49 1325.24 220.66 298.67 World Less China 104.28 1026.46 191.73 586.49 1004.24 220.64 121.52 United States 39.40 432.34 0.71 161.30 336.69 84.46 51.31 Total Foreign 256.80 895.36 196.01 664.19 988.54 136.20 247.36 Major Exporters 4/ 21.58 264.70 1.77 100.20 146.60 118.40 23.04 Argentina 5.30 63.00 0.01 14.00 18.60 45.00 4.71 Brazil 11.60 138.00 1.70 64.00 96.00 43.00 12.30 Russia 0.91 14.80 0.05 9.80 10.90 4.10 0.76 South Africa 2.93 18.00 0.00 7.40 14.60 3.30 3.03 Ukraine 0.84 30.90 0.01 5.00 6.50 23.00 2.25 Major Importers 5/ 19.91 119.51 112.15 167.85 229.25 2.69 19.63 Egypt 1.69 6.70 13.00 16.70 19.40 0.00 1.99 European Union 6/ 5.88 56.80 18.50 53.50 74.00 2.10 5.08 Japan 1.37 0.02 15.50 12.20 15.50 0.00 1.39 Mexico 5.53 24.70 27.00 29.50 51.30 0.03 5.90 Southeast Asia 7/ 2.86 31.10 22.00 41.95 52.65 0.56 2.75 South Korea 2.13 0.09 11.50 9.40 11.60 0.00 2.12 Selected Other Canada 1.58 14.87 1.90 8.60 14.50 2.10 1.75 China 191.93 301.24 5.00 239.00 321.00 0.02 177.15 ================================================================================ WASDE - 673 - 23 July 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 ================================================================================ 2026/27 Proj. World 3/ Jun 303.36 1300.38 199.63 832.56 1322.52 207.61 281.22 Jul 298.67 1297.09 204.00 833.08 1320.49 209.88 275.26 World Less China Jun 125.21 993.38 193.63 589.56 997.52 207.59 115.09 Jul 121.52 990.09 198.00 590.08 995.49 209.86 110.14 United States Jun 54.48 406.29 0.64 154.95 331.61 80.01 49.78 Jul 51.31 406.42 0.64 154.95 331.61 81.28 45.46 Total Foreign Jun 248.88 894.09 199.00 677.61 990.91 127.60 231.44 Jul 247.36 890.67 203.37 678.13 988.88 128.60 229.80 Major Exporters 4/ Jun 23.65 256.30 1.87 101.50 149.40 111.20 21.21 Jul 23.04 256.30 1.87 101.40 149.30 111.20 20.71 Argentina Jun 4.71 55.00 0.01 13.00 17.70 38.00 4.01 Jul 4.71 55.00 0.01 13.00 17.70 38.00 4.01 Brazil Jun 12.30 139.00 1.80 65.00 98.00 44.00 11.10 Jul 12.30 139.00 1.80 65.00 98.00 44.00 11.10 Russia Jun 0.86 15.80 0.05 10.60 11.80 4.00 0.91 Jul 0.76 15.80 0.05 10.50 11.70 4.00 0.91 South Africa Jun 3.03 16.50 0.00 7.40 14.70 2.20 2.63 Jul 3.03 16.50 0.00 7.40 14.70 2.20 2.63 Ukraine Jun 2.75 30.00 0.01 5.50 7.20 23.00 2.56 Jul 2.25 30.00 0.01 5.50 7.20 23.00 2.06 Major Importers 5/ Jun 19.63 120.52 116.50 173.45 235.40 2.49 18.77 Jul 19.63 116.80 119.50 173.05 235.00 2.49 18.44 Egypt Jun 1.99 7.00 13.20 17.40 20.10 0.00 2.09 Jul 1.99 7.00 13.20 17.40 20.10 0.00 2.09 European Union 6/ Jun 5.08 57.50 19.50 54.40 74.80 1.90 5.38 Jul 5.08 53.78 22.50 54.00 74.40 1.90 5.06 Japan Jun 1.39 0.02 15.50 12.20 15.50 0.00 1.41 Jul 1.39 0.02 15.50 12.20 15.50 0.00 1.41 Mexico Jun 5.90 24.60 27.70 31.20 53.40 0.02 4.78 Jul 5.90 24.60 27.70 31.20 53.40 0.02 4.78 Southeast Asia 7/ Jun 2.75 31.20 24.55 44.40 55.35 0.57 2.58 Jul 2.75 31.20 24.55 44.40 55.35 0.57 2.58 South Korea Jun 2.12 0.09 11.50 9.35 11.55 0.00 2.17 Jul 2.12 0.09 11.50 9.35 11.55 0.00 2.17 Canada Jun 1.75 14.50 2.00 8.80 14.70 1.90 1.65 Jul 1.75 16.30 2.00 9.20 15.10 3.00 1.95 China Jun 178.15 307.00 6.00 243.00 325.00 0.02 166.13 Jul 177.15 307.00 6.00 243.00 325.00 0.02 165.13 ================================================================================ WASDE - 673 - 24 July 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 ================================================================================ 2024/25 World 3/ 179.65 542.35 57.98 530.87 61.51 191.13 World Less China 76.65 397.08 55.65 385.91 60.35 86.63 United States 1.27 7.05 1.56 5.30 2.87 1.71 Total Foreign 178.39 535.30 56.42 525.57 58.64 189.42 Major Exporters 4/ 49.98 219.50 3.60 169.96 46.45 56.67 Burma 1.22 11.90 0.01 9.60 2.57 0.95 India 42.00 150.18 0.00 121.36 22.83 48.00 Pakistan 1.22 9.72 0.02 4.20 5.13 1.63 Thailand 2.21 20.84 0.05 12.50 7.86 2.75 Vietnam 3.34 26.85 3.53 22.30 8.06 3.35 Major Importers 5/ 118.08 239.52 23.22 257.81 1.51 121.50 China 103.00 145.28 2.34 144.96 1.15 104.50 European Union 6/ 0.60 1.60 2.53 3.50 0.34 0.89 Indonesia 6.17 34.10 0.81 35.50 0.00 5.58 Nigeria 1.41 5.75 3.30 8.30 0.00 2.16 Philippines 3.40 12.37 5.42 17.40 0.00 3.79 Sel. Mideast 7/ 1.41 2.28 5.57 7.05 0.00 2.21 Selected Other Brazil 0.34 8.68 0.95 7.40 1.37 1.19 C. Amer & Carib 8/ 0.54 1.43 1.93 3.22 0.09 0.59 Egypt 0.46 3.90 0.16 4.05 0.15 0.31 Japan 1.60 7.29 0.84 8.05 0.05 1.63 Mexico 0.12 0.16 0.89 1.00 0.03 0.15 South Korea 1.21 3.59 0.33 4.25 0.19 0.68 2025/26 Est. World 3/ 191.13 545.73 56.91 538.67 60.33 198.20 World Less China 86.63 399.40 53.01 391.44 58.33 92.70 United States 1.71 6.56 1.37 5.37 2.64 1.64 Total Foreign 189.42 539.17 55.54 533.30 57.69 196.55 Major Exporters 4/ 56.67 222.92 3.38 173.27 45.40 64.29 Burma 0.95 12.00 0.01 9.30 2.30 1.35 India 48.00 154.02 0.00 124.52 23.50 54.00 Pakistan 1.63 10.00 0.02 4.50 4.50 2.64 Thailand 2.75 20.70 0.05 12.70 7.00 3.80 Vietnam 3.35 26.20 3.30 22.25 8.10 2.50 Major Importers 5/ 121.50 241.71 21.59 261.40 2.45 120.94 China 104.50 146.33 3.90 147.23 2.00 105.50 European Union 6/ 0.89 1.77 2.30 3.60 0.40 0.96 Indonesia 5.58 33.80 0.50 35.30 0.00 4.58 Nigeria 2.16 5.90 2.80 8.60 0.00 2.27 Philippines 3.79 12.35 4.20 17.60 0.00 2.74 Sel. Mideast 7/ 2.21 2.23 4.68 7.13 0.00 1.98 Selected Other Brazil 1.19 7.60 0.93 7.35 1.40 0.96 C. Amer & Carib 8/ 0.59 1.35 1.94 3.24 0.09 0.56 Egypt 0.31 4.20 0.20 4.10 0.18 0.44 Japan 1.63 7.48 0.80 7.95 0.07 1.90 Mexico 0.15 0.18 0.80 1.01 0.01 0.12 South Korea 0.68 3.54 0.41 3.85 0.18 0.60 ================================================================================ WASDE - 673 - 25 July 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 ================================================================================ 2026/27 Proj. World 3/ Jun 196.16 537.82 59.70 541.18 63.01 192.81 Jul 198.20 537.18 60.20 542.80 62.78 192.58 World Less China Jun 91.16 390.82 56.40 396.08 60.81 84.81 Jul 92.70 390.18 56.30 395.60 60.58 85.58 United States Jun 1.74 5.56 1.45 4.89 2.51 1.36 Jul 1.64 4.87 1.58 4.64 2.48 0.98 Total Foreign Jun 194.43 532.26 58.24 536.29 60.50 191.45 Jul 196.55 532.31 58.62 538.16 60.30 191.60 Major Exporters 4/ Jun 62.68 217.00 4.08 176.70 47.60 59.45 Jul 64.29 217.00 3.88 176.80 47.70 60.67 Burma Jun 1.05 11.00 0.01 9.00 2.10 0.96 Jul 1.35 11.00 0.01 9.10 2.10 1.16 India Jun 53.00 150.00 0.00 128.00 25.00 50.00 Jul 54.00 150.00 0.00 128.00 25.00 51.00 Pakistan Jun 2.43 9.60 0.02 4.60 5.00 2.45 Jul 2.64 9.60 0.02 4.70 5.00 2.56 Thailand Jun 3.80 20.30 0.05 12.80 7.50 3.85 Jul 3.80 20.30 0.05 12.80 7.50 3.85 Vietnam Jun 2.40 26.10 4.00 22.30 8.00 2.20 Jul 2.50 26.10 3.80 22.20 8.10 2.10 Major Importers 5/ Jun 120.51 241.78 22.75 260.25 2.65 122.13 Jul 120.94 241.78 23.25 262.35 2.65 120.97 China Jun 105.00 147.00 3.30 145.10 2.20 108.00 Jul 105.50 147.00 3.90 147.20 2.20 107.00 European Union 6/ Jun 0.96 1.73 2.35 3.70 0.41 0.93 Jul 0.96 1.73 2.35 3.70 0.41 0.93 Indonesia Jun 4.58 33.60 0.50 35.00 0.00 3.68 Jul 4.58 33.60 0.50 35.00 0.00 3.68 Nigeria Jun 2.27 5.67 2.90 8.80 0.00 2.04 Jul 2.27 5.67 2.90 8.80 0.00 2.04 Philippines Jun 2.79 12.40 5.60 17.80 0.00 2.99 Jul 2.74 12.40 5.60 17.90 0.00 2.84 Sel. Mideast 7/ Jun 1.98 2.23 4.70 7.25 0.00 1.66 Jul 1.98 2.23 4.70 7.25 0.00 1.66 Brazil Jun 0.96 7.40 0.95 7.30 1.40 0.61 Jul 0.96 7.40 0.95 7.30 1.40 0.61 C. Amer & Carib 8/ Jun 0.56 1.33 2.06 3.32 0.08 0.56 Jul 0.56 1.33 2.06 3.32 0.08 0.56 Egypt Jun 0.41 4.20 0.20 4.15 0.20 0.46 Jul 0.44 4.20 0.20 4.18 0.20 0.46 Japan Jun 1.90 7.38 0.70 8.05 0.08 1.85 Jul 1.90 7.38 0.70 8.05 0.08 1.85 Mexico Jun 0.12 0.20 0.83 1.02 0.01 0.11 Jul 0.12 0.19 0.83 1.02 0.01 0.10 South Korea Jun 0.67 3.52 0.41 3.78 0.18 0.65 Jul 0.60 3.49 0.41 3.78 0.18 0.55 ================================================================================ WASDE - 673 - 26 July 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 ================================================================================ 2024/25 World 73.45 119.34 43.03 119.11 42.43 -0.23 74.52 World Less China 36.74 87.34 37.85 80.11 42.37 -0.23 39.68 United States 3.15 14.41 3/ 1.70 11.90 -0.04 4.00 Total Foreign 70.30 104.93 43.03 117.41 30.53 -0.19 70.52 Major Exporters 4/ 24.27 58.82 4.29 35.07 26.52 -0.19 25.97 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/ 10.19 24.70 0.15 4.36 19.13 -0.19 11.73 Australia 4.22 5.60 3/ 0.00 5.21 -0.19 4.80 Brazil 2.97 17.00 3/ 3.26 13.02 0.00 3.70 India 9.30 24.00 3.04 25.50 1.33 0.00 9.52 Major Importers 8/ 43.86 43.35 35.91 77.80 3.01 0.00 42.31 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 1.27 0.00 0.19 Turkey 1.40 3.95 4.46 7.10 1.43 0.00 1.28 Pakistan 1.85 5.00 6.10 10.60 0.05 0.00 2.30 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 2025/26 Est. World 74.52 121.91 43.91 119.95 44.84 -0.19 75.72 World Less China 39.68 86.11 36.91 78.95 44.77 -0.19 39.16 United States 4.00 13.90 0.01 1.55 12.20 -0.05 4.20 Total Foreign 70.52 108.01 43.91 118.40 32.64 -0.14 71.52 Major Exporters 4/ 25.97 59.04 6.05 36.24 29.16 -0.16 25.82 Central Asia 5/ 2.91 5.73 0.25 4.93 1.62 0.00 2.34 Afr. Fr. Zone 6/ 1.37 4.03 3/ 0.11 4.07 0.00 1.23 S. Hemis. 7/ 11.73 25.00 0.15 4.46 22.08 -0.16 10.50 Australia 4.80 4.50 3/ 0.00 5.70 -0.16 3.76 Brazil 3.70 18.75 0.01 3.35 15.30 0.00 3.80 India 9.52 23.80 4.60 25.50 1.00 0.00 11.42 Major Importers 8/ 42.31 46.08 35.13 77.70 2.36 0.02 43.42 Mexico 0.31 0.57 0.65 1.20 0.10 0.02 0.21 China 34.84 35.80 7.00 41.00 0.08 0.00 36.56 European Union 9/ 0.19 1.20 0.46 0.49 1.16 0.00 0.20 Turkey 1.28 3.05 4.50 6.80 0.95 0.00 1.08 Pakistan 2.30 5.30 4.20 9.70 0.05 0.00 2.05 Indonesia 0.41 3/ 1.90 1.90 0.02 0.00 0.40 Thailand 0.11 3/ 0.43 0.43 0.00 0.00 0.11 Bangladesh 1.71 0.15 7.40 7.60 0.00 0.00 1.67 Vietnam 1.02 3/ 8.00 8.00 0.00 0.00 1.02 ================================================================================ WASDE - 673 - 27 July 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 ================================================================================ 2026/27 Proj. World Jun 76.63 116.04 43.34 121.76 43.32 -0.20 71.13 Jul 75.72 117.26 43.34 121.95 43.34 -0.20 71.22 World Less China Jun 40.07 82.54 36.34 80.26 43.24 -0.20 35.64 Jul 39.16 83.76 36.34 80.45 43.27 -0.20 35.74 United States Jun 4.20 13.30 0.01 1.60 12.30 -0.10 3.70 Jul 4.20 13.70 0.01 1.60 12.30 -0.10 4.10 Total Foreign Jun 72.43 102.74 43.34 120.16 31.02 -0.10 67.43 Jul 71.52 103.56 43.34 120.35 31.04 -0.10 67.12 Major Exporters 4/ Jun 26.66 56.69 4.10 36.90 27.85 -0.10 22.81 Jul 25.82 57.36 4.10 36.89 27.87 -0.10 22.61 Central Asia 5/ Jun 2.41 5.46 0.25 4.94 1.37 0.00 1.81 Jul 2.34 5.62 0.25 4.93 1.40 0.00 1.89 Afr. Fr. Zone 6/ Jun 1.23 4.17 3/ 0.11 4.11 0.00 1.18 Jul 1.23 4.17 3/ 0.11 4.11 0.00 1.18 S. Hemis. 7/ Jun 11.55 22.60 0.15 4.51 20.54 -0.10 9.35 Jul 10.50 23.10 0.15 4.51 20.54 -0.10 8.80 Australia Jun 3.76 3.00 3/ 0.00 4.50 -0.10 2.36 Jul 3.76 3.00 3/ 0.00 4.50 -0.10 2.36 Brazil Jun 4.85 17.50 0.01 3.40 15.00 0.00 3.96 Jul 3.80 18.00 0.01 3.40 15.00 0.00 3.41 India Jun 11.12 24.00 2.50 26.00 1.50 0.00 10.12 Jul 11.42 24.00 2.50 26.00 1.50 0.00 10.42 Major Importers 8/ Jun 43.48 43.11 36.44 78.72 1.97 0.00 42.34 Jul 43.42 43.26 36.44 78.92 1.97 0.00 42.23 Mexico Jun 0.21 0.65 0.65 1.20 0.10 0.00 0.21 Jul 0.21 0.65 0.65 1.20 0.10 0.00 0.21 China Jun 36.56 33.50 7.00 41.50 0.08 0.00 35.49 Jul 36.56 33.50 7.00 41.50 0.08 0.00 35.49 European Union 9/ Jun 0.26 1.20 0.45 0.48 1.12 0.00 0.31 Jul 0.20 1.20 0.45 0.48 1.12 0.00 0.25 Turkey Jun 1.08 2.50 4.80 6.80 0.60 0.00 0.98 Jul 1.08 2.65 4.80 6.80 0.60 0.00 1.13 Pakistan Jun 2.05 5.10 5.00 10.20 0.05 0.00 1.90 Jul 2.05 5.10 5.00 10.20 0.05 0.00 1.90 Indonesia Jun 0.40 3/ 1.90 1.90 0.02 0.00 0.38 Jul 0.40 3/ 1.90 1.90 0.02 0.00 0.38 Thailand Jun 0.11 3/ 0.45 0.45 0.00 0.00 0.11 Jul 0.11 3/ 0.45 0.45 0.00 0.00 0.11 Bangladesh Jun 1.67 0.15 7.60 7.80 0.00 0.00 1.62 Jul 1.67 0.15 7.60 7.80 0.00 0.00 1.62 Vietnam Jun 1.02 3/ 8.00 7.80 0.00 0.00 1.22 Jul 1.02 3/ 8.00 8.00 0.00 0.00 1.02 ================================================================================ WASDE - 673 - 28 July 2026 World Soybean Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic Ending Stocks tion Imports Crush Total Exports Stocks ================================================================================ 2024/25 World 2/ 115.10 428.05 179.15 359.14 412.03 184.33 125.93 World Less China 71.79 407.40 71.15 255.64 284.63 184.26 81.44 United States 9.32 119.05 0.81 66.55 68.84 51.50 8.84 Total Foreign 105.78 309.00 178.34 292.59 343.19 132.84 117.09 Major Exporters 3/ 54.47 238.05 7.06 105.35 115.35 121.02 63.22 Argentina 24.05 51.11 6.32 43.24 48.94 7.87 24.67 Brazil 29.76 172.50 0.73 58.16 62.16 103.14 37.69 Paraguay 0.29 10.20 0.00 3.70 3.80 6.41 0.29 Major Importers 4/ 46.22 24.54 142.49 133.17 164.84 0.42 47.99 China 43.31 20.65 108.00 103.50 127.40 0.07 44.49 European Union 1.30 2.91 14.71 15.40 17.02 0.33 1.57 Southeast Asia 5/ 0.83 0.45 10.10 5.11 10.18 0.01 1.18 Mexico 0.61 0.28 6.43 6.65 6.74 0.00 0.59 2025/26 Est. World 2/ 125.93 429.46 186.34 372.49 429.33 187.08 125.33 World Less China 81.44 408.56 73.34 263.49 295.43 186.96 80.96 United States 8.84 115.99 0.68 72.12 75.16 41.37 8.98 Total Foreign 117.09 313.47 185.66 300.37 354.17 145.71 116.35 Major Exporters 3/ 63.22 244.20 7.98 107.20 118.78 134.30 62.32 Argentina 24.67 50.00 7.05 42.00 48.90 9.00 23.82 Brazil 37.69 180.00 0.90 61.50 65.90 115.00 37.69 Paraguay 0.29 12.10 0.02 3.60 3.73 8.20 0.48 Major Importers 4/ 47.99 24.71 147.42 138.73 171.72 0.44 47.96 China 44.49 20.90 113.00 109.00 133.90 0.12 44.37 European Union 1.57 2.85 13.80 14.80 16.37 0.30 1.55 Southeast Asia 5/ 1.18 0.41 10.82 5.73 11.17 0.01 1.24 Mexico 0.59 0.31 6.70 6.85 6.95 0.01 0.64 2026/27 Proj. World 2/ Jun 125.52 441.34 188.02 383.09 440.78 189.22 124.88 Jul 125.33 441.70 189.27 384.17 441.72 190.41 124.17 World Less China Jun 81.15 420.34 74.02 273.09 305.78 189.12 80.61 Jul 80.96 420.70 74.27 273.17 305.72 190.31 79.90 United States Jun 9.25 120.70 0.68 74.84 77.83 44.36 8.44 Jul 8.98 121.79 0.68 74.84 77.84 45.18 8.44 Total Foreign Jun 116.27 320.64 187.34 308.24 362.95 144.86 116.44 Jul 116.35 319.91 188.59 309.33 363.88 145.23 115.74 Major Exporters 3/ Jun 62.32 250.20 7.33 111.75 123.53 133.95 62.37 Jul 62.32 250.20 7.33 111.75 123.53 134.45 61.87 Argentina Jun 23.82 50.00 6.50 43.00 49.90 6.20 24.22 Jul 23.82 50.00 6.50 43.00 49.90 6.20 24.22 Brazil Jun 37.69 186.00 0.80 65.00 69.60 117.50 37.39 Jul 37.69 186.00 0.80 65.00 69.60 118.00 36.89 Paraguay Jun 0.48 11.10 0.02 3.60 3.73 7.35 0.52 Jul 0.48 11.10 0.02 3.60 3.73 7.35 0.52 Major Importers 4/ Jun 47.97 24.94 148.66 140.14 173.29 0.38 47.90 Jul 47.96 24.92 149.66 141.12 174.28 0.38 47.88 China Jun 44.37 21.00 114.00 110.00 135.00 0.10 44.27 Jul 44.37 21.00 115.00 111.00 136.00 0.10 44.27 European Union Jun 1.55 3.00 13.20 14.50 16.02 0.25 1.48 Jul 1.55 2.98 13.20 14.50 16.02 0.25 1.46 Southeast Asia 5/ Jun 1.25 0.38 11.56 6.29 11.84 0.02 1.34 Jul 1.24 0.38 11.56 6.27 11.82 0.02 1.34 Mexico Jun 0.64 0.32 6.75 6.95 7.05 0.01 0.65 Jul 0.64 0.32 6.75 6.95 7.05 0.01 0.65 ================================================================================ WASDE - 673 - 29 July 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 ================================================================================ 2024/25 World 2/ 14.31 281.73 77.69 272.93 82.86 17.94 World Less China 13.52 199.76 77.64 192.08 81.84 17.00 United States 0.41 53.02 0.73 37.41 16.40 0.36 Total Foreign 13.90 228.72 76.96 235.53 66.47 17.58 Major Exporters 3/ 5.45 86.93 0.29 31.21 54.95 6.51 Argentina 2.26 33.51 0.28 3.53 29.78 2.74 Brazil 2.97 44.38 0.01 20.50 23.39 3.47 India 0.22 9.04 0.01 7.19 1.78 0.30 Major Importers 4/ 2.30 23.31 44.01 65.11 1.05 3.46 European Union 0.84 12.17 20.61 31.24 0.65 1.72 Mexico 0.16 5.26 2.35 7.45 0.00 0.31 Southeast Asia 5/ 1.19 3.99 19.44 22.91 0.40 1.31 China 0.79 81.97 0.05 80.85 1.02 0.94 2025/26 Est. World 2/ 17.94 292.43 80.84 287.27 84.62 19.33 World Less China 17.00 206.10 80.69 202.12 83.62 18.06 United States 0.36 57.19 0.76 39.49 18.42 0.41 Total Foreign 17.58 235.25 80.08 247.79 66.20 18.92 Major Exporters 3/ 6.51 87.64 0.31 32.53 54.85 7.08 Argentina 2.74 32.34 0.25 3.60 29.00 2.73 Brazil 3.47 47.48 0.01 21.80 25.00 4.16 India 0.30 7.82 0.05 7.13 0.85 0.19 Major Importers 4/ 3.46 23.38 44.65 67.15 0.87 3.47 European Union 1.72 11.69 19.60 30.94 0.60 1.47 Mexico 0.31 5.41 2.70 8.09 0.00 0.33 Southeast Asia 5/ 1.31 4.51 20.65 24.65 0.27 1.56 China 0.94 86.33 0.15 85.15 1.00 1.27 2026/27 Proj. World 2/ Jun 19.15 300.15 84.10 295.21 88.13 20.06 Jul 19.33 300.98 84.36 295.93 88.40 20.34 World Less China Jun 17.87 213.03 84.00 209.26 87.03 18.61 Jul 18.06 213.07 84.26 209.18 87.30 18.90 United States Jun 0.41 58.99 0.73 40.03 19.69 0.41 Jul 0.41 58.95 0.76 39.76 19.96 0.41 Total Foreign Jun 18.74 241.16 83.37 255.18 68.45 19.65 Jul 18.92 242.03 83.60 256.17 68.45 19.93 Major Exporters 3/ Jun 7.08 91.12 0.23 33.75 57.30 7.38 Jul 7.08 91.12 0.23 33.75 57.30 7.38 Argentina Jun 2.73 33.11 0.12 3.65 29.40 2.91 Jul 2.73 33.11 0.12 3.65 29.40 2.91 Brazil Jun 4.16 50.01 0.01 23.00 26.90 4.28 Jul 4.16 50.01 0.01 23.00 26.90 4.28 India Jun 0.19 8.00 0.10 7.10 1.00 0.19 Jul 0.19 8.00 0.10 7.10 1.00 0.19 Major Importers 4/ Jun 3.35 23.65 46.58 69.22 0.89 3.47 Jul 3.47 23.65 46.78 69.32 0.89 3.69 European Union Jun 1.47 11.46 20.20 31.04 0.60 1.48 Jul 1.47 11.46 20.20 31.04 0.60 1.48 Mexico Jun 0.33 5.49 3.00 8.45 0.00 0.37 Jul 0.33 5.49 3.00 8.45 0.00 0.37 Southeast Asia 5/ Jun 1.43 4.90 21.65 26.20 0.29 1.50 Jul 1.56 4.90 21.85 26.30 0.29 1.73 China Jun 1.28 87.12 0.10 85.95 1.10 1.45 Jul 1.27 87.91 0.10 86.75 1.10 1.43 ================================================================================ WASDE - 673 - 30 July 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 ================================================================================ 2024/25 World 2/ 5.68 70.06 14.30 68.32 15.25 6.47 World Less China 4.52 49.96 14.00 47.82 14.93 5.72 United States 0.70 13.25 0.16 12.21 1.12 0.79 Total Foreign 4.98 56.81 14.13 56.12 14.13 5.68 Major Exporters 3/ 1.59 24.10 0.95 15.47 9.92 1.25 Argentina 0.67 8.63 0.11 1.98 7.10 0.32 Brazil 0.18 11.84 0.09 10.41 1.49 0.21 European Union 0.66 2.93 0.76 3.01 0.71 0.63 Major Importers 4/ 2.18 23.68 8.00 30.59 0.51 2.75 China 1.17 20.10 0.30 20.50 0.32 0.75 India 0.75 2.03 5.47 6.65 0.03 1.58 North Africa 5/ 0.24 1.21 1.29 2.24 0.17 0.33 2025/26 Est. World 2/ 6.47 72.36 13.15 71.17 14.49 6.32 World Less China 5.72 51.19 12.85 50.67 13.59 5.51 United States 0.79 14.00 0.15 13.65 0.45 0.83 Total Foreign 5.68 58.36 13.00 57.52 14.04 5.49 Major Exporters 3/ 1.25 24.42 0.87 15.82 9.50 1.22 Argentina 0.32 8.38 0.12 1.98 6.45 0.39 Brazil 0.21 12.54 0.10 11.05 1.60 0.20 European Union 0.63 2.81 0.65 2.71 0.85 0.54 Major Importers 4/ 2.75 24.69 6.95 30.64 1.10 2.64 China 0.75 21.17 0.30 20.50 0.90 0.81 India 1.58 1.76 4.65 6.59 0.02 1.38 North Africa 5/ 0.33 1.34 1.40 2.45 0.18 0.43 2026/27 Proj. World 2/ Jun 6.04 74.69 13.19 73.00 14.49 6.43 Jul 6.32 74.90 13.39 73.12 14.69 6.80 World Less China Jun 5.22 53.33 12.89 52.20 13.79 5.45 Jul 5.51 53.35 13.09 52.32 13.79 5.83 United States Jun 0.83 14.78 0.27 14.86 0.18 0.85 Jul 0.83 14.78 0.27 14.86 0.18 0.85 Total Foreign Jun 5.21 59.91 12.92 58.14 14.31 5.58 Jul 5.49 60.12 13.12 58.26 14.51 5.95 Major Exporters 3/ Jun 1.22 25.28 0.82 16.04 9.75 1.53 Jul 1.22 25.28 0.82 16.04 9.75 1.53 Argentina Jun 0.39 8.58 0.12 1.99 6.65 0.45 Jul 0.39 8.58 0.12 1.99 6.65 0.45 Brazil Jun 0.20 13.26 0.10 11.40 1.70 0.46 Jul 0.20 13.26 0.10 11.40 1.70 0.46 European Union Jun 0.54 2.76 0.60 2.56 0.80 0.54 Jul 0.54 2.76 0.60 2.56 0.80 0.54 Major Importers 4/ Jun 2.40 25.01 6.75 30.82 0.89 2.45 Jul 2.64 25.26 6.95 30.95 1.09 2.81 China Jun 0.82 21.36 0.30 20.80 0.70 0.98 Jul 0.81 21.56 0.30 20.80 0.90 0.97 India Jun 1.18 1.80 4.30 6.18 0.02 1.09 Jul 1.38 1.80 4.50 6.28 0.02 1.39 North Africa 5/ Jun 0.38 1.41 1.35 2.61 0.18 0.35 Jul 0.43 1.46 1.35 2.65 0.18 0.42 ================================================================================ WASDE - 673 - 31 July 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 2025 III 6360 6614 13012 12432 1275 13850 26861 2217 58.2 IV 6647 7301 13986 12118 1242 13482 27469 2248 57.8 Annual 26003 27578 53740 48006 4844 53359 107099 8765 231.7 2026 I 6148 7050 13236 12002 1231 13368 26604 2232 58.6 II 6155 6780 12970 12400 1235 13780 26750 2260 60.2 III* 6390 6760 13188 12750 1290 14180 27368 2300 59.1 IV* 6595 7365 13999 12400 1300 13835 27834 2325 58.7 JunProj. 25438 27995 53582 49377 5036 54963 108545 9117 236.4 JulProj. 25288 27955 53392 49552 5056 55163 108555 9117 236.6 2027 I* 6115 7025 13178 12150 1250 13535 26713 2300 59.2 II* 6175 6780 12994 12500 1275 13915 26909 2315 60.6 JunProj. 25385 28290 53828 49700 5140 55395 109223 9320 237.0 JulProj. 25200 28135 53488 49900 5125 55580 109068 9320 238.1 ================================================================================ 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 2025 III 239.62 77.05 121.9 156.8 283.0 20.70 IV 227.62 64.87 110.5 172.2 192.0 19.50 Annual 224.37 68.80 124.8 135.8 373.7 21.18 2026 I 238.65 64.50 119.5 169.9 125.2 18.50 II 255.76 67.79 122.6 176.3 67.0 21.30 III* 255.00 69.00 122.0 160.0 80.0 19.70 IV* 255.00 58.00 121.0 155.0 115.0 20.40 JunProj. 250.16 66.63 121.4 161.2 98.1 20.70 JulProj. 251.10 64.82 121.3 165.3 96.8 20.00 2027 I* 250.00 62.00 120.0 130.0 110.0 19.90 II* 255.00 68.00 123.0 125.0 95.0 19.50 JunProj. 254 65 122 130 108 20.90 JulProj. 254 65 122 130 108 19.85 ================================================================================ WASDE - 673 - 32 July 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 2025 602 26071 5388 32061 2579 577 28905 59.2 2026 Proj. Jun 577 25506 6109 32191 2341 565 29285 59.8 Jul 577 25356 6059 31991 2331 565 29095 59.4 2027 Proj. Jun 565 25453 6000 32018 2325 555 29138 59.4 Jul 565 25268 6000 31833 2325 555 28953 59.0 Pork 2025 435 27593 1117 29145 6972 430 21744 49.3 2026 Proj. Jun 430 28011 1148 29589 7252 425 21912 49.6 Jul 430 27971 1173 29574 7237 425 21912 49.6 2027 Proj. Jun 425 28306 1185 29916 7330 430 22156 50.0 Jul 425 28151 1185 29761 7330 430 22001 49.7 TotalRed Meat5/ 2025 1058 53833 6876 61767 9557 1024 51186 109.9 2026 Proj. Jun 1024 53676 7647 62347 9601 1007 51739 110.8 Jul 1024 53486 7622 62132 9576 1007 51549 110.4 2027 Proj. Jun 1007 53921 7580 62509 9662 1003 51843 110.8 Jul 1007 53581 7580 62169 9662 1003 51503 110.1 Broiler 2025 761 47493 152 48406 6665 786 40955 102.9 2026 Proj. Jun 786 48848 135 49769 6619 775 42375 106.2 Jul 786 49022 135 49942 6599 790 42553 106.6 2027 Proj. Jun 775 49168 132 50075 6575 790 42710 106.8 Jul 790 49366 132 50288 6575 790 42923 107.3 Turkey 2025 219 4844 38 5101 420 175 4507 13.2 2026 Proj. Jun 175 5036 36 5246 414 185 4648 13.6 Jul 175 5056 36 5266 424 185 4658 13.6 2027 Proj. Jun 185 5140 36 5361 415 190 4756 13.8 Jul 185 5125 36 5346 415 190 4741 13.8 Total Poultry6/ 2025 985 52845 193 54023 7131 973 45919 117.4 2026 Proj. Jun 973 54434 172 55579 7075 971 47532 121.2 Jul 973 54632 172 55777 7064 987 47725 121.7 2027 Proj. Jun 972 54863 170 56005 7034 991 47980 122.1 Jul 987 55045 170 56202 7034 991 48177 122.6 RedMeat& Poultry 2025 2043 106679 7069 115790 16688 1997 97105 227.3 2026 Proj. Jun 1997 108110 7819 117926 16676 1978 99272 232.0 Jul 1997 108118 7794 117909 16640 1994 99275 232.1 2027 Proj. Jun 1979 108784 7750 118513 16696 1994 99823 232.9 Jul 1994 108627 7750 118371 16696 1994 99681 232.7 ================================================================================ WASDE - 673 - 33 July 2026 U.S. Egg Supply and Use ================================================================================ 2024 2025 2026Proj. 2026Proj. 2027Proj. 2027Proj. Commodity Jun Jul Jun Jul ================================================================================ Million Dozen Eggs Supply BeginningStocks 23.1 14.2 17.1 17.1 22.0 22.0 Production 9076.2 8765.0 9116.8 9116.8 9320.0 9320.0 Imports 30.1 120.9 14.6 14.6 12.0 12.0 Total Supply 9129.4 8900.1 9148.6 9148.6 9354.0 9354.0 Use Exports 235.7 203.5 241.6 246.6 300.0 300.0 Hatching Use 1148.2 1163.8 1167.6 1177.8 1180.0 1180.0 Ending Stocks 14.2 17.1 22.0 22.0 22.0 22.0 Disappearance Total 7731.3 7515.8 7717.4 7702.2 7852.0 7852.0 Per Capita (number) 272.8 263.8 270.1 269.5 274.2 274.2 ================================================================================ U.S. Milk Supply and Use ================================================================================ 2024 2025 2026Proj. 2026Proj. 2027Proj. 2027Proj. Commodity Jun Jul Jun Jul ================================================================================ Billion Pounds Milk Production 225.9 231.7 236.4 236.6 237.0 238.1 Farm Use 1.0 1.0 1.0 1.0 1.0 1.0 FatBasisSupply BeginningStocks 13.8 13.1 12.6 12.6 12.2 12.4 Marketings 224.9 230.7 235.4 235.6 236.0 237.1 Imports 9.1 7.4 7.8 8.2 8.1 8.4 Total Supply 247.8 251.1 255.9 256.5 256.3 257.9 FatBasisUse Exports 11.8 16.7 20.6 20.6 20.7 21.0 Ending Stocks 13.1 12.6 12.2 12.4 11.8 12.2 Domestic Use 222.9 221.7 223.0 223.5 223.8 224.7 Skim-solidBasisSupply BeginningStocks 9.8 9.1 9.2 9.2 9.2 9.0 Marketings 224.9 230.7 235.4 235.6 236.0 237.1 Imports 6.8 6.9 6.7 6.8 6.8 6.9 Total Supply 241.5 246.6 251.3 251.7 252.1 253.0 Skim-solidBasisUse Exports 48.9 48.2 49.4 49.9 49.3 49.9 Ending Stocks 9.1 9.2 9.2 9.0 8.8 8.8 Domestic Use 183.6 189.2 192.8 192.8 194.0 194.3 ================================================================================ WASDE - 673 - 34 July 2026 U.S. Dairy Prices ================================================================================ Commod- 2024 2025 2026 Proj. 2026 Proj. 2027 Proj. 2027 Proj. ity Jun Jul Jun Jul ================================================================================ Dollars Per Pound Product Prices 1/ Cheese 1.8634 1.7878 1.610 1.570 1.710 1.665 Butter 2.8870 2.2202 1.740 1.690 1.820 1.750 Nonfat Dry Milk 1.2420 1.2348 1.700 1.615 1.575 1.470 Dry Whey 0.4913 0.5956 0.660 0.660 0.650 0.650 Milk Prices 2/ Dollars Per Cwt ClassIII 18.89 18.01 16.60 16.15 17.55 17.05 Class IV 20.75 17.38 19.35 18.40 18.60 17.40 All Milk 3/ 22.55 21.18 20.70 20.00 20.90 19.85 ================================================================================ WASDE - 673 - 35 July 2026 Reliability of July 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 2.7 4.6 14.2 1.0 35.8 27 18 U.S. 3.6 6.1 1.6 0.0 6.2 21 24 Foreign 2.9 5.0 13.9 0.3 34.7 28 17 Exports World 5.8 9.7 6.8 0.2 18.7 30 15 U.S. 11.0 18.5 2.5 0.1 10.0 24 21 Foreign 7.0 11.8 6.5 0.1 21.3 31 14 Domestic Use World 2.0 3.3 9.4 0.3 30.0 28 17 U.S. 6.8 11.4 1.7 0.0 5.0 16 29 Foreign 2.0 3.3 9.1 0.1 29.8 31 14 Ending Stocks World 9.1 15.3 11.8 0.1 35.3 30 15 U.S. 17.3 29.1 2.9 0.2 13.9 25 20 Foreign 9.5 16.1 10.4 0.3 31.7 31 14 COARSE GRAINS 2/ Production World 2.8 4.7 23.3 1.3 75.2 23 22 U.S. 9.5 15.9 15.3 0.0 57.9 20 25 Foreign 2.5 4.2 14.5 1.1 53.0 23 22 Exports World 7.5 12.6 8.0 0.6 27.6 30 15 U.S. 25.7 43.3 8.4 0.2 24.4 19 26 Foreign 13.2 22.3 7.4 0.2 19.7 31 14 Domestic Use World 1.7 2.9 15.0 0.0 51.3 24 21 U.S. 4.2 7.1 6.7 0.0 22.2 28 17 Foreign 1.9 3.3 12.5 1.0 40.6 25 20 Ending Stocks World 17.6 29.7 22.3 0.6 171.9 27 18 U.S. 41.9 70.6 12.7 0.4 50.5 19 26 Foreign 15.4 25.9 14.8 0.2 155.2 32 13 RICE, milled Production World 2.3 3.8 6.7 0.4 24.0 28 17 U.S. 5.4 9.1 0.3 0.0 0.8 23 20 Foreign 2.3 3.9 6.7 0.5 24.3 28 17 Exports World 8.9 15.0 2.0 0.0 7.3 31 14 U.S. 11.4 19.2 0.2 0.0 1.0 18 23 Foreign 9.7 16.4 1.9 0.0 7.5 31 14 Domestic Use World 1.9 3.2 4.6 0.2 22.9 28 17 U.S. 7.9 13.3 0.2 0.0 0.5 19 25 Foreign 1.9 3.2 4.6 0.2 22.9 28 17 Ending Stocks World 12.9 21.7 7.1 0.1 26.5 34 11 U.S. 28.3 47.7 0.3 0.0 1.0 26 18 Foreign 14.1 23.7 7.1 0.2 26.0 35 10 ================================================================================ WASDE - 673 - 36 July 2026 Reliability of July 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 5.0 8.4 8.1 0.5 33.2 20 25 U.S. 6.7 11.2 3.6 0.0 11.7 22 23 Foreign 7.3 12.3 7.1 0.8 34.1 23 22 Exports World 7.4 12.4 3.8 0.0 17.0 28 17 U.S. 12.6 21.1 3.1 0.1 9.3 24 21 Foreign 18.5 31.1 3.3 0.0 19.5 28 17 Domestic Use World 3.7 6.1 5.7 0.5 16.4 25 20 U.S. 4.8 8.2 1.5 0.0 4.9 25 20 Foreign 4.0 6.7 5.0 0.1 16.1 24 21 Ending Stocks World 14.5 24.4 4.9 0.0 26.1 23 22 U.S. 59.6 100.3 2.9 0.0 13.4 16 28 Foreign 17.8 29.9 4.3 0.0 21.8 27 18 COTTON Production World 5.4 9.1 3.7 0.0 14.9 24 21 U.S. 11.4 19.3 1.4 0.1 5.3 21 24 Foreign 5.5 9.2 3.0 0.0 12.1 24 20 Exports World 10.4 17.5 2.5 0.1 11.6 24 21 U.S. 25.4 42.8 1.3 0.1 3.6 24 21 Foreign 13.6 22.8 2.0 0.0 9.8 20 25 Domestic Use World 5.3 8.9 3.5 0.0 21.6 20 25 U.S. 11.1 18.6 0.5 0.0 1.4 19 25 Foreign 5.3 8.9 3.5 0.1 21.0 19 26 Ending Stocks World 15.5 26.1 6.2 0.2 20.1 26 19 U.S. 41.0 69.0 1.4 0.1 4.9 19 26 Foreign 15.1 25.5 5.4 0.3 19.5 28 17 ================================================================================ WASDE - 673 - 37 July 2026 Reliability of United States July 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 10.3 17.4 556 12 2190 24 21 Exports 26.5 44.6 301 0 900 19 24 Domestic Use 4.6 7.7 261 0 770 27 17 Ending Stocks 49.9 84.1 466 11 1840 20 25 SORGHUM Production 22.9 38.5 69 3 213 25 20 Exports 54.5 91.8 51 0 195 20 23 Domestic Use 32.4 54.6 53 3 139 20 25 Ending Stocks 62.8 105.7 41 0 174 16 28 BARLEY Production 7.3 12.3 18 0 87 15 29 Exports 72.8 122.6 12 0 92 28 15 Domestic Use 9.5 15.9 22 0 87 18 25 Ending Stocks 20.9 35.2 23 0 114 19 25 OATS Production 12.3 20.8 18 0 144 10 33 Exports 89.9 151.4 1 0 8 14 12 Domestic Use 6.7 11.3 15 0 67 13 27 Ending Stocks 23.2 39.1 13 0 68 17 26 Thousand Short Tons SOYBEAN MEAL Production 4.9 8.2 1196 118 4432 31 14 Exports 14.1 23.8 844 0 2450 25 19 Domestic Use 5.3 8.9 915 0 4470 22 22 Ending Stocks 37.7 63.5 49 0 413 11 20 Million Pounds SOYBEAN OIL Production 4.6 7.8 574 55 2130 32 13 Exports 46.7 78.6 457 0 2000 25 18 Domestic Use 4.2 7.0 512 0 2300 25 19 Ending Stocks 37.1 62.4 446 15 1568 23 22 ANIMAL PROD. 3/ Million Pounds Beef 3.9 6.6 772 60 2677 22 10 Pork 2.8 4.7 459 20 1372 14 18 Broilers 2.1 3.6 643 20 1338 15 17 Turkeys 4.4 7.4 183 2 474 10 22 Million Dozen Eggs 2.6 4.5 144 4 821 19 13 Billion Pounds Milk 1.6 2.7 2.5 0.1 7.3 18 14 ================================================================================