WASDE - 666 - 8 December 2025 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 2823.41 3616.46 515.25 2818.96 797.50 2024/25 (Est.) 2852.91 3650.41 497.89 2877.99 772.42 2025/26 (Proj.) Nov 2945.89 3716.08 527.41 2947.13 768.95 Dec 2954.03 3726.45 531.21 2952.98 773.47 Wheat 2023/24 792.34 1066.99 222.24 796.96 270.04 2024/25 (Est.) 800.77 1070.80 210.18 810.77 260.03 2025/26 (Proj.) Nov 828.89 1090.33 217.21 818.90 271.43 Dec 837.81 1097.84 218.71 822.97 274.87 Coarse Grains 5/ 2023/24 1507.09 1844.55 236.25 1497.28 347.27 2024/25 (Est.) 1510.87 1858.14 227.11 1536.08 322.06 2025/26 (Proj.) Nov 1576.13 1896.69 247.31 1585.89 310.80 Dec 1575.82 1897.87 249.27 1588.11 309.76 Rice, milled 2023/24 523.97 704.92 56.76 524.72 180.20 2024/25 (Est.) 541.28 721.47 60.60 531.15 190.33 2025/26 (Proj.) Nov 540.87 729.06 62.90 542.35 186.72 Dec 540.41 730.73 63.23 541.90 188.83 United States Total Grains 4/ 2023/24 458.90 520.30 85.72 366.49 68.09 2024/25 (Est.) 452.42 528.32 100.66 360.93 66.73 2025/26 (Proj.) Nov 501.39 575.31 111.51 379.86 83.94 Dec 501.39 575.28 114.64 379.86 80.77 Wheat 2023/24 49.10 68.35 19.21 30.18 18.95 2024/25 (Est.) 53.85 76.86 22.48 31.24 23.15 2025/26 (Proj.) Nov 54.01 80.42 24.49 31.41 24.52 Dec 54.01 80.42 24.49 31.41 24.52 Coarse Grains 5/ 2023/24 402.88 442.66 63.37 331.42 47.87 2024/25 (Est.) 391.51 441.58 75.31 324.40 41.87 2025/26 (Proj.) Nov 440.80 484.99 84.03 343.19 57.77 Dec 440.80 484.99 87.23 343.19 54.57 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.) Nov 6.58 9.90 2.99 5.27 1.65 Dec 6.58 9.87 2.92 5.27 1.68 ================================================================================ WASDE - 666 - 9 December 2025 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 2364.51 3096.16 429.53 2452.47 729.41 2024/25 (Est.) 2400.49 3122.09 397.23 2517.06 705.69 2025/26 (Proj.) Nov 2444.50 3140.77 415.90 2567.27 685.01 Dec 2452.63 3151.17 416.56 2573.12 692.70 Wheat 2023/24 743.25 998.64 203.03 766.77 251.08 2024/25 (Est.) 746.92 993.94 187.71 779.54 236.89 2025/26 (Proj.) Nov 774.88 1009.91 192.71 787.50 246.91 Dec 783.80 1017.42 194.21 791.56 250.35 Coarse Grains 5/ 2023/24 1104.21 1401.89 172.88 1165.86 299.40 2024/25 (Est.) 1119.35 1416.56 151.80 1211.68 280.18 2025/26 (Proj.) Nov 1135.33 1411.70 163.28 1242.70 253.03 Dec 1135.01 1412.89 162.04 1244.92 255.19 Rice, milled 2023/24 517.05 695.63 53.62 519.84 178.93 2024/25 (Est.) 534.22 711.59 57.73 525.85 188.62 2025/26 (Proj.) Nov 534.29 719.16 59.91 537.07 185.07 Dec 533.82 720.86 60.31 536.63 187.15 ================================================================================ 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 2023/24 112.56 188.46 44.34 114.98 73.40 2024/25 (Est.) 119.28 192.68 42.40 118.93 74.61 2025/26 (Proj.) Nov 120.08 194.57 44.00 118.88 75.93 Dec 119.79 194.40 43.74 118.61 75.97 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.) Nov 14.12 18.12 12.20 1.70 4.30 Dec 14.27 18.27 12.20 1.60 4.50 Foreign 4/ 2023/24 100.50 171.74 32.59 113.13 70.25 2024/25 (Est.) 104.86 175.12 30.50 117.23 70.61 2025/26 (Proj.) Nov 105.97 176.45 31.80 117.18 71.63 Dec 105.52 176.13 31.54 117.01 71.47 ================================================================================ WASDE - 666 - 10 December 2025 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 2023/24 657.40 780.38 205.53 543.44 136.06 2024/25 (Est.) 684.51 820.57 214.32 566.53 141.63 2025/26 (Proj.) Nov 688.01 829.72 214.49 578.37 142.26 Dec 690.26 831.88 215.12 577.86 143.60 Oilmeals 2023/24 371.42 389.68 105.70 366.14 19.27 2024/25 (Est.) 391.54 410.81 113.57 381.52 23.44 2025/26 (Proj.) Nov 398.70 421.85 113.34 394.72 22.77 Dec 398.84 422.28 113.04 394.44 23.46 Vegetable Oils 2023/24 222.19 254.57 86.12 217.88 30.73 2024/25 (Est.) 229.56 260.28 87.41 222.23 30.21 2025/26 (Proj.) Nov 234.40 264.52 86.98 228.81 29.95 Dec 233.29 263.50 86.38 227.94 29.82 United States Oilseeds 2023/24 122.16 132.12 47.49 66.22 10.81 2024/25 (Est.) 128.58 140.68 52.29 70.38 10.04 2025/26 (Proj.) Nov 125.75 137.01 45.53 73.65 9.53 Dec 125.79 137.05 45.53 73.65 9.53 Oilmeals 2023/24 51.43 56.13 14.75 40.90 0.49 2024/25 (Est.) 55.20 60.42 16.80 43.12 0.50 2025/26 (Proj.) Nov 57.02 62.06 17.62 43.92 0.52 Dec 57.02 62.06 17.62 43.92 0.52 Vegetable Oils 2023/24 13.59 21.59 0.42 20.13 1.04 2024/25 (Est.) 14.47 21.33 1.28 18.89 1.16 2025/26 (Proj.) Nov 15.01 22.60 0.56 20.86 1.18 Dec 15.01 22.60 0.56 20.86 1.18 Foreign 3/ Oilseeds 2023/24 535.23 648.26 158.05 477.22 125.25 2024/25 (Est.) 555.92 679.89 162.03 496.15 131.59 2025/26 (Proj.) Nov 562.26 692.71 168.96 504.72 132.73 Dec 564.47 694.84 169.59 504.21 134.06 Oilmeals 2023/24 319.99 333.55 90.95 325.25 18.78 2024/25 (Est.) 336.35 350.39 96.76 338.40 22.95 2025/26 (Proj.) Nov 341.69 359.78 95.72 350.80 22.26 Dec 341.82 360.22 95.42 350.52 22.95 Vegetable Oils 2023/24 208.60 232.98 85.70 197.75 29.69 2024/25 (Est.) 215.08 238.95 86.13 203.34 29.05 2025/26 (Proj.) Nov 219.38 241.93 86.42 207.95 28.77 Dec 218.27 240.90 85.82 207.08 28.64 ================================================================================ WASDE - 666 - 11 December 2025 U.S. Wheat Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Nov Dec ================================================================================ 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 570 696 851 851 Production 1804 1979 1985 1985 Imports 138 149 120 120 Supply, Total 2511 2824 2955 2955 Food 961 969 972 972 Seed 62 61 62 62 Feed and Residual 86 117 120 120 Domestic, Total 1109 1148 1154 1154 Exports 706 826 900 900 Use, Total 1815 1974 2054 2054 Ending Stocks 696 851 901 901 Avg.FarmPrice ($/bu) 2/ 6.96 5.52 5.00 5.00 ================================================================================ 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 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 26 33 67 -24 15 117 Domestic Use 439 306 232 66 105 1148 Exports 218 250 117 222 19 826 Use, Total 657 556 349 288 124 1974 Ending Stocks, Total 398 218 127 80 28 851 2025/26 (Proj.) Beginning Stocks 398 218 127 80 28 851 Production 804 458 353 283 86 1985 Imports 5 65 5 5 40 120 Supply, Total 3/ 1207 741 485 368 154 2955 Food 390 260 152 85 85 972 Seed 26 16 12 6 3 62 Feed and Residual 40 15 70 -10 5 120 Domestic Use 456 291 234 81 93 1154 Exports 325 230 120 200 25 900 Use, Total 781 521 354 281 118 2054 Ending Stocks, Total Dec 426 221 131 87 37 901 Nov 426 216 131 92 37 901 ================================================================================ WASDE - 666 - 12 December 2025 U.S. Feed Grain and Corn Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Nov Dec ================================================================================ Million Acres FEED GRAINS Area Planted 107.5 101.8 110.0 110.0 Area Harvested 96.0 91.4 98.5 98.5 Metric Tons Yield per Harvested Acre 4.19 4.28 4.47 4.47 Million Metric Tons Beginning Stocks 37.1 47.9 41.9 41.9 Production 402.6 391.1 440.5 440.5 Imports 2.3 2.0 2.1 2.1 Supply, Total 442.0 441.0 484.4 484.4 Feed and Residual 151.5 144.3 159.2 159.1 Food, Seed & Industrial 179.3 179.5 183.4 183.5 Domestic, Total 330.8 323.8 342.7 342.7 Exports 63.4 75.3 84.0 87.2 Use, Total 394.2 399.1 426.7 429.9 Ending Stocks 47.9 41.9 57.7 54.5 Million Acres CORN Area Planted 94.6 90.9 98.7 98.7 Area Harvested 86.5 83.0 90.0 90.0 Bushels Yield per Harvested Acre 177.3 179.3 186.0 186.0 Million Bushels Beginning Stocks 1360 1763 1532 1532 Production 15341 14892 16752 16752 Imports 28 22 25 25 Supply, Total 16729 16677 18309 18309 Feed and Residual 5832 5466 6100 6100 Food,Seed& Industrial 2/ 6879 6821 6980 6980 Ethanol & by-products 3/ 5489 5436 5600 5600 Domestic, Total 12711 12287 13080 13080 Exports 2255 2858 3075 3200 Use, Total 14966 15145 16155 16280 Ending Stocks 1763 1532 2154 2029 Avg.FarmPrice ($/bu) 4/ 4.55 4.24 4.00 4.00 ================================================================================ WASDE - 666 - 13 December 2025 U.S. Sorghum, Barley, and Oats Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Nov Dec ================================================================================ Million Bushels SORGHUM AreaPlanted (mil. acres) 7.2 6.3 6.6 6.6 AreaHarvested(mil.acres) 6.1 5.6 5.7 5.7 Yield (bushels/acre) 52.0 61.3 75.0 75.0 Beginning Stocks 24 33 40 40 Production 318 344 428 428 Imports 0 0 0 0 Supply, Total 342 377 468 468 Feed and Residual 51 141 100 100 Food, Seed & Industrial 24 98 100 100 Total Domestic 75 239 200 200 Exports 234 98 225 225 Use, Total 309 337 425 425 Ending Stocks 33 40 43 43 Avg.FarmPrice ($/bu) 2/ 4.93 4.07 3.80 3.80 BARLEY AreaPlanted (mil. acres) 3.1 2.4 2.3 2.3 AreaHarvested(mil.acres) 2.6 1.9 1.8 1.8 Yield (bushels/acre) 72.3 76.6 80.0 80.0 Beginning Stocks 66 78 70 70 Production 186 144 141 141 Imports 13 9 9 9 Supply, Total 265 232 219 219 Feed and Residual 56 36 35 30 Food, Seed & Industrial 126 118 110 115 Total Domestic 182 154 145 145 Exports 5 9 8 9 Use, Total 187 162 153 154 Ending Stocks 78 70 66 65 Avg.FarmPrice ($/bu) 2/ 7.39 6.31 5.30 5.30 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 29 29 Production 57 68 70 70 Imports 74 71 74 74 Supply, Total 166 176 173 173 Feed and Residual 47 63 55 55 Food, Seed & Industrial 80 81 82 82 Total Domestic 127 145 137 137 Exports 2 2 2 2 Use, Total 129 147 139 139 Ending Stocks 36 29 34 34 Avg.FarmPrice ($/bu) 2/ 3.92 3.35 3.10 3.10 ================================================================================ WASDE - 666 - 14 December 2025 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Nov Dec ================================================================================ Million Acres TOTAL RICE Area Planted 2.90 2.91 2.82 2.82 Area Harvested 2.85 2.87 2.76 2.76 Pounds Yield per Harvested Acre 7641 7748 7506 7506 Million Hundredweight Beginning Stocks 2/ 30.3 39.8 53.9 53.9 Production 218.0 222.1 207.3 207.3 Imports 44.4 49.3 50.7 49.7 Supply, Total 292.6 311.3 311.9 310.9 Domestic & Residual 3/ 153.7 166.9 166.0 166.0 Exports, Total 4/ 99.0 90.5 94.0 92.0 Rough 42.5 28.9 30.0 28.0 Milled (rough equiv.) 56.5 61.7 64.0 64.0 Use, Total 252.8 257.4 260.0 258.0 Ending Stocks 39.8 53.9 51.9 52.9 Avg.MillingYield (%) 5/ 70.00 70.00 70.00 70.00 Avg.FarmPrice($/cwt) 6/ 17.30 15.20 12.70 11.60 LONG GRAIN RICE Harvested Acres (mil.) 2.05 2.26 Yield (pounds/acre) 7523 7625 Beginning Stocks 21.2 19.3 37.3 37.3 Imports 37.2 42.7 44.0 43.0 Production 153.8 172.0 152.7 152.7 Supply, Total 7/ 212.2 234.1 234.0 233.0 Domestic & Residual 3/ 117.8 135.9 134.0 134.0 Exports 8/ 75.1 60.8 64.0 62.0 Use, Total 192.9 196.7 198.0 196.0 Ending Stocks 19.3 37.3 36.0 37.0 Avg.FarmPrice($/cwt) 6/ 15.90 14.00 11.50 10.50 MEDIUM & SHORT GRAIN RICE Harvested Acres (mil.) 0.81 0.61 Yield (pounds/acre) 7938 8200 Beginning Stocks 6.8 18.9 13.7 13.7 Imports 7.2 6.6 6.7 6.7 Production 64.1 50.1 54.7 54.7 Supply, Total 7/ 78.8 74.4 75.1 75.1 Domestic & Residual 3/ 35.9 31.0 32.0 32.0 Exports 8/ 23.9 29.7 30.0 30.0 Use, Total 59.9 60.7 62.0 62.0 Ending Stocks 18.9 13.7 13.1 13.1 Avg. Farm Price ($/cwt) 1/ 6/ 9/ 21.60 19.60 17.40 15.80 California 10/ 22.30 20.00 20.00 18.00 Other States 1/ 17.20 15.20 12.00 11.00 ================================================================================ WASDE - 666 - 15 December 2025 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Nov Dec ================================================================================ Million Acres SOYBEANS Area Planted 83.6 87.3 81.1 81.1 Area Harvested 82.3 86.2 80.3 80.3 Bushels Yield per Harvested Acre 50.6 50.7 53.0 53.0 Million Bushels Beginning Stocks 264 342 316 316 Production 4162 4374 4253 4253 Imports 21 29 20 20 Supply, Total 4447 4746 4590 4590 Crushings 2285 2445 2555 2555 Exports 1700 1882 1635 1635 Seed 75 70 73 73 Residual 44 32 37 37 Use, Total 4105 4429 4300 4300 Ending Stocks 342 316 290 290 Avg.FarmPrice ($/bu) 2/ 12.40 10.00 10.50 10.50 Million Pounds SOYBEAN OIL Beginning Stocks 1607 1551 1751 1751 Production 4/ 27093 29225 30150 30150 Imports 621 375 375 375 Supply, Total 29321 31151 32276 32276 Domestic Disappearance 27153 26900 29650 29650 Biofuel 3/ 12995 11758 15500 15500 Food, Feed & other Industrial 14158 15142 14150 14150 Exports 617 2500 900 900 Use, Total 27770 29400 30550 30550 Ending stocks 1551 1751 1726 1726 Avg. Price (c/lb) 2/ 47.28 47.59 53.00 53.00 Thousand Short Tons SOYBEAN MEAL Beginning Stocks 371 453 450 450 Production 4/ 54106 58312 60225 60225 Imports 687 760 675 675 Supply, Total 55164 59525 61350 61350 Domestic Disappearance 38657 40775 41675 41675 Exports 16054 18300 19200 19200 Use, Total 54711 59075 60875 60875 Ending Stocks 453 450 475 475 Avg. Price ($/s.t.) 2/ 384.11 299.77 300.00 300.00 ================================================================================ WASDE - 666 - 16 December 2025 U.S. Sugar Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Nov Dec ================================================================================ 1000 Short Tons, Raw Value Beginning Stocks 1843 2220 2489 2489 Production 2/ 9313 9396 9319 9342 Beet Sugar 5172 5370 5211 5098 Cane Sugar 4141 4027 4108 4244 Florida 2079 1931 2053 2082 Louisiana 2022 2095 2056 2162 Texas 40 0 0 0 Imports 3840 3415 2313 2289 TRQ 3/ 1788 1534 1369 1369 Other Program 4/ 300 362 200 200 Non-program 1752 1518 744 720 Mexico 521 504 220 220 High-tier tariff/other 1231 1014 525 500 Total Supply 14995 15032 14121 14119 Exports 249 111 100 100 Deliveries 12443 12660 12176 12153 Food 12336 12549 12071 12048 Other 5/ 106 111 105 105 Miscellaneous 83 -228 0 0 Total Use 12775 12543 12276 12253 Ending Stocks 2220 2489 1845 1867 Stocks to Use Ratio 17.4 19.8 15.0 15.2 ================================================================================ 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. Nov 1418 4771 167 4210 1023 1123 Dec 1418 4771 167 4210 1023 1123 2025/26 Proj. Nov 1123 5019 98 4514 649 1077 Dec 1123 5094 142 4472 800 1087 ================================================================================ WASDE - 666 - 17 December 2025 U.S. Cotton Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Nov Dec ================================================================================ Million Acres Planted 10.23 11.18 9.30 9.30 Harvested 6.44 7.81 7.37 7.37 Pounds Yield per Harvested Acre 899 886 919 929 Million 480 Pound Bales Beginning Stocks 4.65 3.15 4.00 4.00 Production 12.07 14.41 14.12 14.27 Imports 0.00 0.00 0.01 0.01 Supply, Total 16.72 17.57 18.12 18.27 Domestic Use 1.85 1.70 1.70 1.60 Exports, Total 11.75 11.90 12.20 12.20 Use, Total 13.60 13.60 13.90 13.80 Unaccounted 2/ -0.03 -0.03 -0.08 -0.03 Ending Stocks 3.15 4.00 4.30 4.50 Avg. Farm Price 3/ 76.1 63.0 62.0 60.0 ================================================================================ WASDE - 666 - 18 December 2025 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/ 274.65 792.34 223.24 159.24 796.96 222.24 270.04 World Less China 135.83 655.75 209.61 122.24 643.46 221.23 135.51 United States 15.50 49.10 3.75 2.33 30.18 19.21 18.95 Total Foreign 259.15 743.25 219.49 156.91 766.78 203.03 251.08 Major Exporters 4/ 47.63 325.10 13.80 72.88 179.81 165.60 41.11 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 3.83 8.96 25.44 5.28 European Union 5/ 16.27 135.38 12.66 46.50 110.50 38.01 15.79 Russia 14.39 91.50 0.30 16.00 39.00 55.50 11.69 Ukraine 2.93 23.00 0.06 1.50 6.00 18.58 1.41 Major Importers 6/ 178.76 208.72 139.44 56.53 329.61 19.75 177.55 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 5.11 0.00 4.80 0.35 0.45 Sel. Mideast 8/ 11.74 20.77 20.34 3.22 39.70 0.65 12.49 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/ 270.04 800.77 200.31 157.17 810.77 210.18 260.03 World Less China 135.51 660.67 196.14 124.17 660.77 209.17 132.26 United States 18.95 53.85 4.05 3.19 31.24 22.48 23.15 Total Foreign 251.08 746.92 196.25 153.98 779.54 187.71 236.89 Major Exporters 4/ 41.11 315.71 11.86 74.58 181.88 152.59 34.20 Argentina 4.54 18.51 0.01 0.25 7.15 13.00 2.91 Australia 2.41 34.11 0.22 5.60 9.10 23.69 3.96 Canada 5.28 35.94 0.61 3.13 8.43 29.28 4.11 European Union 5/ 15.79 122.15 10.65 45.00 109.00 27.87 11.71 Russia 11.69 81.60 0.30 17.00 40.00 43.00 10.59 Ukraine 1.41 23.40 0.07 3.60 8.20 15.75 0.93 Major Importers 6/ 177.55 211.38 120.88 51.45 328.08 16.32 165.41 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 0.70 6.25 0.34 1.16 N. Africa 7/ 11.54 15.84 31.67 1.35 46.15 2.51 10.38 Nigeria 0.45 0.13 6.22 0.00 6.00 0.38 0.41 Sel. Mideast 8/ 12.49 23.56 17.60 2.92 40.22 0.73 12.69 Southeast Asia 9/ 4.51 0.00 29.17 9.60 28.38 1.44 3.86 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 3.80 6.83 15.03 0.50 2.68 ================================================================================ WASDE - 666 - 19 December 2025 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/ Nov 261.44 828.89 212.92 161.45 818.90 217.21 271.43 Dec 260.03 837.81 214.39 165.19 822.97 218.71 274.87 World Less China Nov 133.66 688.89 206.92 130.45 670.90 216.21 146.65 Dec 132.26 697.81 208.39 134.19 674.97 217.71 150.10 United States Nov 23.15 54.01 3.27 3.27 31.41 24.49 24.52 Dec 23.15 54.01 3.27 3.27 31.41 24.49 24.52 Total Foreign Nov 238.29 774.88 209.65 158.19 787.50 192.71 246.91 Dec 236.89 783.80 211.12 161.93 791.56 194.21 250.35 Major Exporters 4/ Nov 35.20 346.80 6.74 79.30 187.65 159.00 42.09 Dec 34.20 355.46 6.74 82.30 190.65 161.00 44.75 Argentina Nov 3.41 22.00 0.01 0.30 7.40 14.00 4.02 Dec 2.91 24.00 0.01 0.80 7.90 14.50 4.52 Australia Nov 4.46 36.00 0.23 5.50 9.10 26.00 5.59 Dec 3.96 37.00 0.23 5.50 9.10 27.00 5.09 Canada Nov 4.11 37.00 0.60 4.00 9.35 27.00 5.36 Dec 4.11 39.96 0.60 5.00 10.35 28.00 6.32 European Union 5/ Nov 11.71 142.30 5.50 49.00 113.50 33.00 13.01 Dec 11.71 144.00 5.50 50.00 114.50 33.00 13.71 Russia Nov 10.59 86.50 0.30 18.00 41.20 44.00 12.19 Dec 10.59 87.50 0.30 18.00 41.20 44.00 13.19 Ukraine Nov 0.93 23.00 0.10 2.50 7.10 15.00 1.93 Dec 0.93 23.00 0.10 3.00 7.60 14.50 1.93 Major Importers 6/ Nov 165.69 207.97 136.10 50.18 329.67 16.32 163.77 Dec 165.41 207.94 137.35 50.83 330.52 15.82 164.37 Bangladesh Nov 0.78 1.00 6.70 0.30 7.70 0.00 0.78 Dec 0.78 1.00 6.70 0.30 7.70 0.00 0.78 Brazil Nov 2.69 7.70 7.30 0.75 12.35 2.50 2.84 Dec 2.69 7.70 7.30 0.75 12.35 2.50 2.84 China Nov 127.78 140.00 6.00 31.00 148.00 1.00 124.78 Dec 127.78 140.00 6.00 31.00 148.00 1.00 124.78 Japan Nov 1.16 1.10 5.45 0.70 6.20 0.34 1.17 Dec 1.16 1.10 5.45 0.70 6.20 0.34 1.17 N. Africa 7/ Nov 10.38 17.45 32.45 1.35 46.70 2.12 11.46 Dec 10.38 17.45 33.00 1.35 46.85 2.12 11.86 Nigeria Nov 0.41 0.13 6.70 0.00 6.40 0.40 0.44 Dec 0.41 0.13 6.70 0.00 6.40 0.40 0.44 Sel. Mideast 8/ Nov 12.69 19.78 20.50 2.78 40.42 0.99 11.56 Dec 12.69 19.78 20.50 2.78 40.42 0.99 11.56 Southeast Asia 9/ Nov 3.96 0.00 31.90 10.15 29.70 1.34 4.82 Dec 3.86 0.00 32.60 10.65 30.40 1.34 4.72 India Nov 12.00 117.51 0.25 6.50 112.51 0.25 17.00 Dec 11.80 117.95 0.25 6.50 112.51 0.25 17.24 Kazakhstan Nov 4.03 18.90 0.50 3.50 8.65 9.00 5.78 Dec 4.03 18.90 0.50 3.50 8.65 9.00 5.78 United Kingdom Nov 2.68 12.00 3.50 7.10 15.30 0.60 2.28 Dec 2.68 11.85 3.50 7.10 15.30 0.60 2.13 ================================================================================ WASDE - 666 - 20 December 2025 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/ 337.46 1507.09 242.67 924.06 1497.28 236.25 347.27 World Less China 130.70 1209.71 194.64 678.26 1158.58 236.25 133.81 United States 37.14 402.88 2.65 151.72 331.42 63.37 47.87 Total Foreign 300.32 1104.21 240.02 772.35 1165.86 172.88 299.40 Major Exporters 4/ 30.63 322.45 6.87 137.35 195.06 142.33 22.56 Argentina 3.13 59.37 0.01 12.27 18.33 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/ 37.36 231.58 144.60 272.24 360.10 14.66 38.77 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 29.09 24.95 30.60 53.17 0.02 6.45 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/ 347.27 1510.87 224.75 945.69 1536.08 227.11 322.06 World Less China 133.81 1207.40 206.51 695.94 1194.00 227.10 128.97 United States 47.87 391.51 2.19 144.41 324.40 75.31 41.87 Total Foreign 299.40 1119.35 222.56 801.28 1211.68 151.80 280.18 Major Exporters 4/ 22.56 332.77 4.98 143.28 207.17 124.93 28.21 Argentina 3.61 58.46 0.01 14.27 20.48 34.60 7.00 Australia 1.83 17.34 0.00 4.77 6.64 11.25 1.28 Brazil 9.07 143.59 2.74 73.50 102.98 41.13 11.29 Canada 3.91 27.52 1.85 14.82 22.90 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/ 38.77 228.38 153.95 286.39 374.01 11.31 35.79 European Union 6/ 15.41 136.80 20.00 110.10 148.62 9.17 14.42 Japan 1.45 0.20 16.72 13.15 16.84 0.00 1.53 Mexico 6.45 28.37 26.60 32.45 55.08 0.03 6.31 N. Afr & Mideast 7/ 8.28 31.28 45.02 67.73 76.23 1.56 6.78 Saudi Arabia 1.41 0.27 8.36 8.32 8.66 0.00 1.39 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 - 666 - 21 December 2025 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/ Nov 320.56 1576.13 233.52 974.75 1585.89 247.31 310.80 Dec 322.06 1575.82 233.20 974.75 1588.11 249.27 309.76 World Less China Nov 127.48 1272.18 207.29 718.70 1237.51 247.29 135.94 Dec 128.97 1271.87 206.48 718.20 1239.24 249.24 134.90 United States Nov 41.87 440.80 2.31 159.32 343.19 84.03 57.77 Dec 41.87 440.80 2.31 159.21 343.19 87.23 54.57 Total Foreign Nov 278.69 1135.33 231.21 815.43 1242.70 163.28 253.03 Dec 280.18 1135.01 230.89 815.54 1244.92 162.04 255.19 Major Exporters 4/ Nov 26.73 339.43 4.90 144.63 211.06 138.91 21.09 Dec 28.21 338.94 4.87 144.82 211.65 137.47 22.91 Argentina Nov 5.30 61.82 0.01 14.04 20.33 41.90 4.90 Dec 7.00 61.82 0.01 14.04 20.33 41.90 6.60 Australia Nov 1.49 19.32 0.00 5.39 7.26 11.37 2.17 Dec 1.28 19.92 0.00 5.49 7.36 11.67 2.16 Brazil Nov 11.29 137.61 2.52 72.10 104.13 43.09 4.21 Dec 11.29 137.61 2.52 72.10 104.13 43.09 4.21 Canada Nov 3.48 28.07 2.12 16.17 24.15 5.94 3.57 Dec 3.48 29.48 2.12 16.44 24.57 6.29 4.21 Russia Nov 1.41 36.98 0.10 21.70 29.78 6.81 1.91 Dec 1.41 37.48 0.10 22.00 30.18 6.81 2.01 Ukraine Nov 1.60 38.58 0.01 8.01 10.51 27.59 2.10 Dec 1.40 35.58 0.01 7.50 10.15 25.50 1.34 Major Importers 5/ Nov 35.78 233.09 156.11 289.78 377.83 10.70 36.45 Dec 35.79 234.79 155.03 289.79 377.90 10.95 36.76 European Union 6/ Nov 14.51 139.11 22.28 112.70 151.59 9.39 14.92 Dec 14.42 141.11 21.18 112.90 151.84 9.64 15.23 Japan Nov 1.53 0.25 17.01 13.55 17.26 0.00 1.53 Dec 1.53 0.25 17.01 13.55 17.26 0.00 1.53 Mexico Nov 6.31 31.19 27.10 34.45 57.48 0.03 7.09 Dec 6.31 31.19 27.10 34.45 57.48 0.03 7.09 N. Afr & Mideast 7/ Nov 6.79 30.62 43.13 64.86 73.44 0.72 6.39 Dec 6.78 30.62 43.15 64.87 73.46 0.72 6.38 Saudi Arabia Nov 1.39 0.27 8.37 8.33 8.67 0.00 1.36 Dec 1.39 0.27 8.37 8.33 8.67 0.00 1.36 Southeast Asia 8/ Nov 2.78 31.38 21.98 41.98 52.83 0.57 2.74 Dec 2.88 31.08 21.98 41.78 52.63 0.57 2.75 South Korea Nov 2.05 0.16 11.61 9.39 11.78 0.00 2.04 Dec 2.05 0.16 11.61 9.39 11.78 0.00 2.04 China Nov 193.09 303.95 26.23 256.05 348.38 0.03 174.86 Dec 193.09 303.95 26.73 256.55 348.88 0.03 174.86 ================================================================================ WASDE - 666 - 22 December 2025 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/ 305.37 1230.70 197.62 769.45 1220.62 192.65 315.45 World Less China 99.35 941.86 174.29 544.45 913.62 192.65 104.26 United States 34.55 389.67 0.72 148.13 322.87 57.28 44.79 Total Foreign 270.82 841.03 196.90 621.32 897.75 135.38 270.66 Major Exporters 4/ 18.51 232.53 2.72 93.64 128.12 112.88 12.76 Argentina 2.32 51.00 0.01 10.40 14.60 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/ 21.04 123.68 102.77 160.35 220.90 5.01 21.57 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 23.71 24.22 25.80 47.00 0.02 5.79 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/ 315.45 1230.61 184.99 786.79 1252.69 187.14 293.37 World Less China 104.26 935.69 183.16 552.79 936.69 187.14 101.44 United States 44.79 378.27 0.55 138.83 312.10 72.60 38.91 Total Foreign 270.66 852.34 184.44 647.95 940.59 114.54 254.46 Major Exporters 4/ 12.76 243.86 1.77 100.50 142.10 95.92 20.38 Argentina 2.48 50.00 0.01 11.80 16.20 30.00 6.28 Brazil 8.33 136.00 1.60 66.50 94.50 41.00 10.43 Russia 0.76 14.00 0.05 9.80 10.90 3.00 0.91 South Africa 0.65 17.06 0.10 7.00 14.00 1.90 1.91 Ukraine 0.54 26.80 0.02 5.40 6.50 20.02 0.84 Major Importers 5/ 21.57 120.58 106.57 164.50 225.21 3.35 20.17 Egypt 1.43 7.00 10.44 14.60 17.20 0.00 1.67 European Union 6/ 7.29 59.02 18.59 56.00 76.00 2.77 6.14 Japan 1.30 0.02 15.46 12.10 15.40 0.00 1.37 Mexico 5.79 23.20 25.50 27.50 48.80 0.03 5.66 Southeast Asia 7/ 3.19 31.14 20.80 40.60 51.71 0.55 2.87 South Korea 2.04 0.09 11.44 9.35 11.55 0.00 2.03 Selected Other Canada 2.00 15.35 1.67 8.56 14.42 3.00 1.58 China 211.19 294.92 1.82 234.00 316.00 0.00 191.93 ================================================================================ WASDE - 666 - 23 December 2025 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/ Nov 291.66 1286.23 191.12 812.55 1296.54 203.47 281.34 Dec 293.37 1282.96 190.37 810.36 1297.18 205.10 279.15 World Less China Nov 99.73 991.23 183.12 573.55 975.54 203.45 107.43 Dec 101.44 987.96 182.37 571.36 976.18 205.08 105.24 United States Nov 38.91 425.53 0.64 154.95 332.25 78.11 54.71 Dec 38.91 425.53 0.64 154.95 332.25 81.28 51.53 Total Foreign Nov 252.75 860.70 190.48 657.60 964.29 125.36 226.63 Dec 254.46 857.44 189.73 655.42 964.93 123.82 227.62 Major Exporters 4/ Nov 18.77 246.60 1.67 101.10 145.20 109.70 12.14 Dec 20.38 244.00 1.67 100.20 144.50 108.20 13.34 Argentina Nov 4.58 53.00 0.01 12.00 16.40 37.00 4.19 Dec 6.28 53.00 0.01 12.00 16.40 37.00 5.89 Brazil Nov 10.43 131.00 1.60 66.00 96.50 43.00 3.53 Dec 10.43 131.00 1.60 66.00 96.50 43.00 3.53 Russia Nov 0.91 14.10 0.05 10.00 11.10 3.00 0.96 Dec 0.91 14.50 0.05 10.30 11.40 3.00 1.06 South Africa Nov 1.80 16.50 0.00 7.10 14.20 2.20 1.90 Dec 1.91 16.50 0.00 7.10 14.20 2.20 2.01 Ukraine Nov 1.04 32.00 0.01 6.00 7.00 24.50 1.55 Dec 0.84 29.00 0.01 4.80 6.00 23.00 0.85 Major Importers 5/ Nov 20.10 120.00 110.15 166.55 227.30 2.40 20.55 Dec 20.17 120.70 109.15 166.35 227.10 2.40 20.52 Egypt Nov 1.65 6.70 10.50 14.50 17.10 0.00 1.75 Dec 1.67 6.70 10.50 14.50 17.10 0.00 1.77 European Union 6/ Nov 6.19 55.75 21.00 55.20 75.30 1.80 5.84 Dec 6.14 56.75 20.00 55.20 75.30 1.80 5.79 Japan Nov 1.37 0.02 15.50 12.20 15.50 0.00 1.39 Dec 1.37 0.02 15.50 12.20 15.50 0.00 1.39 Mexico Nov 5.66 26.00 25.80 29.30 51.00 0.03 6.43 Dec 5.66 26.00 25.80 29.30 51.00 0.03 6.43 Southeast Asia 7/ Nov 2.77 31.33 21.30 41.50 52.10 0.57 2.74 Dec 2.87 31.03 21.30 41.30 51.90 0.57 2.74 South Korea Nov 2.03 0.10 11.50 9.35 11.60 0.00 2.02 Dec 2.03 0.09 11.50 9.35 11.60 0.00 2.02 Canada Nov 1.58 15.55 2.00 9.50 15.10 2.20 1.83 Dec 1.58 14.87 2.00 9.00 14.60 2.20 1.65 China Nov 191.93 295.00 8.00 239.00 321.00 0.02 173.91 Dec 191.93 295.00 8.00 239.00 321.00 0.02 173.91 ================================================================================ WASDE - 666 - 24 December 2025 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/ 180.95 523.97 53.42 524.72 56.76 180.20 World Less China 74.35 379.35 51.90 376.61 55.13 77.20 United States 0.96 6.92 1.41 4.88 3.15 1.27 Total Foreign 179.99 517.05 52.01 519.84 53.62 178.93 Major Exporters 4/ 46.56 207.19 3.77 165.10 42.62 49.80 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 2.03 9.87 0.01 4.00 6.53 1.39 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/ 121.41 237.27 20.79 259.34 2.01 118.12 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/ 180.20 541.28 57.54 531.15 60.60 190.33 World Less China 77.20 396.00 55.20 385.19 59.45 86.83 United States 1.27 7.05 1.57 5.30 2.87 1.71 Total Foreign 178.93 534.22 55.97 525.85 57.73 188.62 Major Exporters 4/ 49.80 219.21 3.57 170.07 46.03 56.48 Burma 1.22 11.90 0.01 9.70 2.40 1.02 India 42.00 150.00 0.00 121.17 22.83 48.00 Pakistan 1.39 9.72 0.01 4.10 5.20 1.82 Thailand 2.21 20.84 0.05 12.50 7.60 3.01 Vietnam 2.99 26.75 3.50 22.60 8.00 2.64 Major Importers 5/ 118.12 239.48 22.45 258.61 1.51 119.94 China 103.00 145.28 2.34 145.96 1.15 103.50 European Union 6/ 0.70 1.60 2.54 3.50 0.34 1.00 Indonesia 6.17 34.10 0.70 35.50 0.00 5.47 Nigeria 1.41 5.77 3.30 8.30 0.00 2.18 Philippines 3.40 12.37 5.43 17.40 0.00 3.80 Sel. Mideast 7/ 1.30 2.28 4.91 6.85 0.00 1.64 Selected Other Brazil 0.71 8.68 0.95 7.35 1.20 1.79 C. Amer & Carib 8/ 0.58 1.44 2.01 3.26 0.10 0.67 Egypt 0.46 3.90 0.16 4.05 0.10 0.37 Japan 1.60 7.29 0.84 8.13 0.09 1.52 Mexico 0.12 0.17 0.88 1.01 0.03 0.14 South Korea 1.21 3.59 0.33 4.18 0.19 0.75 ================================================================================ WASDE - 666 - 25 December 2025 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/ Nov 188.19 540.87 59.29 542.35 62.90 186.72 Dec 190.33 540.41 59.24 541.90 63.23 188.83 World Less China Nov 84.69 394.87 56.39 395.65 61.70 82.22 Dec 86.83 394.41 56.24 395.30 61.83 84.33 United States Nov 1.71 6.58 1.61 5.27 2.99 1.65 Dec 1.71 6.58 1.58 5.27 2.92 1.68 Total Foreign Nov 186.48 534.29 57.68 537.07 59.91 185.07 Dec 188.62 533.82 57.66 536.63 60.31 187.15 Major Exporters 4/ Nov 54.59 218.80 4.17 176.20 47.90 53.45 Dec 56.48 219.80 4.17 176.20 48.20 56.05 Burma Nov 0.63 12.00 0.01 9.70 2.20 0.73 Dec 1.02 12.00 0.01 9.70 2.50 0.83 India Nov 46.50 151.00 0.00 127.00 25.00 45.50 Dec 48.00 152.00 0.00 127.00 25.00 48.00 Pakistan Nov 1.82 9.40 0.01 4.15 5.30 1.78 Dec 1.82 9.40 0.01 4.15 5.30 1.78 Thailand Nov 2.71 20.40 0.05 12.65 7.50 3.01 Dec 3.01 20.40 0.05 12.65 7.50 3.31 Vietnam Nov 2.94 26.00 4.10 22.70 7.90 2.44 Dec 2.64 26.00 4.10 22.70 7.90 2.14 Major Importers 5/ Nov 119.84 240.67 21.95 260.65 1.64 120.17 Dec 119.94 240.37 21.85 260.55 1.84 119.77 China Nov 103.50 146.00 2.90 146.70 1.20 104.50 Dec 103.50 146.00 3.00 146.60 1.40 104.50 European Union 6/ Nov 1.00 1.77 2.30 3.60 0.40 1.07 Dec 1.00 1.77 2.30 3.60 0.40 1.07 Indonesia Nov 5.47 33.60 0.80 35.30 0.00 4.57 Dec 5.47 33.60 0.80 35.30 0.00 4.57 Nigeria Nov 2.08 5.54 3.20 8.50 0.00 2.32 Dec 2.18 5.54 3.20 8.50 0.00 2.42 Philippines Nov 3.80 12.60 4.80 17.60 0.00 3.60 Dec 3.80 12.30 4.60 17.60 0.00 3.10 Sel. Mideast 7/ Nov 1.64 2.23 5.05 7.25 0.00 1.66 Dec 1.64 2.23 5.05 7.25 0.00 1.66 Brazil Nov 1.59 7.60 0.85 7.35 1.35 1.34 Dec 1.79 7.60 0.85 7.35 1.35 1.54 C. Amer & Carib 8/ Nov 0.68 1.53 2.06 3.46 0.08 0.74 Dec 0.67 1.43 2.06 3.36 0.08 0.73 Egypt Nov 0.37 4.20 0.10 4.15 0.08 0.44 Dec 0.37 4.20 0.10 4.15 0.08 0.44 Japan Nov 1.48 7.28 0.69 8.00 0.10 1.35 Dec 1.52 7.28 0.69 8.00 0.10 1.39 Mexico Nov 0.14 0.18 0.90 1.02 0.01 0.19 Dec 0.14 0.18 0.90 1.02 0.01 0.18 South Korea Nov 1.12 3.44 0.41 3.81 0.13 1.03 Dec 0.75 3.54 0.41 3.81 0.13 0.76 ================================================================================ WASDE - 666 - 26 December 2025 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 75.90 112.56 44.05 114.98 44.34 -0.21 73.40 World Less China 42.54 85.21 29.08 76.08 44.28 -0.21 36.69 United States 4.65 12.07 3/ 1.85 11.75 -0.03 3.15 Total Foreign 71.25 100.50 44.05 113.13 32.59 -0.18 70.25 Major Exporters 4/ 27.28 57.95 1.63 34.59 28.27 -0.18 24.17 Central Asia 5/ 3.66 5.02 0.05 3.89 1.66 0.00 3.18 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 73.40 119.28 43.03 118.93 42.40 -0.22 74.61 World Less China 36.69 87.28 37.85 79.93 42.34 -0.22 39.78 United States 3.15 14.41 3/ 1.70 11.90 -0.03 4.00 Total Foreign 70.25 104.86 43.03 117.23 30.50 -0.19 70.61 Major Exporters 4/ 24.17 58.62 4.29 34.70 26.35 -0.19 26.22 Central Asia 5/ 3.18 5.09 0.10 3.93 1.48 0.00 2.96 Afr. Fr. Zone 6/ 1.29 4.25 3/ 0.10 4.07 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 24.00 3.04 25.00 1.33 0.00 10.02 Major Importers 8/ 43.86 43.32 35.92 78.00 3.01 0.00 42.08 Mexico 0.24 0.97 0.60 1.35 0.18 0.00 0.28 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 - 666 - 27 December 2025 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 Nov 74.49 120.08 44.01 118.88 44.00 -0.24 75.93 Dec 74.61 119.79 43.73 118.61 43.74 -0.19 75.97 World Less China Nov 39.64 86.58 38.61 80.38 43.93 -0.24 40.76 Dec 39.78 86.29 38.33 80.11 43.67 -0.19 40.81 United States Nov 4.00 14.12 0.01 1.70 12.20 -0.08 4.30 Dec 4.00 14.27 0.01 1.60 12.20 -0.03 4.50 Total Foreign Nov 70.49 105.97 44.00 117.18 31.80 -0.16 71.63 Dec 70.61 105.52 43.73 117.01 31.54 -0.16 71.47 Major Exporters 4/ Nov 26.09 59.36 4.25 34.94 28.22 -0.16 26.70 Dec 26.22 58.96 4.25 34.84 27.99 -0.16 26.76 Central Asia 5/ Nov 2.95 4.81 0.20 3.95 1.42 0.00 2.59 Dec 2.96 4.81 0.20 3.95 1.42 0.00 2.60 Afr. Fr. Zone 6/ Nov 1.37 4.43 3/ 0.11 4.34 0.00 1.35 Dec 1.37 4.03 3/ 0.11 4.07 0.00 1.23 S. Hemis. 7/ Nov 11.31 25.71 0.15 4.61 20.86 -0.16 11.85 Dec 11.44 25.71 0.15 4.51 20.86 -0.16 12.08 Australia Nov 4.79 4.50 3/ 0.00 5.10 -0.16 4.35 Dec 4.79 4.50 3/ 0.00 5.10 -0.16 4.35 Brazil Nov 3.31 18.75 0.01 3.50 14.50 0.00 4.06 Dec 3.42 18.75 0.01 3.40 14.50 0.00 4.27 India Nov 10.02 24.00 2.80 25.00 1.30 0.00 10.52 Dec 10.02 24.00 2.80 25.00 1.30 0.00 10.52 Major Importers 8/ Nov 42.08 43.72 36.62 77.45 2.44 0.00 42.52 Dec 42.08 43.67 36.42 77.45 2.41 0.00 42.31 Mexico Nov 0.28 0.58 0.70 1.30 0.10 0.00 0.16 Dec 0.28 0.58 0.70 1.30 0.10 0.00 0.16 China Nov 34.84 33.50 5.40 38.50 0.08 0.00 35.17 Dec 34.84 33.50 5.40 38.50 0.08 0.00 35.16 European Union 9/ Nov 0.19 1.28 0.47 0.51 1.19 0.00 0.24 Dec 0.20 1.23 0.47 0.51 1.16 0.00 0.23 Turkey Nov 1.28 3.20 4.70 6.90 1.00 0.00 1.28 Dec 1.28 3.20 4.70 6.90 1.00 0.00 1.28 Pakistan Nov 2.10 5.00 5.90 10.90 0.05 0.00 2.05 Dec 2.10 5.00 5.90 10.90 0.05 0.00 2.05 Indonesia Nov 0.41 3/ 2.00 2.00 0.02 0.00 0.40 Dec 0.41 3/ 2.00 2.00 0.02 0.00 0.40 Thailand Nov 0.11 3/ 0.50 0.50 0.00 0.00 0.11 Dec 0.11 3/ 0.50 0.50 0.00 0.00 0.11 Bangladesh Nov 1.71 0.15 8.10 8.10 0.00 0.00 1.87 Dec 1.71 0.15 8.00 8.10 0.00 0.00 1.77 Vietnam Nov 1.02 3/ 8.20 8.10 0.00 0.00 1.12 Dec 1.02 3/ 8.10 8.10 0.00 0.00 1.02 ================================================================================ WASDE - 666 - 28 December 2025 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/ 101.78 396.36 178.41 331.17 383.65 177.84 115.07 World Less China 69.44 375.52 66.41 232.17 261.85 177.77 71.76 United States 7.19 113.27 0.57 62.20 65.44 46.27 9.32 Total Foreign 94.59 283.09 177.85 268.98 318.20 131.57 105.75 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 24.57 144.11 126.74 157.15 0.35 46.20 China 32.34 20.84 112.00 99.00 121.80 0.07 43.31 European Union 1.26 2.81 13.46 14.50 16.00 0.25 1.28 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/ 115.07 427.15 179.00 358.20 413.18 184.81 123.24 World Less China 71.76 406.50 71.00 254.70 285.78 184.74 78.75 United States 9.32 119.05 0.79 66.55 69.32 51.23 8.61 Total Foreign 105.75 308.11 178.21 291.65 343.86 133.58 114.62 Major Exporters 3/ 54.43 237.01 7.07 104.82 116.42 121.37 60.72 Argentina 24.05 51.11 6.32 43.22 50.52 7.87 23.09 Brazil 29.72 171.50 0.73 58.00 62.00 103.14 36.81 Paraguay 0.29 10.20 0.01 3.45 3.55 6.60 0.34 Major Importers 4/ 46.20 24.58 142.34 133.01 164.62 0.43 48.07 China 43.31 20.65 108.00 103.50 127.40 0.07 44.49 European Union 1.28 2.93 14.64 15.40 16.92 0.33 1.60 Southeast Asia 5/ 0.83 0.45 10.02 4.98 10.09 0.01 1.19 Mexico 0.62 0.28 6.43 6.65 6.74 0.01 0.58 2025/26 Proj. World 2/ Nov 123.34 421.75 186.41 364.98 421.54 187.97 121.99 Dec 123.24 422.54 186.14 365.24 421.85 187.70 122.37 World Less China Nov 78.85 400.75 74.41 256.98 288.54 187.87 77.60 Dec 78.75 401.54 74.14 257.24 288.85 187.60 77.98 United States Nov 8.61 115.75 0.54 69.54 72.53 44.50 7.89 Dec 8.61 115.75 0.54 69.54 72.53 44.50 7.89 Total Foreign Nov 114.73 306.00 185.87 295.44 349.01 143.47 114.11 Dec 114.62 306.79 185.60 295.71 349.32 143.20 114.49 Major Exporters 3/ Nov 60.82 237.60 8.08 103.27 115.12 131.35 60.03 Dec 60.72 237.60 8.23 103.27 115.05 131.35 60.16 Argentina Nov 23.10 48.50 7.70 41.00 48.20 8.25 22.85 Dec 23.09 48.50 7.70 41.00 48.20 8.25 22.84 Brazil Nov 36.81 175.00 0.35 59.00 63.30 112.50 36.36 Dec 36.81 175.00 0.50 59.00 63.30 112.50 36.51 Paraguay Nov 0.43 11.00 0.02 3.10 3.30 7.70 0.45 Dec 0.34 11.00 0.02 3.10 3.23 7.70 0.44 Major Importers 4/ Nov 47.97 24.73 147.00 138.36 171.36 0.43 47.91 Dec 48.07 24.73 146.80 138.16 171.16 0.43 48.01 China Nov 44.49 21.00 112.00 108.00 133.00 0.10 44.39 Dec 44.49 21.00 112.00 108.00 133.00 0.10 44.39 European Union Nov 1.54 2.79 14.30 15.30 16.82 0.30 1.51 Dec 1.60 2.79 14.30 15.30 16.82 0.30 1.57 Southeast Asia 5/ Nov 1.19 0.42 10.70 5.71 11.11 0.02 1.18 Dec 1.19 0.42 10.70 5.71 11.11 0.02 1.19 Mexico Nov 0.55 0.28 6.70 6.80 6.89 0.01 0.63 Dec 0.58 0.28 6.70 6.80 6.89 0.01 0.67 ================================================================================ WASDE - 666 - 29 December 2025 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/ 14.15 259.99 69.59 254.90 74.15 14.68 World Less China 13.21 181.58 69.56 177.75 72.71 13.88 United States 0.34 49.08 0.62 35.07 14.56 0.41 Total Foreign 13.82 210.90 68.96 219.83 59.58 14.27 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 38.39 58.58 0.87 2.35 European Union 0.47 11.46 16.54 26.94 0.65 0.87 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/ 14.68 281.13 78.36 272.81 82.49 18.86 World Less China 13.88 199.16 78.31 191.96 81.47 17.91 United States 0.41 52.90 0.69 36.99 16.60 0.41 Total Foreign 14.27 228.23 77.67 235.82 65.89 18.45 Major Exporters 3/ 5.64 86.77 0.29 30.80 54.95 6.96 Argentina 2.44 33.71 0.28 3.50 29.78 3.15 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/ 2.35 23.17 44.62 65.40 1.01 3.72 European Union 0.87 12.17 20.61 31.24 0.65 1.75 Mexico 0.16 5.26 2.35 7.45 0.00 0.31 Southeast Asia 5/ 1.21 3.88 20.04 23.23 0.36 1.55 China 0.79 81.97 0.05 80.85 1.02 0.94 2025/26 Proj. World 2/ Nov 18.68 286.42 77.96 283.24 81.55 18.27 Dec 18.86 286.64 78.30 283.08 81.89 18.82 World Less China Nov 17.74 200.88 77.91 199.09 80.35 17.09 Dec 17.91 201.10 78.25 198.93 80.69 17.65 United States Nov 0.41 54.64 0.61 37.81 17.42 0.43 Dec 0.41 54.64 0.61 37.81 17.42 0.43 Total Foreign Nov 18.27 231.78 77.35 245.43 64.13 17.84 Dec 18.45 232.00 77.69 245.28 64.47 18.39 Major Exporters 3/ Nov 7.17 84.77 0.27 32.08 53.60 6.53 Dec 6.96 84.95 0.43 31.88 53.75 6.71 Argentina Nov 3.15 31.98 0.01 3.60 29.00 2.54 Dec 3.15 31.98 0.17 3.60 29.00 2.70 Brazil Nov 3.75 45.55 0.01 21.50 24.00 3.81 Dec 3.55 45.55 0.01 21.30 24.00 3.81 India Nov 0.27 7.24 0.25 6.98 0.60 0.19 Dec 0.25 7.42 0.25 6.98 0.75 0.20 Major Importers 4/ Nov 3.56 23.82 42.45 65.93 0.88 3.02 Dec 3.72 23.67 42.15 65.64 0.88 3.03 European Union Nov 1.65 12.09 17.55 29.84 0.60 0.84 Dec 1.75 12.09 17.55 29.94 0.60 0.85 Mexico Nov 0.28 5.37 2.55 7.88 0.00 0.33 Dec 0.31 5.37 2.55 7.90 0.00 0.33 Southeast Asia 5/ Nov 1.51 4.45 20.55 24.50 0.28 1.73 Dec 1.55 4.45 20.35 24.34 0.28 1.73 China Nov 0.94 85.54 0.05 84.15 1.20 1.18 Dec 0.94 85.54 0.05 84.15 1.20 1.18 ================================================================================ WASDE - 666 - 30 December 2025 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/ 5.87 64.00 10.54 62.88 11.81 5.72 World Less China 4.86 45.19 10.16 43.98 11.71 4.52 United States 0.73 12.29 0.28 12.32 0.28 0.70 Total Foreign 5.14 51.71 10.26 50.56 11.53 5.01 Major Exporters 3/ 1.97 21.63 0.67 14.68 8.04 1.55 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 0.57 2.76 0.59 2.63 0.66 0.62 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/ 5.72 69.88 13.96 68.12 15.01 6.42 World Less China 4.52 49.78 13.67 47.62 14.69 5.65 United States 0.70 13.26 0.17 12.20 1.13 0.79 Total Foreign 5.01 56.62 13.79 55.92 13.88 5.63 Major Exporters 3/ 1.55 24.03 0.95 15.42 9.89 1.22 Argentina 0.67 8.62 0.11 1.98 7.10 0.32 Brazil 0.18 11.83 0.09 10.36 1.49 0.24 European Union 0.62 2.93 0.76 3.01 0.70 0.60 Major Importers 4/ 2.24 23.60 7.84 30.50 0.44 2.75 China 1.20 20.10 0.30 20.50 0.32 0.78 India 0.75 1.98 5.47 6.62 0.03 1.56 North Africa 5/ 0.27 1.19 1.28 2.28 0.09 0.36 2025/26 Proj. World 2/ Nov 6.28 70.57 12.09 70.04 13.20 5.69 Dec 6.42 70.61 12.26 70.05 13.35 5.89 World Less China Nov 5.50 50.05 11.84 49.39 13.10 4.90 Dec 5.65 50.09 12.01 49.55 13.10 5.10 United States Nov 0.79 13.68 0.17 13.45 0.41 0.78 Dec 0.79 13.68 0.17 13.45 0.41 0.78 Total Foreign Nov 5.48 56.89 11.92 56.59 12.79 4.91 Dec 5.63 56.93 12.09 56.60 12.94 5.11 Major Exporters 3/ Nov 1.19 23.71 0.70 15.32 8.99 1.29 Dec 1.22 23.71 0.74 15.32 8.99 1.36 Argentina Nov 0.32 8.18 0.01 1.98 6.15 0.37 Dec 0.32 8.18 0.05 1.98 6.15 0.42 Brazil Nov 0.24 12.03 0.04 10.45 1.50 0.36 Dec 0.24 12.03 0.04 10.45 1.50 0.36 European Union Nov 0.59 2.91 0.65 2.81 0.85 0.49 Dec 0.60 2.91 0.65 2.81 0.85 0.50 Major Importers 4/ Nov 2.69 23.80 6.32 30.60 0.25 1.98 Dec 2.75 23.85 6.47 30.59 0.40 2.09 China Nov 0.78 20.52 0.25 20.65 0.10 0.80 Dec 0.78 20.52 0.25 20.50 0.25 0.80 India Nov 1.49 1.63 4.10 6.42 0.02 0.78 Dec 1.56 1.67 4.25 6.57 0.02 0.89 North Africa 5/ Nov 0.36 1.27 1.27 2.46 0.13 0.32 Dec 0.36 1.27 1.27 2.45 0.13 0.33 ================================================================================ WASDE - 666 - 31 December 2025 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 IV 6882 7207 14133 11905 1264 13302 27435 2269 55.5 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 2205 58.2 IV* 6595 7185 13819 12200 1220 13550 27369 2240 57.7 NovProj. 25756 27487 53405 47965 4807 53276 106681 8666 231.4 DecProj. 25950 27462 53571 48086 4822 53425 106996 8666 231.4 2026 I* 6415 6810 13265 11800 1180 13110 26375 2250 58.4 II* 6340 6645 13026 12000 1200 13335 26361 2325 59.5 III* 6430 6775 13242 12450 1275 13860 27102 2325 58.4 NovProj. 25390 27475 53021 48375 5020 53930 106951 9250 234.3 DecProj. 25725 27475 53357 48550 4955 54040 107397 9250 234.1 ================================================================================ 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 2024 IV 189.75 62.89 130.0 93.6 409.5 24.20 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 20.50 IV* 226.00 64.00 110.0 170.0 215.0 19.10 NovProj. 225.97 69.08 124.7 135.0 379.4 21.05 DecProj. 223.97 68.58 124.7 135.2 379.4 21.00 2026 I* 230.00 64.00 120.0 145.0 215.0 18.30 II* 234.00 70.00 130.0 140.0 185.0 18.00 III* 236.00 71.00 125.0 140.0 180.0 19.20 NovProj. 246 67 125 140 195 19.25 DecProj. 235 67 125 143 195 18.75 ================================================================================ WASDE - 666 - 32 December 2025 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 Proj. Nov 602 25822 5364 31789 2632 595 28562 58.4 Dec 602 26016 5344 31963 2587 595 28781 58.9 2026 Proj. Nov 595 25457 4950 31002 2525 570 27907 56.8 Dec 595 25792 5450 31837 2485 570 28782 58.6 Pork 2024 471 27804 1148 29422 7125 435 21862 49.9 2025 Proj. Nov 435 27502 1116 29053 6982 385 21686 49.2 Dec 435 27476 1126 29037 6972 385 21680 49.1 2026 Proj. Nov 385 27489 1160 29034 6960 385 21689 49.0 Dec 385 27489 1175 29049 7020 385 21644 48.9 TotalRed Meat5/ 2024 1130 55038 6148 62316 10137 1058 51121 110.4 2025 Proj. Nov 1058 53496 6811 61366 9621 1002 50743 108.9 Dec 1058 53662 6801 61521 9566 1002 50954 109.3 2026 Proj. Nov 1002 53112 6455 60569 9492 977 50100 107.1 Dec 1002 53448 6970 61420 9512 977 50931 108.8 Broiler 2024 835 46491 150 47475 6680 761 40034 101.1 2025 Proj. Nov 761 47452 160 48373 6576 765 41031 103.0 Dec 761 47571 160 48492 6646 765 41081 103.1 2026 Proj. Nov 765 47857 140 48762 6655 780 41327 103.3 Dec 765 48031 140 48936 6715 780 41441 103.5 Turkey 2024 243 5121 37 5401 486 219 4697 13.8 2025 Proj. Nov 219 4807 36 5062 407 180 4475 13.1 Dec 219 4822 36 5077 412 180 4485 13.1 2026 Proj. Nov 180 5020 28 5228 400 200 4628 13.5 Dec 180 4955 28 5163 400 200 4563 13.3 Total Poultry6/ 2024 1085 52174 190 53449 7187 985 45277 116.5 2025 Proj. Nov 985 52762 199 53946 7027 951 45968 117.4 Dec 985 52910 199 54094 7102 951 46040 117.6 2026 Proj. Nov 951 53412 170 54533 7099 986 46448 118.1 Dec 951 53520 170 54641 7159 986 46496 118.2 RedMeat& Poultry 2024 2215 107212 6338 115765 17324 2043 96398 226.9 2025 Proj. Nov 2043 106259 7010 115312 16648 1953 96711 226.2 Dec 2043 106571 7000 115614 16668 1953 96994 226.9 2026 Proj. Nov 1953 106524 6625 115101 16591 1963 96548 225.2 Dec 1953 106968 7140 116061 16671 1963 97427 227.0 ================================================================================ WASDE - 666 - 33 December 2025 U.S. Egg Supply and Use ================================================================================ 2023 2024 2025Proj. 2025Proj. 2026Proj. 2026Proj. Commodity Nov Dec Nov Dec ================================================================================ Million Dozen Eggs Supply BeginningStocks 18.8 23.1 14.2 14.2 16.0 16.0 Production 9150.3 9016.6 8666.0 8666.0 9250.0 9250.0 Imports 27.5 30.1 129.1 129.1 50.0 50.0 Total Supply 9196.5 9069.8 8809.3 8809.3 9316.0 9316.0 Use Exports 250.5 236.7 202.1 202.1 235.0 235.0 Hatching Use 1120.4 1148.2 1165.8 1165.8 1160.0 1160.0 Ending Stocks 23.1 14.2 16.0 16.0 21.0 21.0 Disappearance Total 7802.5 7670.7 7425.4 7425.4 7900.0 7900.0 Per Capita (number) 277.7 270.6 260.3 260.3 275.7 275.7 ================================================================================ U.S. Milk Supply and Use ================================================================================ 2023 2024 2025Proj. 2025Proj. 2026Proj. 2026Proj. Commodity Nov Dec Nov Dec ================================================================================ Billion Pounds Milk Production 226.3 225.9 231.4 231.4 234.3 234.1 Farm Use 1.0 1.0 1.0 1.0 1.0 1.0 FatBasisSupply BeginningStocks 14.4 13.8 13.1 13.1 12.7 12.7 Marketings 225.3 224.9 230.5 230.5 233.3 233.2 Imports 7.4 9.1 8.0 7.8 8.3 8.2 Total Supply 247.1 247.8 251.5 251.3 254.3 254.1 FatBasisUse Exports 10.5 11.8 16.0 16.2 14.7 15.0 Ending Stocks 13.8 13.1 12.7 12.7 12.9 12.9 Domestic Use 222.8 222.8 222.8 222.4 226.7 226.2 Skim-solidBasisSupply BeginningStocks 11.7 9.8 9.4 9.4 10.0 9.4 Marketings 225.3 224.9 230.5 230.5 233.3 233.2 Imports 6.3 6.8 6.9 6.9 7.0 7.1 Total Supply 243.3 241.5 246.8 246.8 250.3 249.6 Skim-solidBasisUse Exports 49.9 48.9 48.2 48.2 48.9 48.2 Ending Stocks 9.8 9.4 10.0 9.4 9.6 9.0 Domestic Use 183.6 183.2 188.6 189.2 191.8 192.4 ================================================================================ WASDE - 666 - 34 December 2025 U.S. Dairy Prices ================================================================================ Commod- 2023 2024 2025 Proj. 2025 Proj. 2026 Proj. 2026 Proj. ity Nov Dec Nov Dec ================================================================================ Dollars Per Pound Product Prices 1/ Cheese 1.7593 1.8634 1.805 1.795 1.740 1.675 Butter 2.6170 2.8870 2.220 2.225 1.700 1.675 Nonfat Dry Milk 1.1856 1.2420 1.235 1.235 1.170 1.170 Dry Whey 0.3618 0.4913 0.595 0.595 0.620 0.635 Milk Prices 2/ Dollars Per Cwt ClassIII 17.02 18.89 18.15 18.10 17.65 17.05 Class IV 19.12 20.75 17.35 17.40 14.50 14.40 All Milk 3/ 20.34 22.55 21.05 21.00 19.25 18.75 ================================================================================ WASDE - 666 - 35 December 2025 Reliability of December 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 0.8 1.3 4.0 0.4 10.2 33 11 U.S. 0.4 0.7 0.2 0.0 1.2 22 15 Foreign 0.9 1.5 4.0 0.3 10.3 33 11 Exports World 5.1 8.6 5.8 0.1 18.3 34 10 U.S. 5.6 9.4 1.4 0.2 3.9 21 23 Foreign 6.2 10.5 5.7 0.5 17.9 37 7 Domestic Use World 1.3 2.1 5.9 0.1 24.4 26 18 U.S. 5.6 9.5 1.5 0.0 3.6 11 33 Foreign 1.3 2.2 5.9 0.1 24.6 30 14 Ending Stocks World 5.4 9.1 7.3 0.9 28.6 32 12 U.S. 10.1 17.1 1.7 0.1 7.0 31 13 Foreign 5.5 9.3 6.1 0.4 28.1 31 13 COARSE GRAINS 2/ Production World 1.4 2.3 11.9 0.0 36.0 32 12 U.S. 1.3 2.2 2.7 0.0 9.9 20 24 Foreign 2.0 3.3 11.9 0.0 37.5 32 12 Exports World 6.3 10.6 6.1 0.1 33.3 29 15 U.S. 15.1 25.4 5.5 0.1 12.8 21 23 Foreign 11.3 19.0 7.0 0.0 27.1 27 16 Domestic Use World 1.2 2.0 9.9 0.3 36.5 26 18 U.S. 3.3 5.6 4.8 0.1 17.9 20 24 Foreign 1.5 2.4 9.7 0.1 36.9 27 17 Ending Stocks World 10.5 17.7 13.8 0.2 137.6 36 8 U.S. 18.9 31.8 7.1 0.7 23.9 22 22 Foreign 13.7 23.0 12.8 0.1 143.9 36 8 RICE, milled Production World 1.9 3.2 5.7 0.0 16.2 36 8 U.S. 2.7 4.6 0.1 0.0 0.5 21 18 Foreign 1.9 3.2 5.7 0.1 16.2 37 7 Exports World 9.0 15.1 2.0 0.1 6.3 34 10 U.S. 8.1 13.6 0.2 0.0 0.6 20 22 Foreign 10.1 17.0 2.0 0.0 6.5 32 12 Domestic Use World 1.5 2.5 3.7 0.0 15.9 31 13 U.S. 7.6 12.7 0.2 0.0 0.6 24 20 Foreign 1.5 2.5 3.6 0.0 16.1 31 13 Ending Stocks World 10.1 16.9 5.8 0.1 27.9 36 8 U.S. 20.7 34.8 0.2 0.0 0.8 23 21 Foreign 10.3 17.4 5.9 0.2 27.7 36 8 ================================================================================ WASDE - 666 - 36 December 2025 Reliability of December 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 3.8 6.4 6.1 0.0 26.2 22 21 U.S. 2.0 3.3 1.2 0.1 4.7 19 25 Foreign 6.2 10.4 6.1 0.1 27.3 20 24 Exports World 6.8 11.4 3.8 0.1 18.3 27 17 U.S. 8.6 14.5 2.2 0.1 6.4 25 19 Foreign 16.8 28.2 3.8 0.0 21.3 23 21 Domestic Use World 2.7 4.6 4.6 0.0 16.7 23 21 U.S. 3.3 5.6 1.2 0.0 3.6 28 16 Foreign 3.3 5.6 4.2 0.2 15.1 24 20 Ending Stocks World 14.6 24.6 4.6 0.1 18.5 23 21 U.S. 42.5 71.6 2.1 0.2 7.3 14 30 Foreign 16.0 26.9 4.1 0.1 18.3 24 20 COTTON Production World 3.1 5.2 2.3 0.0 7.2 26 17 U.S. 2.6 4.4 0.3 0.0 1.3 20 23 Foreign 3.6 6.0 2.2 0.0 7.1 25 18 Exports World 7.3 12.3 2.0 0.1 9.0 26 18 U.S. 12.9 21.8 0.9 0.0 3.0 27 17 Foreign 9.6 16.2 1.6 0.0 8.3 22 21 Domestic Use World 4.0 6.7 2.7 0.1 18.2 22 22 U.S. 8.5 14.3 0.3 0.0 1.0 20 23 Foreign 4.0 6.7 2.6 0.1 17.4 24 20 Ending Stocks World 11.0 18.6 4.8 0.1 19.3 23 21 U.S. 29.1 49.1 1.0 0.1 3.2 15 29 Foreign 11.6 19.5 4.4 0.1 17.5 27 17 ================================================================================ WASDE - 666 - 37 December 2025 Reliability of United States December 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 1.3 2.3 100 0 396 21 22 Exports 15.7 26.4 199 9 513 20 24 Domestic Use 3.6 6.0 186 14 574 25 19 Ending Stocks 21.5 36.1 280 16 986 22 22 SORGHUM Production 5.6 9.5 15 1 53 22 22 Exports 27.4 46.1 32 0 125 27 16 Domestic Use 22.1 37.2 37 0 142 18 25 Ending Stocks 44.9 75.5 23 0 104 18 25 BARLEY Production 1.5 2.6 3 0 24 21 10 Exports 43.7 73.6 8 0 37 17 23 Domestic Use 8.0 13.5 16 0 70 17 26 Ending Stocks 14.4 24.3 13 0 39 29 13 OATS Production 1.0 1.8 2 0 18 8 9 Exports 67.3 113.3 1 0 7 11 10 Domestic Use 5.2 8.8 11 0 39 16 27 Ending Stocks 19.4 32.6 12 1 52 28 16 Thousand Short Tons SOYBEAN MEAL Production 3.3 5.6 1007 9 3117 26 18 Exports 10.6 17.8 729 100 2850 26 18 Domestic Use 3.1 5.2 717 50 2293 23 21 Ending Stocks 32.1 54.1 61 0 253 18 23 Million Pounds SOYBEAN OIL Production 3.3 5.5 445 43 1530 30 14 Exports 41.1 69.3 394 0 1400 24 18 Domestic Use 3.6 6.1 484 25 1761 27 17 Ending Stocks 20.7 34.8 287 1 1051 27 17 ANIMAL PROD. 3/ Million Pounds Beef 3.5 5.8 716 9 2311 31 12 Pork 3.1 5.2 431 20 1592 22 21 Broilers 1.7 2.8 397 1 1346 26 17 Turkeys 3.5 5.9 139 2 452 21 22 Million Dozen Eggs 2.4 4.0 139 3 644 26 17 Billion Pounds Milk 1.5 2.5 1.9 0.1 6.1 23 20 ================================================================================