WASDE - 667 - 8 January 2026 World and U.S. Supply and Use for Grains 1/ Million Metric Tons ================================================================================ Total Total Ending Commodity Output Supply Trade 2/ Use 3/ Stocks ================================================================================ World Total Grains 4/ 2023/24 2823.39 3616.39 515.25 2818.94 797.45 2024/25 (Est.) 2853.60 3651.05 498.21 2876.38 774.67 2025/26 (Proj.) Dec 2954.03 3726.45 531.21 2952.98 773.47 Jan 2973.93 3748.60 532.90 2958.13 790.47 Wheat 2023/24 792.35 1067.00 222.24 796.96 270.05 2024/25 (Est.) 800.81 1070.85 210.49 810.86 260.00 2025/26 (Proj.) Dec 837.81 1097.84 218.71 822.97 274.87 Jan 842.17 1102.16 219.76 823.91 278.25 Coarse Grains 5/ 2023/24 1507.06 1844.51 236.25 1497.27 347.24 2024/25 (Est.) 1511.50 1858.74 226.83 1535.29 323.45 2025/26 (Proj.) Dec 1575.82 1897.87 249.27 1588.11 309.76 Jan 1590.61 1914.06 249.64 1592.19 321.88 Rice, milled 2023/24 523.98 704.88 56.76 524.72 180.16 2024/25 (Est.) 541.30 721.46 60.89 530.24 191.22 2025/26 (Proj.) Dec 540.41 730.73 63.23 541.90 188.83 Jan 541.16 732.38 63.50 542.03 190.34 United States Total Grains 4/ 2023/24 458.90 520.30 85.72 366.49 68.09 2024/25 (Est.) 452.42 528.32 100.66 360.32 67.34 2025/26 (Proj.) Dec 501.39 575.28 114.64 379.86 80.77 Jan 508.41 582.87 114.55 381.88 86.44 Wheat 2023/24 49.10 68.35 19.21 30.18 18.95 2024/25 (Est.) 53.85 76.86 22.48 31.12 23.26 2025/26 (Proj.) Dec 54.01 80.42 24.49 31.41 24.52 Jan 54.01 80.54 24.49 30.84 25.21 Coarse Grains 5/ 2023/24 402.88 442.66 63.37 331.42 47.87 2024/25 (Est.) 391.51 441.58 75.31 323.90 42.37 2025/26 (Proj.) Dec 440.80 484.99 87.23 343.19 54.57 Jan 447.83 492.51 87.23 345.62 59.66 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.) Dec 6.58 9.87 2.92 5.27 1.68 Jan 6.56 9.82 2.83 5.43 1.57 ================================================================================ WASDE - 667 - 9 January 2026 World and U.S. Supply and Use for Grains, Continued 1/ Million Metric Tons ================================================================================ Total Total Ending Commodity Output Supply Trade 2/ Use Stocks ================================================================================ Foreign 3/ Total Grains 4/ 2023/24 2364.49 3096.09 429.53 2452.46 729.36 2024/25 (Est.) 2401.18 3122.73 397.55 2516.06 707.33 2025/26 (Proj.) Dec 2452.63 3151.17 416.56 2573.12 692.70 Jan 2465.53 3165.73 418.35 2576.24 704.04 Wheat 2023/24 743.26 998.65 203.03 766.77 251.09 2024/25 (Est.) 746.96 993.99 188.02 779.74 236.73 2025/26 (Proj.) Dec 783.80 1017.42 194.21 791.56 250.35 Jan 788.16 1021.62 195.26 793.08 253.04 Coarse Grains 5/ 2023/24 1104.18 1401.85 172.88 1165.84 299.37 2024/25 (Est.) 1119.98 1417.16 151.52 1211.38 281.09 2025/26 (Proj.) Dec 1135.01 1412.89 162.04 1244.92 255.19 Jan 1142.78 1421.55 162.41 1246.57 262.22 Rice, milled 2023/24 517.05 695.59 53.62 519.84 178.90 2024/25 (Est.) 534.24 711.57 58.02 524.94 189.51 2025/26 (Proj.) Dec 533.82 720.86 60.31 536.63 187.15 Jan 534.59 722.56 60.68 536.60 188.78 ================================================================================ 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 2023/24 112.55 188.41 44.32 114.99 73.35 2024/25 (Est.) 118.48 191.83 42.39 118.94 73.76 2025/26 (Proj.) Dec 119.79 194.40 43.74 118.61 75.97 Jan 119.43 193.20 43.77 118.92 74.48 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.) Dec 14.27 18.27 12.20 1.60 4.50 Jan 13.92 17.92 12.20 1.60 4.20 Foreign 4/ 2023/24 100.48 171.69 32.57 113.14 70.20 2024/25 (Est.) 104.06 174.27 30.49 117.24 69.76 2025/26 (Proj.) Dec 105.52 176.13 31.54 117.01 71.47 Jan 105.52 175.27 31.57 117.32 70.28 ================================================================================ WASDE - 667 - 10 January 2026 World and U.S. Supply and Use for Oilseeds 1/ (Million Metric Tons) ================================================================================ Total Total Ending Commodity Output Supply Trade Use 2/ Stocks ================================================================================ World Oilseeds 2023/24 657.37 780.35 205.53 543.42 136.07 2024/25 (Est.) 684.34 820.41 214.20 567.04 141.69 2025/26 (Proj.) Dec 690.26 831.88 215.12 577.86 143.60 Jan 693.15 834.84 214.83 578.66 145.07 Oilmeals 2023/24 371.40 389.66 105.70 366.13 19.27 2024/25 (Est.) 391.97 411.24 113.75 382.25 23.39 2025/26 (Proj.) Dec 398.84 422.28 113.04 394.44 23.46 Jan 399.81 423.21 114.12 395.45 23.37 Vegetable Oils 2023/24 222.19 254.59 86.12 217.85 30.79 2024/25 (Est.) 229.72 260.51 87.79 222.65 29.90 2025/26 (Proj.) Dec 233.29 263.50 86.38 227.94 29.82 Jan 234.21 264.12 86.72 228.31 29.90 United States Oilseeds 2023/24 122.16 132.12 47.49 66.22 10.81 2024/25 (Est.) 128.60 140.69 52.29 70.38 10.23 2025/26 (Proj.) Dec 125.79 137.05 45.53 73.65 9.53 Jan 126.24 137.56 44.01 73.95 11.10 Oilmeals 2023/24 51.43 56.13 14.75 40.90 0.49 2024/25 (Est.) 55.24 60.68 16.77 43.46 0.45 2025/26 (Proj.) Dec 57.02 62.06 17.62 43.92 0.52 Jan 57.45 62.50 17.80 44.20 0.50 Vegetable Oils 2023/24 13.59 21.59 0.42 20.13 1.04 2024/25 (Est.) 14.47 21.42 1.28 19.04 1.10 2025/26 (Proj.) Dec 15.01 22.60 0.56 20.86 1.18 Jan 14.90 22.54 0.70 20.68 1.16 Foreign 3/ Oilseeds 2023/24 535.20 648.23 158.05 477.19 125.26 2024/25 (Est.) 555.74 679.71 161.92 496.65 131.46 2025/26 (Proj.) Dec 564.47 694.84 169.59 504.21 134.06 Jan 566.91 697.28 170.82 504.72 133.96 Oilmeals 2023/24 319.98 333.53 90.95 325.24 18.78 2024/25 (Est.) 336.73 350.56 96.98 338.79 22.95 2025/26 (Proj.) Dec 341.82 360.22 95.42 350.52 22.95 Jan 342.36 360.71 96.31 351.25 22.88 Vegetable Oils 2023/24 208.60 233.00 85.70 197.72 29.76 2024/25 (Est.) 215.26 239.09 86.50 203.62 28.80 2025/26 (Proj.) Dec 218.27 240.90 85.82 207.08 28.64 Jan 219.31 241.58 86.02 207.63 28.74 ================================================================================ WASDE - 667 - 11 January 2026 U.S. Wheat Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Dec Jan ================================================================================ 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 570 696 851 855 Production 1804 1979 1985 1985 Imports 138 149 120 120 Supply, Total 2511 2824 2955 2959 Food 961 969 972 972 Seed 62 61 62 61 Feed and Residual 86 113 120 100 Domestic, Total 1109 1143 1154 1133 Exports 706 826 900 900 Use, Total 1815 1969 2054 2033 Ending Stocks 696 855 901 926 Avg.FarmPrice ($/bu) 2/ 6.96 5.52 5.00 4.90 ================================================================================ U.S. Wheat by Class: Supply and Use ================================================================================ Year begining Hard Red Hard Red Soft Red June 1 Winter Spring Winter White Durum Total ================================================================================ Million Bushels 2024/25 (Est.) Beginning Stocks 274 190 126 85 21 696 Production 773 505 344 276 80 1979 Imports 6 79 5 7 51 149 Supply, Total 3/ 1054 774 476 368 152 2824 Food 387 258 153 84 88 969 Seed 26 15 12 6 3 61 Feed and Residual 22 33 67 -24 15 113 Domestic Use 435 306 232 66 105 1143 Exports 218 250 117 222 19 826 Use, Total 652 556 349 288 124 1969 Ending Stocks, Total 402 218 127 80 28 855 2025/26 (Proj.) Beginning Stocks 402 218 127 80 28 855 Production 804 458 353 283 86 1985 Imports 5 65 5 5 40 120 Supply, Total 3/ 1211 741 485 368 154 2959 Food 390 260 152 85 85 972 Seed 26 15 12 6 3 61 Feed and Residual 25 10 65 -10 10 100 Domestic Use 441 285 229 81 98 1133 Exports 320 230 115 210 25 900 Use, Total 761 515 344 291 123 2033 Ending Stocks, Total Jan 450 226 141 77 32 926 Dec 426 221 131 87 37 901 ================================================================================ WASDE - 667 - 12 January 2026 U.S. Feed Grain and Corn Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Dec Jan ================================================================================ Million Acres FEED GRAINS Area Planted 107.5 101.8 110.0 110.1 Area Harvested 96.0 91.4 98.5 100.0 Metric Tons Yield per Harvested Acre 4.19 4.28 4.47 4.48 Million Metric Tons Beginning Stocks 37.1 47.9 41.9 42.3 Production 402.6 391.1 440.5 447.5 Imports 2.3 2.0 2.1 2.1 Supply, Total 442.0 441.0 484.4 492.0 Feed and Residual 151.5 144.0 159.1 161.7 Food, Seed & Industrial 179.3 179.3 183.5 183.4 Domestic, Total 330.8 323.3 342.7 345.1 Exports 63.4 75.3 87.2 87.2 Use, Total 394.2 398.6 429.9 432.3 Ending Stocks 47.9 42.3 54.5 59.6 Million Acres CORN Area Planted 94.6 90.9 98.7 98.8 Area Harvested 86.5 83.0 90.0 91.3 Bushels Yield per Harvested Acre 177.3 179.3 186.0 186.5 Million Bushels Beginning Stocks 1360 1763 1532 1551 Production 15341 14892 16752 17021 Imports 28 22 25 25 Supply, Total 16729 16677 18309 18597 Feed and Residual 5831 5454 6100 6200 Food,Seed& Industrial 2/ 6880 6813 6980 6970 Ethanol & by-products 3/ 5489 5436 5600 5600 Domestic, Total 12711 12267 13080 13170 Exports 2255 2858 3200 3200 Use, Total 14966 15126 16280 16370 Ending Stocks 1763 1551 2029 2227 Avg.FarmPrice ($/bu) 4/ 4.55 4.24 4.00 4.10 ================================================================================ WASDE - 667 - 13 January 2026 U.S. Sorghum, Barley, and Oats Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Dec Jan ================================================================================ Million Bushels SORGHUM AreaPlanted (mil. acres) 7.2 6.3 6.6 6.6 AreaHarvested(mil.acres) 6.1 5.6 5.7 6.0 Yield (bushels/acre) 52.0 61.3 75.0 72.6 Beginning Stocks 24 33 40 40 Production 318 344 428 437 Imports 0 0 0 0 Supply, Total 342 377 468 477 Feed and Residual 51 140 100 105 Food, Seed & Industrial 24 98 100 105 Total Domestic 75 239 200 210 Exports 234 98 225 225 Use, Total 309 336 425 435 Ending Stocks 33 40 43 42 Avg.FarmPrice ($/bu) 2/ 4.93 4.07 3.80 3.70 BARLEY AreaPlanted (mil. acres) 3.1 2.4 2.3 2.3 AreaHarvested(mil.acres) 2.6 1.9 1.8 1.8 Yield (bushels/acre) 72.3 76.6 80.0 80.0 Beginning Stocks 66 78 70 69 Production 186 144 141 141 Imports 13 9 9 9 Supply, Total 265 232 219 219 Feed and Residual 56 36 30 25 Food, Seed & Industrial 126 118 115 115 Total Domestic 182 154 145 140 Exports 5 9 9 9 Use, Total 187 162 154 149 Ending Stocks 78 69 65 70 Avg.FarmPrice ($/bu) 2/ 7.39 6.31 5.30 5.40 OATS AreaPlanted (mil. acres) 2.6 2.2 2.4 2.4 AreaHarvested(mil.acres) 0.8 0.9 0.9 0.9 Yield (bushels/acre) 68.6 76.4 73.8 73.8 Beginning Stocks 35 36 29 28 Production 57 68 70 70 Imports 74 71 74 74 Supply, Total 166 176 173 172 Feed and Residual 47 64 55 55 Food, Seed & Industrial 80 81 82 82 Total Domestic 127 145 137 137 Exports 2 2 2 2 Use, Total 129 148 139 139 Ending Stocks 36 28 34 33 Avg.FarmPrice ($/bu) 2/ 3.92 3.35 3.10 3.15 ================================================================================ WASDE - 667 - 14 January 2026 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Dec Jan ================================================================================ Million Acres TOTAL RICE Area Planted 2.90 2.92 2.82 2.81 Area Harvested 2.85 2.87 2.76 2.74 Pounds Yield per Harvested Acre 7641 7753 7506 7544 Million Hundredweight Beginning Stocks 2/ 30.3 39.8 53.9 53.9 Production 218.0 222.6 207.3 206.7 Imports 44.4 49.3 49.7 48.7 Supply, Total 292.6 311.7 310.9 309.3 Domestic & Residual 3/ 153.7 167.3 166.0 171.0 Exports, Total 4/ 99.0 90.5 92.0 89.0 Rough 42.5 28.9 28.0 25.0 Milled (rough equiv.) 56.5 61.7 64.0 64.0 Use, Total 252.8 257.8 258.0 260.0 Ending Stocks 39.8 53.9 52.9 49.3 Avg.MillingYield (%) 5/ 70.00 70.00 70.00 70.00 Avg.FarmPrice($/cwt) 6/ 17.30 14.80 11.60 11.80 LONG GRAIN RICE Harvested Acres (mil.) 2.05 2.26 2.08 Yield (pounds/acre) 7523 7626 7359 Beginning Stocks 21.2 19.3 37.3 37.3 Imports 37.2 42.7 43.0 42.0 Production 153.8 172.0 152.7 153.3 Supply, Total 7/ 212.2 234.0 233.0 232.6 Domestic & Residual 3/ 117.8 135.8 134.0 139.0 Exports 8/ 75.1 60.8 62.0 59.0 Use, Total 192.9 196.6 196.0 198.0 Ending Stocks 19.3 37.3 37.0 34.6 Avg.FarmPrice($/cwt) 6/ 15.90 14.00 10.50 10.50 MEDIUM & SHORT GRAIN RICE Harvested Acres (mil.) 0.81 0.62 0.66 Yield (pounds/acre) 7938 8219 8130 Beginning Stocks 6.8 18.9 13.7 13.7 Imports 7.2 6.6 6.7 6.7 Production 64.1 50.6 54.7 53.4 Supply, Total 7/ 78.8 74.9 75.1 73.9 Domestic & Residual 3/ 35.9 31.5 32.0 32.0 Exports 8/ 23.9 29.7 30.0 30.0 Use, Total 59.9 61.2 62.0 62.0 Ending Stocks 18.9 13.7 13.1 11.9 Avg. Farm Price ($/cwt) 1/ 6/ 9/ 21.60 17.80 15.80 16.60 California 10/ 22.30 17.90 18.00 18.00 Other States 1/ 17.20 15.00 11.00 13.50 ================================================================================ WASDE - 667 - 15 January 2026 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Dec Jan ================================================================================ Million Acres SOYBEANS Area Planted 83.6 87.3 81.1 81.2 Area Harvested 82.3 86.2 80.3 80.4 Bushels Yield per Harvested Acre 50.6 50.7 53.0 53.0 Million Bushels Beginning Stocks 264 342 316 325 Production 4162 4374 4253 4262 Imports 21 29 20 20 Supply, Total 4447 4746 4590 4607 Crushings 2285 2445 2555 2570 Exports 1700 1882 1635 1575 Seed 75 70 73 73 Residual 44 23 37 39 Use, Total 4105 4421 4300 4257 Ending Stocks 342 325 290 350 Avg.FarmPrice ($/bu) 2/ 12.40 10.00 10.50 10.20 Million Pounds SOYBEAN OIL Beginning Stocks 1607 1551 1751 1747 Production 4/ 27093 29218 30150 29940 Imports 621 362 375 365 Supply, Total 29321 31131 32276 32052 Domestic Disappearance 27153 26891 29650 29100 Biofuel 3/ 12995 11758 15500 14800 Food, Feed & other Industrial 14158 15133 14150 14300 Exports 617 2492 900 1200 Use, Total 27770 29384 30550 30300 Ending stocks 1551 1747 1726 1752 Avg. Price (c/lb) 2/ 47.28 47.59 53.00 53.00 Thousand Short Tons SOYBEAN MEAL Beginning Stocks 371 453 450 398 Production 4/ 54106 58443 60225 60752 Imports 687 807 675 725 Supply, Total 55164 59704 61350 61875 Domestic Disappearance 38657 41041 41675 42025 Exports 16054 18265 19200 19400 Use, Total 54711 59305 60875 61425 Ending Stocks 453 398 475 450 Avg. Price ($/s.t.) 2/ 384.11 299.77 300.00 295.00 ================================================================================ WASDE - 667 - 16 January 2026 U.S. Sugar Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Dec Jan ================================================================================ 1000 Short Tons, Raw Value Beginning Stocks 1843 2220 2489 2489 Production 2/ 9313 9396 9342 9381 Beet Sugar 5172 5370 5098 5102 Cane Sugar 4141 4027 4244 4279 Florida 2079 1931 2082 2082 Louisiana 2022 2095 2162 2197 Texas 40 0 0 0 Imports 3840 3393 2289 2255 TRQ 3/ 1788 1534 1369 1366 Other Program 4/ 300 362 200 200 Non-program 1752 1496 720 689 Mexico 521 504 220 220 High-tier tariff/other 1231 991 500 469 Total Supply 14995 15009 14119 14125 Exports 249 111 100 50 Deliveries 12443 12637 12153 12153 Food 12336 12526 12048 12048 Other 5/ 106 111 105 105 Miscellaneous 83 -228 0 0 Total Use 12775 12520 12253 12203 Ending Stocks 2220 2489 1867 1922 Stocks to Use Ratio 17.4 19.9 15.2 15.8 ================================================================================ 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. Dec 1418 4771 167 4210 1023 1123 Jan 1418 4771 167 4210 1023 1123 2025/26 Proj. Dec 1123 5094 142 4472 800 1087 Jan 1123 5047 75 4320 803 1122 ================================================================================ WASDE - 667 - 17 January 2026 U.S. Cotton Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Dec Jan ================================================================================ Million Acres Planted 10.23 11.18 9.30 9.28 Harvested 6.44 7.81 7.37 7.80 Pounds Yield per Harvested Acre 899 886 929 856 Million 480 Pound Bales Beginning Stocks 4.65 3.15 4.00 4.00 Production 12.07 14.41 14.27 13.92 Imports 0.00 0.00 0.01 0.01 Supply, Total 16.72 17.57 18.27 17.92 Domestic Use 1.85 1.70 1.60 1.60 Exports, Total 11.75 11.90 12.20 12.20 Use, Total 13.60 13.60 13.80 13.80 Unaccounted 2/ -0.03 -0.03 -0.03 -0.08 Ending Stocks 3.15 4.00 4.50 4.20 Avg. Farm Price 3/ 76.1 63.0 60.0 61.0 ================================================================================ WASDE - 667 - 18 January 2026 World Wheat Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2023/24 World 3/ 274.65 792.35 223.24 159.24 796.96 222.24 270.05 World Less China 135.83 655.76 209.61 122.24 643.46 221.23 135.52 United States 15.50 49.10 3.75 2.33 30.18 19.21 18.95 Total Foreign 259.15 743.26 219.49 156.91 766.78 203.03 251.09 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/ 270.05 800.81 200.30 157.08 810.86 210.49 260.00 World Less China 135.52 660.71 196.13 124.08 660.86 209.48 132.22 United States 18.95 53.85 4.05 3.07 31.12 22.48 23.26 Total Foreign 251.09 746.96 196.25 154.01 779.74 188.02 236.73 Major Exporters 4/ 41.11 315.71 11.86 74.58 181.88 152.90 33.90 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 23.69 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 51.48 327.96 16.32 165.53 Bangladesh 1.28 1.10 5.80 0.20 7.40 0.00 0.78 Brazil 1.69 7.89 7.20 0.70 12.20 1.89 2.69 China 134.52 140.10 4.17 33.00 150.00 1.02 127.78 Japan 1.09 1.08 5.57 0.73 6.28 0.34 1.13 N. Africa 7/ 11.54 15.84 31.67 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 28.43 1.44 3.81 Selected Other India 7.50 113.29 0.16 6.00 108.96 0.19 11.80 Kazakhstan 3.45 18.58 0.50 3.20 8.30 10.19 4.03 United Kingdom 3.26 11.15 3.80 6.83 15.03 0.50 2.68 ================================================================================ WASDE - 667 - 19 January 2026 World Wheat Supply and Use 1/ (Contd.) (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2025/26 Proj. World 3/ Dec 260.03 837.81 214.39 165.19 822.97 218.71 274.87 Jan 260.00 842.17 215.54 165.44 823.91 219.76 278.25 World Less China Dec 132.26 697.81 208.39 134.19 674.97 217.71 150.10 Jan 132.22 702.10 209.54 134.44 675.91 218.76 153.41 United States Dec 23.15 54.01 3.27 3.27 31.41 24.49 24.52 Jan 23.26 54.01 3.27 2.72 30.84 24.49 25.21 Total Foreign Dec 236.89 783.80 211.12 161.93 791.56 194.21 250.35 Jan 236.73 788.16 212.27 162.72 793.08 195.26 253.04 Major Exporters 4/ Dec 34.20 355.46 6.74 82.30 190.65 161.00 44.75 Jan 33.90 360.96 6.74 83.50 191.85 161.50 48.24 Argentina Dec 2.91 24.00 0.01 0.80 7.90 14.50 4.52 Jan 2.60 27.50 0.01 1.00 8.10 16.00 6.01 Australia Dec 3.96 37.00 0.23 5.50 9.10 27.00 5.09 Jan 3.96 37.00 0.23 5.50 9.10 27.00 5.09 Canada Dec 4.11 39.96 0.60 5.00 10.35 28.00 6.32 Jan 4.11 39.96 0.60 5.00 10.35 28.00 6.32 European Union 5/ Dec 11.71 144.00 5.50 50.00 114.50 33.00 13.71 Jan 11.71 144.00 5.50 50.00 114.50 32.50 14.21 Russia Dec 10.59 87.50 0.30 18.00 41.20 44.00 13.19 Jan 10.59 89.50 0.30 18.50 41.70 44.00 14.69 Ukraine Dec 0.93 23.00 0.10 3.00 7.60 14.50 1.93 Jan 0.93 23.00 0.10 3.50 8.10 14.00 1.93 Major Importers 6/ Dec 165.41 207.94 137.35 50.83 330.52 15.82 164.37 Jan 165.53 206.80 138.25 50.61 330.65 15.86 164.07 Bangladesh Dec 0.78 1.00 6.70 0.30 7.70 0.00 0.78 Jan 0.78 1.00 6.70 0.30 7.70 0.00 0.78 Brazil Dec 2.69 7.70 7.30 0.75 12.35 2.50 2.84 Jan 2.69 8.00 7.30 0.75 12.35 2.50 3.14 China Dec 127.78 140.00 6.00 31.00 148.00 1.00 124.78 Jan 127.78 140.07 6.00 31.00 148.00 1.00 124.85 Japan Dec 1.16 1.10 5.45 0.70 6.20 0.34 1.17 Jan 1.13 0.99 5.65 0.73 6.28 0.34 1.15 N. Africa 7/ Dec 10.38 17.45 33.00 1.35 46.85 2.12 11.86 Jan 10.38 17.45 33.60 1.40 47.40 2.12 11.91 Nigeria Dec 0.41 0.13 6.70 0.00 6.40 0.40 0.44 Jan 0.41 0.13 6.70 0.00 6.40 0.40 0.44 Sel. Mideast 8/ Dec 12.69 19.78 20.50 2.78 40.42 0.99 11.56 Jan 12.69 19.38 20.70 2.78 40.42 0.96 11.39 Southeast Asia 9/ Dec 3.86 0.00 32.60 10.65 30.40 1.34 4.72 Jan 3.81 0.00 32.50 10.35 30.10 1.34 4.87 India Dec 11.80 117.95 0.25 6.50 112.51 0.25 17.24 Jan 11.80 117.95 0.25 6.50 112.51 0.25 17.24 Kazakhstan Dec 4.03 18.90 0.50 3.50 8.65 9.00 5.78 Jan 4.03 18.90 0.50 3.50 8.65 9.50 5.28 United Kingdom Dec 2.68 11.85 3.50 7.10 15.30 0.60 2.13 Jan 2.68 11.85 3.50 7.10 15.30 0.60 2.13 ================================================================================ WASDE - 667 - 20 January 2026 World Coarse Grain Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2023/24 World 3/ 337.45 1507.06 242.67 924.06 1497.27 236.25 347.24 World Less China 130.69 1209.68 194.64 678.26 1158.57 236.25 133.78 United States 37.14 402.88 2.64 151.70 331.42 63.37 47.87 Total Foreign 300.31 1104.18 240.03 772.37 1165.84 172.88 299.37 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/ 347.24 1511.50 225.85 946.55 1535.29 226.83 323.45 World Less China 133.78 1208.03 207.61 696.80 1193.21 226.82 130.37 United States 47.87 391.51 2.19 144.14 323.90 75.31 42.37 Total Foreign 299.37 1119.98 223.66 802.41 1211.38 151.52 281.09 Major Exporters 4/ 22.56 333.13 5.06 143.53 207.37 124.65 28.72 Argentina 3.61 58.46 0.01 14.37 20.58 34.22 7.27 Australia 1.83 17.70 0.00 4.92 6.79 11.35 1.39 Brazil 9.07 143.59 2.82 73.50 102.93 41.13 11.42 Canada 3.91 27.52 1.85 14.83 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/ 38.77 228.38 154.88 286.96 374.58 11.30 36.15 European Union 6/ 15.41 136.80 20.17 110.20 148.72 9.16 14.50 Japan 1.45 0.20 16.72 13.15 16.84 0.00 1.53 Mexico 6.45 28.37 27.03 32.65 55.28 0.03 6.54 N. Afr & Mideast 7/ 8.28 31.28 45.27 67.95 76.46 1.56 6.81 Saudi Arabia 1.41 0.27 8.44 8.37 8.71 0.00 1.41 Southeast Asia 8/ 3.19 31.19 21.27 40.87 52.22 0.55 2.88 South Korea 2.06 0.16 11.56 9.40 11.74 0.00 2.05 Selected Other China 213.46 303.47 18.24 249.75 342.08 0.01 193.09 ================================================================================ WASDE - 667 - 21 January 2026 World Coarse Grain Supply and Use 1/ (Contd.) (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2025/26 Proj. World 3/ Dec 322.06 1575.82 233.20 974.75 1588.11 249.27 309.76 Jan 323.45 1590.61 233.26 978.47 1592.19 249.64 321.88 World Less China Dec 128.97 1271.87 206.48 718.20 1239.24 249.24 134.90 Jan 130.37 1280.42 206.51 721.89 1243.29 249.61 140.78 United States Dec 41.87 440.80 2.31 159.21 343.19 87.23 54.57 Jan 42.37 447.83 2.31 161.77 345.62 87.23 59.66 Total Foreign Dec 280.18 1135.01 230.89 815.54 1244.92 162.04 255.19 Jan 281.09 1142.78 230.95 816.70 1246.57 162.41 262.22 Major Exporters 4/ Dec 28.21 338.94 4.87 144.82 211.65 137.47 22.91 Jan 28.72 340.52 4.95 145.95 213.15 137.69 23.36 Argentina Dec 7.00 61.82 0.01 14.04 20.33 41.90 6.60 Jan 7.27 61.82 0.01 14.34 20.63 41.90 6.57 Australia Dec 1.28 19.92 0.00 5.49 7.36 11.67 2.16 Jan 1.39 19.92 0.00 5.49 7.36 11.67 2.27 Brazil Dec 11.29 137.61 2.52 72.10 104.13 43.09 4.21 Jan 11.42 137.61 2.60 72.20 104.20 43.09 4.34 Canada Dec 3.48 29.48 2.12 16.44 24.57 6.29 4.21 Jan 3.48 29.48 2.12 16.44 24.57 6.29 4.21 Russia Dec 1.41 37.48 0.10 22.00 30.18 6.81 2.01 Jan 1.41 39.05 0.10 22.73 31.30 7.03 2.23 Ukraine Dec 1.40 35.58 0.01 7.50 10.15 25.50 1.34 Jan 1.40 35.58 0.01 7.50 10.15 25.50 1.34 Major Importers 5/ Dec 35.79 234.79 155.03 289.79 377.90 10.95 36.76 Jan 36.15 234.78 155.13 289.79 377.90 11.05 37.11 European Union 6/ Dec 14.42 141.11 21.18 112.90 151.84 9.64 15.23 Jan 14.50 141.11 21.18 112.90 151.84 9.64 15.31 Japan Dec 1.53 0.25 17.01 13.55 17.26 0.00 1.53 Jan 1.53 0.25 17.01 13.55 17.26 0.00 1.53 Mexico Dec 6.31 31.19 27.10 34.45 57.48 0.03 7.09 Jan 6.54 31.19 27.10 34.45 57.48 0.03 7.32 N. Afr & Mideast 7/ Dec 6.78 30.62 43.15 64.87 73.46 0.72 6.38 Jan 6.81 30.62 43.25 64.87 73.46 0.82 6.40 Saudi Arabia Dec 1.39 0.27 8.37 8.33 8.67 0.00 1.36 Jan 1.41 0.27 8.37 8.33 8.67 0.00 1.39 Southeast Asia 8/ Dec 2.88 31.08 21.98 41.78 52.63 0.57 2.75 Jan 2.88 31.08 21.98 41.78 52.63 0.57 2.75 South Korea Dec 2.05 0.16 11.61 9.39 11.78 0.00 2.04 Jan 2.05 0.16 11.61 9.39 11.78 0.00 2.04 China Dec 193.09 303.95 26.73 256.55 348.88 0.03 174.86 Jan 193.09 310.19 26.75 256.58 348.90 0.03 181.10 ================================================================================ WASDE - 667 - 22 January 2026 World Corn Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2023/24 World 3/ 305.36 1230.71 197.62 769.45 1220.65 192.65 315.42 World Less China 99.34 941.87 174.29 544.45 913.65 192.65 104.23 United States 34.55 389.67 0.72 148.11 322.87 57.28 44.79 Total Foreign 270.81 841.04 196.90 621.34 897.77 135.38 270.63 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/ 315.42 1230.86 186.10 787.52 1251.59 186.64 294.70 World Less China 104.23 935.95 184.28 553.52 935.59 186.64 102.77 United States 44.79 378.27 0.55 138.55 311.60 72.60 39.40 Total Foreign 270.63 852.60 185.55 648.97 939.99 114.04 255.29 Major Exporters 4/ 12.76 243.86 1.92 100.70 142.30 95.42 20.83 Argentina 2.48 50.00 0.01 12.00 16.40 29.50 6.58 Brazil 8.33 136.00 1.75 66.50 94.50 41.00 10.58 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/ 21.57 120.58 107.30 164.90 225.61 3.33 20.51 Egypt 1.43 7.00 10.56 14.70 17.30 0.00 1.69 European Union 6/ 7.29 59.02 18.76 56.10 76.10 2.76 6.21 Japan 1.30 0.02 15.46 12.10 15.40 0.00 1.37 Mexico 5.79 23.20 25.93 27.70 49.00 0.03 5.89 Southeast Asia 7/ 3.19 31.14 20.80 40.60 51.71 0.55 2.88 South Korea 2.04 0.09 11.44 9.35 11.55 0.00 2.03 Selected Other Canada 2.00 15.35 1.67 8.56 14.42 3.00 1.58 China 211.19 294.92 1.82 234.00 316.00 0.00 191.93 ================================================================================ WASDE - 667 - 23 January 2026 World Corn Supply and Use 1/ (Contd.) (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2025/26 Proj. World 3/ Dec 293.37 1282.96 190.37 810.36 1297.18 205.10 279.15 Jan 294.70 1296.01 190.22 813.24 1299.80 205.11 290.91 World Less China Dec 101.44 987.96 182.37 571.36 976.18 205.08 105.24 Jan 102.77 994.77 182.22 574.24 978.80 205.09 110.76 United States Dec 38.91 425.53 0.64 154.95 332.25 81.28 51.53 Jan 39.40 432.34 0.64 157.49 334.53 81.28 56.56 Total Foreign Dec 254.46 857.44 189.73 655.42 964.93 123.82 227.62 Jan 255.29 863.67 189.59 655.75 965.27 123.82 234.35 Major Exporters 4/ Dec 20.38 244.00 1.67 100.20 144.50 108.20 13.34 Jan 20.83 244.00 1.67 100.50 144.80 108.20 13.49 Argentina Dec 6.28 53.00 0.01 12.00 16.40 37.00 5.89 Jan 6.58 53.00 0.01 12.30 16.70 37.00 5.89 Brazil Dec 10.43 131.00 1.60 66.00 96.50 43.00 3.53 Jan 10.58 131.00 1.60 66.00 96.50 43.00 3.68 Russia Dec 0.91 14.50 0.05 10.30 11.40 3.00 1.06 Jan 0.91 14.50 0.05 10.30 11.40 3.00 1.06 South Africa Dec 1.91 16.50 0.00 7.10 14.20 2.20 2.01 Jan 1.91 16.50 0.00 7.10 14.20 2.20 2.01 Ukraine Dec 0.84 29.00 0.01 4.80 6.00 23.00 0.85 Jan 0.84 29.00 0.01 4.80 6.00 23.00 0.85 Major Importers 5/ Dec 20.17 120.70 109.15 166.35 227.10 2.40 20.52 Jan 20.51 120.69 109.15 166.35 227.10 2.40 20.85 Egypt Dec 1.67 6.70 10.50 14.50 17.10 0.00 1.77 Jan 1.69 6.70 10.50 14.50 17.10 0.00 1.79 European Union 6/ Dec 6.14 56.75 20.00 55.20 75.30 1.80 5.79 Jan 6.21 56.75 20.00 55.20 75.30 1.80 5.86 Japan Dec 1.37 0.02 15.50 12.20 15.50 0.00 1.39 Jan 1.37 0.02 15.50 12.20 15.50 0.00 1.39 Mexico Dec 5.66 26.00 25.80 29.30 51.00 0.03 6.43 Jan 5.89 26.00 25.80 29.30 51.00 0.03 6.66 Southeast Asia 7/ Dec 2.87 31.03 21.30 41.30 51.90 0.57 2.74 Jan 2.88 31.03 21.30 41.30 51.90 0.57 2.74 South Korea Dec 2.03 0.09 11.50 9.35 11.60 0.00 2.02 Jan 2.03 0.09 11.50 9.35 11.60 0.00 2.02 Canada Dec 1.58 14.87 2.00 9.00 14.60 2.20 1.65 Jan 1.58 14.87 2.00 9.00 14.60 2.20 1.65 China Dec 191.93 295.00 8.00 239.00 321.00 0.02 173.91 Jan 191.93 301.24 8.00 239.00 321.00 0.02 180.15 ================================================================================ WASDE - 667 - 24 January 2026 World Rice Supply and Use (Milled Basis) 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Total 2/ Ending Stocks tion Imports Domestic Exports Stocks ================================================================================ 2023/24 World 3/ 180.91 523.98 53.43 524.72 56.76 180.16 World Less China 74.31 379.36 51.90 376.60 55.13 77.16 United States 0.96 6.92 1.41 4.88 3.15 1.27 Total Foreign 179.95 517.05 52.02 519.84 53.62 178.90 Major Exporters 4/ 46.57 207.19 3.77 165.10 42.62 49.82 Burma 1.55 12.30 0.01 9.90 2.75 1.22 India 35.00 137.83 0.00 116.40 14.42 42.00 Pakistan 2.04 9.87 0.02 4.00 6.53 1.40 Thailand 4.35 20.00 0.05 12.30 9.89 2.21 Vietnam 3.62 27.20 3.70 22.50 9.04 2.99 Major Importers 5/ 121.36 237.27 20.79 259.34 2.01 118.07 China 106.60 144.62 1.53 148.12 1.63 103.00 European Union 6/ 0.83 1.37 2.11 3.25 0.36 0.70 Indonesia 4.70 33.02 4.65 36.20 0.00 6.17 Nigeria 1.92 5.61 1.89 8.00 0.00 1.41 Philippines 3.38 12.33 4.50 16.80 0.00 3.40 Sel. Mideast 7/ 1.22 2.02 4.64 6.58 0.00 1.30 Selected Other Brazil 0.62 7.20 0.96 7.10 0.97 0.71 C. Amer & Carib 8/ 0.61 1.31 1.87 3.15 0.06 0.58 Egypt 0.60 3.78 0.18 4.05 0.06 0.46 Japan 1.81 7.30 0.72 8.15 0.09 1.60 Mexico 0.12 0.15 0.85 0.99 0.02 0.12 South Korea 1.43 3.70 0.40 4.19 0.13 1.21 2024/25 Est. World 3/ 180.16 541.30 57.70 530.24 60.89 191.22 World Less China 77.16 396.02 55.37 385.28 59.74 86.72 United States 1.27 7.05 1.57 5.30 2.87 1.71 Total Foreign 178.90 534.24 56.14 524.94 58.02 189.51 Major Exporters 4/ 49.82 219.21 3.58 170.07 46.26 56.27 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 1.40 9.72 0.02 4.10 5.13 1.91 Thailand 2.21 20.84 0.05 12.50 7.90 2.71 Vietnam 2.99 26.75 3.50 22.60 8.00 2.64 Major Importers 5/ 118.07 239.48 22.57 257.61 1.51 121.00 China 103.00 145.28 2.34 144.96 1.15 104.50 European Union 6/ 0.70 1.60 2.54 3.50 0.34 0.99 Indonesia 6.17 34.10 0.78 35.50 0.00 5.55 Nigeria 1.41 5.77 3.30 8.30 0.00 2.18 Philippines 3.40 12.37 5.42 17.40 0.00 3.79 Sel. Mideast 7/ 1.30 2.28 4.96 6.85 0.00 1.68 Selected Other Brazil 0.71 8.68 0.98 7.35 1.15 1.86 C. Amer & Carib 8/ 0.58 1.44 1.98 3.27 0.09 0.63 Egypt 0.46 3.90 0.16 4.05 0.15 0.31 Japan 1.60 7.29 0.84 8.13 0.06 1.55 Mexico 0.12 0.17 0.89 1.01 0.03 0.15 South Korea 1.21 3.59 0.33 4.18 0.19 0.75 ================================================================================ WASDE - 667 - 25 January 2026 World Rice Supply and Use (Milled Basis) 1/ (Contd.) (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Total 2/ Ending Stocks tion Imports Domestic Exports Stocks ================================================================================ 2025/26 Proj. World 3/ Dec 190.33 540.41 59.24 541.90 63.23 188.83 Jan 191.22 541.16 60.11 542.03 63.50 190.34 World Less China Dec 86.83 394.41 56.24 395.30 61.83 84.33 Jan 86.72 394.83 57.11 395.10 61.60 85.34 United States Dec 1.71 6.58 1.58 5.27 2.92 1.68 Jan 1.71 6.56 1.55 5.43 2.83 1.57 Total Foreign Dec 188.62 533.82 57.66 536.63 60.31 187.15 Jan 189.51 534.59 58.56 536.60 60.68 188.78 Major Exporters 4/ Dec 56.48 219.80 4.17 176.20 48.20 56.05 Jan 56.27 219.80 4.18 176.25 48.00 56.00 Burma Dec 1.02 12.00 0.01 9.70 2.50 0.83 Jan 1.02 12.00 0.01 9.70 2.50 0.83 India Dec 48.00 152.00 0.00 127.00 25.00 48.00 Jan 48.00 152.00 0.00 127.00 25.00 48.00 Pakistan Dec 1.82 9.40 0.01 4.15 5.30 1.78 Jan 1.91 9.40 0.02 4.20 5.10 2.03 Thailand Dec 3.01 20.40 0.05 12.65 7.50 3.31 Jan 2.71 20.40 0.05 12.65 7.50 3.01 Vietnam Dec 2.64 26.00 4.10 22.70 7.90 2.14 Jan 2.64 26.00 4.10 22.70 7.90 2.14 Major Importers 5/ Dec 119.94 240.37 21.85 260.55 1.84 119.77 Jan 121.00 240.85 22.35 260.98 2.34 120.88 China Dec 103.50 146.00 3.00 146.60 1.40 104.50 Jan 104.50 146.33 3.00 146.93 1.90 105.00 European Union 6/ Dec 1.00 1.77 2.30 3.60 0.40 1.07 Jan 0.99 1.77 2.30 3.60 0.40 1.06 Indonesia Dec 5.47 33.60 0.80 35.30 0.00 4.57 Jan 5.55 33.60 0.80 35.30 0.00 4.65 Nigeria Dec 2.18 5.54 3.20 8.50 0.00 2.42 Jan 2.18 5.54 3.20 8.50 0.00 2.42 Philippines Dec 3.80 12.30 4.60 17.60 0.00 3.10 Jan 3.79 12.30 4.60 17.60 0.00 3.09 Sel. Mideast 7/ Dec 1.64 2.23 5.05 7.25 0.00 1.66 Jan 1.68 2.23 5.05 7.25 0.00 1.70 Brazil Dec 1.79 7.60 0.85 7.35 1.35 1.54 Jan 1.86 7.60 0.85 7.35 1.35 1.61 C. Amer & Carib 8/ Dec 0.67 1.43 2.06 3.36 0.08 0.73 Jan 0.63 1.43 2.06 3.37 0.08 0.68 Egypt Dec 0.37 4.20 0.10 4.15 0.08 0.44 Jan 0.31 4.20 0.13 4.10 0.15 0.39 Japan Dec 1.52 7.28 0.69 8.00 0.10 1.39 Jan 1.55 7.54 0.76 8.00 0.09 1.76 Mexico Dec 0.14 0.18 0.90 1.02 0.01 0.18 Jan 0.15 0.18 0.90 1.02 0.01 0.19 South Korea Dec 0.75 3.54 0.41 3.81 0.13 0.76 Jan 0.75 3.54 0.41 3.81 0.13 0.76 ================================================================================ WASDE - 667 - 26 January 2026 World Cotton Supply and Use 1/ (Million 480-Pound Bales) ================================================================================ Supply Use Region Beginning Produc- Loss Ending Stocks tion Imports Domestic Exports 2/ Stocks ================================================================================ 2023/24 World 75.86 112.55 44.05 114.99 44.32 -0.21 73.35 World Less China 42.50 85.20 29.08 76.09 44.26 -0.21 36.64 United States 4.65 12.07 3/ 1.85 11.75 -0.03 3.15 Total Foreign 71.21 100.48 44.05 113.14 32.57 -0.18 70.20 Major Exporters 4/ 27.24 57.93 1.63 34.60 28.25 -0.18 24.12 Central Asia 5/ 3.62 5.00 0.05 3.90 1.65 0.00 3.13 Afr. Fr. Zone 6/ 0.96 5.02 3/ 0.10 4.59 0.00 1.29 S. Hemis. 7/ 11.37 22.03 0.15 4.44 19.24 -0.18 10.04 Australia 4.81 5.00 3/ 0.00 5.76 -0.18 4.22 Brazil 3.93 14.57 0.01 3.37 12.31 0.00 2.83 India 10.82 25.40 0.89 25.50 2.31 0.00 9.30 Major Importers 8/ 41.78 39.61 39.95 74.49 2.99 0.00 43.86 Mexico 0.38 0.87 0.70 1.50 0.20 0.00 0.24 China 33.36 27.35 14.97 38.90 0.06 0.00 36.71 European Union 9/ 0.40 1.04 0.47 0.51 1.14 0.00 0.27 Turkey 2.63 3.19 3.57 6.60 1.39 0.00 1.40 Pakistan 1.53 7.00 3.20 9.70 0.18 0.00 1.85 Indonesia 0.36 3/ 1.85 1.80 0.01 0.00 0.40 Thailand 0.14 3/ 0.40 0.45 0.00 0.00 0.09 Bangladesh 1.73 0.16 7.58 7.75 0.00 0.00 1.71 Vietnam 1.05 3/ 6.59 6.60 0.00 0.00 1.03 2024/25 Est. World 73.35 118.48 43.03 118.94 42.39 -0.22 73.76 World Less China 36.64 86.48 37.85 79.94 42.33 -0.22 38.93 United States 3.15 14.41 3/ 1.70 11.90 -0.03 4.00 Total Foreign 70.20 104.06 43.03 117.24 30.49 -0.19 69.76 Major Exporters 4/ 24.12 57.82 4.29 34.70 26.34 -0.19 25.37 Central Asia 5/ 3.13 5.09 0.10 3.94 1.47 0.00 2.91 Afr. Fr. Zone 6/ 1.29 4.25 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 23.20 3.04 25.00 1.33 0.00 9.22 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 - 667 - 27 January 2026 World Cotton Supply and Use 1/ (Million 480-Pound Bales) ================================================================================ Supply Use Region Beginning Produc- Loss Ending Stocks tion Imports Domestic Exports 2/ Stocks ================================================================================ 2025/26 Proj. World Dec 74.61 119.79 43.73 118.61 43.74 -0.19 75.97 Jan 73.76 119.43 43.76 118.92 43.77 -0.22 74.48 World Less China Dec 39.78 86.29 38.33 80.11 43.67 -0.19 40.81 Jan 38.93 84.93 38.36 79.92 43.70 -0.22 38.82 United States Dec 4.00 14.27 0.01 1.60 12.20 -0.03 4.50 Jan 4.00 13.92 0.01 1.60 12.20 -0.08 4.20 Total Foreign Dec 70.61 105.52 43.73 117.01 31.54 -0.16 71.47 Jan 69.76 105.52 43.75 117.32 31.57 -0.14 70.28 Major Exporters 4/ Dec 26.22 58.96 4.25 34.84 27.99 -0.16 26.76 Jan 25.37 58.19 4.45 34.83 28.14 -0.16 25.20 Central Asia 5/ Dec 2.96 4.81 0.20 3.95 1.42 0.00 2.60 Jan 2.91 4.81 0.20 3.94 1.42 0.00 2.57 Afr. Fr. Zone 6/ Dec 1.37 4.03 3/ 0.11 4.07 0.00 1.23 Jan 1.37 4.03 3/ 0.11 4.07 0.00 1.23 S. Hemis. 7/ Dec 11.44 25.71 0.15 4.51 20.86 -0.16 12.08 Jan 11.44 25.43 0.15 4.51 20.91 -0.16 11.75 Australia Dec 4.79 4.50 3/ 0.00 5.10 -0.16 4.35 Jan 4.79 4.50 3/ 0.00 5.30 -0.16 4.15 Brazil Dec 3.42 18.75 0.01 3.40 14.50 0.00 4.27 Jan 3.42 18.75 0.01 3.40 14.50 0.00 4.27 India Dec 10.02 24.00 2.80 25.00 1.30 0.00 10.52 Jan 9.22 23.50 3.00 25.00 1.40 0.00 9.32 Major Importers 8/ Dec 42.08 43.67 36.42 77.45 2.41 0.00 42.31 Jan 42.08 44.44 36.32 77.85 2.29 0.02 42.68 Mexico Dec 0.28 0.58 0.70 1.30 0.10 0.00 0.16 Jan 0.28 0.58 0.70 1.30 0.10 0.02 0.14 China Dec 34.84 33.50 5.40 38.50 0.08 0.00 35.16 Jan 34.84 34.50 5.40 39.00 0.08 0.00 35.66 European Union 9/ Dec 0.20 1.23 0.47 0.51 1.16 0.00 0.23 Jan 0.20 1.20 0.47 0.51 1.14 0.00 0.22 Turkey Dec 1.28 3.20 4.70 6.90 1.00 0.00 1.28 Jan 1.28 3.00 4.60 6.80 0.90 0.00 1.18 Pakistan Dec 2.10 5.00 5.90 10.90 0.05 0.00 2.05 Jan 2.10 5.00 5.90 10.90 0.05 0.00 2.05 Indonesia Dec 0.41 3/ 2.00 2.00 0.02 0.00 0.40 Jan 0.41 3/ 2.00 2.00 0.02 0.00 0.40 Thailand Dec 0.11 3/ 0.50 0.50 0.00 0.00 0.11 Jan 0.11 3/ 0.50 0.50 0.00 0.00 0.11 Bangladesh Dec 1.71 0.15 8.00 8.10 0.00 0.00 1.77 Jan 1.71 0.15 8.00 8.10 0.00 0.00 1.77 Vietnam Dec 1.02 3/ 8.10 8.10 0.00 0.00 1.02 Jan 1.02 3/ 8.10 8.10 0.00 0.00 1.02 ================================================================================ WASDE - 667 - 28 January 2026 World Soybean Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic Ending Stocks tion Imports Crush Total Exports Stocks ================================================================================ 2023/24 World 2/ 101.78 396.35 178.42 331.16 383.64 177.84 115.08 World Less China 69.44 375.51 66.42 232.16 261.84 177.77 71.77 United States 7.19 113.27 0.57 62.20 65.44 46.27 9.32 Total Foreign 94.59 283.08 177.85 268.97 318.19 131.57 105.76 Major Exporters 3/ 54.26 217.00 8.67 94.14 105.49 120.02 54.43 Argentina 17.00 48.21 7.79 36.58 43.83 5.11 24.05 Brazil 36.80 154.50 0.87 54.41 58.26 104.19 29.72 Paraguay 0.37 11.00 0.01 3.00 3.10 7.99 0.29 Major Importers 4/ 35.03 24.57 144.12 126.74 157.15 0.35 46.21 China 32.34 20.84 112.00 99.00 121.80 0.07 43.31 European Union 1.26 2.81 13.47 14.50 16.00 0.25 1.29 Southeast Asia 5/ 0.68 0.47 9.09 4.35 9.40 0.02 0.83 Mexico 0.56 0.20 6.46 6.53 6.60 0.01 0.62 2024/25 Est. World 2/ 115.08 427.15 179.37 358.69 413.51 184.70 123.40 World Less China 71.77 406.50 71.37 255.19 286.11 184.63 78.91 United States 9.32 119.05 0.79 66.55 69.09 51.23 8.84 Total Foreign 105.76 308.11 178.58 292.14 344.42 133.47 114.56 Major Exporters 3/ 54.43 237.01 7.07 104.97 116.57 121.27 60.67 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 3.60 3.70 6.50 0.29 Major Importers 4/ 46.21 24.58 142.58 133.17 164.86 0.42 48.09 China 43.31 20.65 108.00 103.50 127.40 0.07 44.49 European Union 1.29 2.93 14.71 15.40 17.00 0.33 1.60 Southeast Asia 5/ 0.83 0.45 10.19 5.14 10.25 0.01 1.21 Mexico 0.62 0.28 6.43 6.65 6.74 0.00 0.59 2025/26 Proj. World 2/ Dec 123.24 422.54 186.14 365.24 421.85 187.70 122.37 Jan 123.40 425.68 186.04 366.43 423.14 187.57 124.41 World Less China Dec 78.75 401.54 74.14 257.24 288.85 187.60 77.98 Jan 78.91 404.78 74.04 258.43 290.24 187.47 80.02 United States Dec 8.61 115.75 0.54 69.54 72.53 44.50 7.89 Jan 8.84 115.99 0.54 69.94 72.99 42.86 9.52 Total Foreign Dec 114.62 306.79 185.60 295.71 349.32 143.20 114.49 Jan 114.56 309.69 185.50 296.49 350.15 144.70 114.89 Major Exporters 3/ Dec 60.72 237.60 8.23 103.27 115.05 131.35 60.16 Jan 60.67 240.60 8.23 104.27 116.15 132.85 60.51 Argentina Dec 23.09 48.50 7.70 41.00 48.20 8.25 22.84 Jan 23.09 48.50 7.70 41.00 48.20 8.25 22.84 Brazil Dec 36.81 175.00 0.50 59.00 63.30 112.50 36.51 Jan 36.81 178.00 0.50 60.00 64.40 114.00 36.91 Paraguay Dec 0.34 11.00 0.02 3.10 3.23 7.70 0.44 Jan 0.29 11.00 0.02 3.10 3.23 7.70 0.39 Major Importers 4/ Dec 48.07 24.73 146.80 138.16 171.16 0.43 48.01 Jan 48.09 24.63 146.60 137.86 170.81 0.43 48.08 China Dec 44.49 21.00 112.00 108.00 133.00 0.10 44.39 Jan 44.49 20.90 112.00 108.00 132.90 0.10 44.39 European Union Dec 1.60 2.79 14.30 15.30 16.82 0.30 1.57 Jan 1.60 2.79 14.00 15.00 16.52 0.30 1.57 Southeast Asia 5/ Dec 1.19 0.42 10.70 5.71 11.11 0.02 1.19 Jan 1.21 0.42 10.80 5.71 11.16 0.02 1.25 Mexico Dec 0.58 0.28 6.70 6.80 6.89 0.01 0.67 Jan 0.59 0.28 6.70 6.80 6.89 0.01 0.68 ================================================================================ WASDE - 667 - 29 January 2026 World Soybean Meal Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Stocks tion Imports Domestic Exports Stocks Region Beginning Produc- Total Exports Ending ================================================================================ 2023/24 World 2/ 14.15 259.98 69.59 254.89 74.14 14.69 World Less China 13.21 181.57 69.56 177.74 72.71 13.89 United States 0.34 49.08 0.62 35.07 14.56 0.41 Total Foreign 13.82 210.90 68.97 219.82 59.58 14.28 Major Exporters 3/ 6.31 79.43 0.05 30.58 49.58 5.64 Argentina 2.30 28.54 0.00 3.50 24.89 2.44 Brazil 3.82 41.86 0.02 20.00 22.72 2.97 India 0.20 9.04 0.03 7.08 1.97 0.22 Major Importers 4/ 1.64 21.78 38.40 58.58 0.87 2.36 European Union 0.47 11.46 16.54 26.94 0.65 0.88 Mexico 0.15 5.16 1.94 7.08 0.00 0.16 Southeast Asia 5/ 0.98 3.39 18.10 21.04 0.22 1.21 China 0.94 78.41 0.03 77.15 1.43 0.79 2024/25 Est. World 2/ 14.69 281.63 78.24 273.14 82.62 18.80 World Less China 13.89 199.66 78.20 192.29 81.60 17.86 United States 0.41 53.02 0.73 37.23 16.57 0.36 Total Foreign 14.28 228.61 77.51 235.91 66.05 18.44 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/ 2.36 23.29 44.42 65.40 1.02 3.64 European Union 0.88 12.17 20.61 31.24 0.65 1.76 Mexico 0.16 5.26 2.35 7.45 0.00 0.31 Southeast Asia 5/ 1.21 4.01 19.84 23.23 0.37 1.46 China 0.79 81.97 0.05 80.85 1.02 0.94 2025/26 Proj. World 2/ Dec 18.86 286.64 78.30 283.08 81.89 18.82 Jan 18.80 287.71 79.14 283.93 82.77 18.95 World Less China Dec 17.91 201.10 78.25 198.93 80.69 17.65 Jan 17.86 202.18 79.09 199.78 81.57 17.77 United States Dec 0.41 54.64 0.61 37.81 17.42 0.43 Jan 0.36 55.11 0.66 38.12 17.60 0.41 Total Foreign Dec 18.45 232.00 77.69 245.28 64.47 18.39 Jan 18.44 232.60 78.48 245.81 65.17 18.54 Major Exporters 3/ Dec 6.96 84.95 0.43 31.88 53.75 6.71 Jan 6.96 85.72 0.43 31.88 54.45 6.78 Argentina Dec 3.15 31.98 0.17 3.60 29.00 2.70 Jan 3.15 31.98 0.17 3.60 29.00 2.70 Brazil Dec 3.55 45.55 0.01 21.30 24.00 3.81 Jan 3.55 46.32 0.01 21.30 24.70 3.88 India Dec 0.25 7.42 0.25 6.98 0.75 0.20 Jan 0.25 7.42 0.25 6.98 0.75 0.20 Major Importers 4/ Dec 3.72 23.67 42.15 65.64 0.88 3.03 Jan 3.64 23.44 43.05 66.14 0.88 3.11 European Union Dec 1.75 12.09 17.55 29.94 0.60 0.85 Jan 1.76 11.85 18.45 30.44 0.60 1.02 Mexico Dec 0.31 5.37 2.55 7.90 0.00 0.33 Jan 0.31 5.37 2.55 7.90 0.00 0.33 Southeast Asia 5/ Dec 1.55 4.45 20.35 24.34 0.28 1.73 Jan 1.46 4.45 20.35 24.34 0.28 1.65 China Dec 0.94 85.54 0.05 84.15 1.20 1.18 Jan 0.94 85.54 0.05 84.15 1.20 1.18 ================================================================================ WASDE - 667 - 30 January 2026 World Soybean Oil Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Stocks tion Imports Domestic Exports Stocks Region Beginning Produc- Total Exports Ending ================================================================================ 2023/24 World 2/ 5.90 63.99 10.54 62.87 11.81 5.76 World Less China 4.89 45.18 10.16 43.97 11.71 4.56 United States 0.73 12.29 0.28 12.32 0.28 0.70 Total Foreign 5.18 51.70 10.26 50.56 11.53 5.05 Major Exporters 3/ 1.99 21.63 0.68 14.68 8.05 1.58 Argentina 0.72 7.25 0.00 1.77 5.53 0.67 Brazil 0.59 11.06 0.08 10.20 1.35 0.18 European Union 0.60 2.76 0.59 2.63 0.66 0.66 Major Importers 4/ 1.93 22.16 5.41 27.01 0.26 2.24 China 1.01 18.81 0.38 18.90 0.10 1.20 India 0.60 2.03 3.31 5.18 0.02 0.75 North Africa 5/ 0.30 0.96 1.15 2.00 0.14 0.27 2024/25 Est. World 2/ 5.76 69.99 13.96 68.18 15.18 6.35 World Less China 4.56 49.89 13.66 47.68 14.86 5.58 United States 0.70 13.25 0.16 12.20 1.13 0.79 Total Foreign 5.05 56.74 13.80 55.98 14.05 5.56 Major Exporters 3/ 1.58 24.06 0.95 15.47 9.91 1.21 Argentina 0.67 8.62 0.11 1.98 7.10 0.32 Brazil 0.18 11.83 0.09 10.41 1.49 0.19 European Union 0.66 2.93 0.76 3.01 0.70 0.63 Major Importers 4/ 2.24 23.64 7.85 30.52 0.51 2.71 China 1.20 20.10 0.30 20.50 0.32 0.78 India 0.75 1.98 5.47 6.65 0.03 1.53 North Africa 5/ 0.27 1.23 1.29 2.27 0.17 0.34 2025/26 Proj. World 2/ Dec 6.42 70.61 12.26 70.05 13.35 5.89 Jan 6.35 71.13 12.57 70.32 13.69 6.05 World Less China Dec 5.65 50.09 12.01 49.55 13.10 5.10 Jan 5.58 50.16 12.27 49.72 13.29 5.00 United States Dec 0.79 13.68 0.17 13.45 0.41 0.78 Jan 0.79 13.58 0.17 13.20 0.54 0.80 Total Foreign Dec 5.63 56.93 12.09 56.60 12.94 5.11 Jan 5.56 57.55 12.40 57.12 13.14 5.25 Major Exporters 3/ Dec 1.22 23.71 0.74 15.32 8.99 1.36 Jan 1.21 23.85 0.80 15.57 8.99 1.30 Argentina Dec 0.32 8.18 0.05 1.98 6.15 0.42 Jan 0.32 8.18 0.05 1.98 6.15 0.42 Brazil Dec 0.24 12.03 0.04 10.45 1.50 0.36 Jan 0.19 12.23 0.10 10.75 1.50 0.27 European Union Dec 0.60 2.91 0.65 2.81 0.85 0.50 Jan 0.63 2.85 0.65 2.76 0.85 0.53 Major Importers 4/ Dec 2.75 23.85 6.47 30.59 0.40 2.09 Jan 2.71 24.32 6.52 30.67 0.60 2.29 China Dec 0.78 20.52 0.25 20.50 0.25 0.80 Jan 0.78 20.97 0.30 20.60 0.40 1.05 India Dec 1.56 1.67 4.25 6.57 0.02 0.89 Jan 1.53 1.67 4.25 6.57 0.02 0.86 North Africa 5/ Dec 0.36 1.27 1.27 2.45 0.13 0.33 Jan 0.34 1.29 1.27 2.43 0.18 0.30 ================================================================================ WASDE - 667 - 31 January 2026 U.S. Quarterly Animal Product Production 1/ ================================================================================ Year Red Total Red and meat poultry meat & quarter Beef Pork 2/ Broiler Turkey 3/ poultry Egg Milk ================================================================================ Million Pounds Mil doz Bil lbs 2024 Annual 26984 27789 54947 46994 5121 52677 107625 9017 225.9 2025 I 6543 6956 13540 11565 1146 12829 26369 2114 56.8 II 6453 6706 13201 11885 1181 13192 26393 2107 58.7 III 6359 6614 13010 12436 1275 13854 26864 2195 58.2 IV 6645 7295 13978 12160 1230 13515 27493 2220 57.8 DecProj. 25950 27462 53571 48086 4822 53425 106996 8666 231.4 Jan Est. 26000 27572 53730 48046 4832 53390 107120 8636 231.4 2026 I* 6460 6975 13475 11800 1200 13130 26605 2240 58.4 II* 6360 6865 13266 12000 1200 13340 26606 2285 59.7 III* 6345 6900 13282 12500 1275 13915 27197 2325 58.4 IV* 6570 7475 14084 12300 1300 13735 27819 2350 57.7 DecProj. 25725 27475 53357 48550 4955 54040 107397 9250 234.1 JanProj. 25735 28215 54107 48600 4975 54120 108227 9200 234.3 ================================================================================ U.S. Quarterly Prices for Animal Products ================================================================================ Year Barrows and Streers and gilts Broilers Turkeys Eggs Milk quarter 2/ 3/ 4/ 5/ 6/ 7/ ================================================================================ Dol./cwt Dol./cwt Cents/lb. Cents/lb. Cents/doz. Dol./cwt 2024 Annual 187.12 63.41 129.4 93.7 303.1 22.55 2025 I 205.02 63.59 130.8 94.8 675.3 23.23 II 225.22 69.69 135.9 119.3 344.4 21.20 III 239.62 77.05 121.9 156.8 283.0 20.70 IV 227.62 64.87 110.5 172.2 192.0 19.50 DecProj. 223.97 68.58 124.7 135.2 379.4 21.00 Jan Est. 224.37 68.80 124.8 135.8 373.7 21.15 2026 I* 232.00 64.00 120.0 160.0 120.0 17.10 II* 234.00 70.00 130.0 150.0 115.0 17.60 III* 237.00 72.00 125.0 150.0 115.0 18.80 IV* 240.00 61.00 125.0 150.0 130.0 19.40 DecProj. 235 67 125 143 195 18.75 JanProj. 236.0 67.0 125.0 153.0 120.0 18.25 ================================================================================ WASDE - 667 - 32 January 2026 U.S. Meats Supply and Use ================================================================================ Disappearance Beg- Produc- Per Item inning tion Total Ending capita stocks 1/ Imports Supply Exports stocks Total 2/ 3/ ================================================================================ Million Pounds 4/ Beef 2024 638 27051 4635 32324 3007 602 28714 59.1 2025 Est. Dec 602 26016 5344 31963 2587 595 28781 58.9 Jan 602 26066 5369 32037 2568 595 28874 59.0 2026 Proj. Dec 595 25792 5450 31837 2485 570 28782 58.6 Jan 595 25802 5525 31922 2425 570 28927 58.9 Pork 2024 471 27804 1148 29422 7125 435 21862 49.9 2025 Est. Dec 435 27476 1126 29037 6972 385 21680 49.1 Jan 435 27586 1117 29138 6962 385 21791 49.4 2026 Proj. Dec 385 27489 1175 29049 7020 385 21644 48.9 Jan 385 28229 1145 29759 7085 385 22289 50.3 TotalRed Meat5/ 2024 1130 55038 6148 62316 10137 1058 51121 110.4 2025 Est. Dec 1058 53662 6801 61521 9566 1002 50954 109.3 Jan 1058 53821 6841 61719 9537 1000 51183 109.8 2026 Proj. Dec 1002 53448 6970 61420 9512 977 50931 108.8 Jan 1000 54198 7035 62233 9517 977 51739 110.5 Broiler 2024 835 46491 150 47475 6680 761 40034 101.1 2025 Est. Dec 761 47571 160 48492 6646 765 41081 103.1 Jan 761 47532 155 48448 6645 770 41033 103.0 2026 Proj. Dec 765 48031 140 48936 6715 780 41441 103.5 Jan 770 48080 140 48990 6715 780 41495 103.7 Turkey 2024 243 5121 37 5401 486 219 4697 13.8 2025 Est. Dec 219 4822 36 5077 412 180 4485 13.1 Jan 219 4832 36 5087 412 185 4490 13.1 2026 Proj. Dec 180 4955 28 5163 400 200 4563 13.3 Jan 185 4975 28 5188 400 200 4588 13.3 Total Poultry6/ 2024 1085 52174 190 53449 7187 985 45277 116.5 2025 Est. Dec 985 52910 199 54094 7102 951 46040 117.6 Jan 985 52875 193 54054 7103 964 45987 117.4 2026 Proj. Dec 951 53520 170 54641 7159 986 46496 118.2 Jan 964 53599 170 54733 7163 986 46584 118.5 RedMeat& Poultry 2024 2215 107212 6338 115765 17324 2043 96398 226.9 2025 Est. Dec 2043 106571 7000 115614 16668 1953 96994 226.9 Jan 2043 106696 7034 115773 16639 1964 97170 227.2 2026 Proj. Dec 1953 106968 7140 116061 16671 1963 97427 227.0 Jan 1964 107797 7205 116966 16680 1963 98323 229.0 ================================================================================ WASDE - 667 - 33 January 2026 U.S. Egg Supply and Use ================================================================================ 2023 2024 2025Proj. 2025 Est. 2026Proj. 2026Proj. Commodity Dec Jan Dec Jan ================================================================================ Million Dozen Eggs Supply BeginningStocks 18.8 23.1 14.2 14.2 16.0 17.0 Production 9150.3 9016.6 8666.0 8635.5 9250.0 9200.0 Imports 27.5 30.1 129.1 124.5 50.0 50.0 Total Supply 9196.5 9069.8 8809.3 8774.2 9316.0 9267.0 Use Exports 250.5 236.7 202.1 199.9 235.0 245.0 Hatching Use 1120.4 1148.2 1165.8 1162.7 1160.0 1160.0 Ending Stocks 23.1 14.2 16.0 17.0 21.0 21.0 Disappearance Total 7802.5 7670.7 7425.4 7394.7 7900.0 7841.0 Per Capita (number) 277.7 270.6 260.3 259.2 275.7 273.7 ================================================================================ U.S. Milk Supply and Use ================================================================================ 2023 2024 2025Proj. 2025 Est. 2026Proj. 2026Proj. Commodity Dec Jan Dec Jan ================================================================================ Billion Pounds Milk Production 226.3 225.9 231.4 231.4 234.1 234.3 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 12.4 Marketings 225.3 224.9 230.5 230.4 233.2 233.3 Imports 7.4 9.1 7.8 7.8 8.2 8.3 Total Supply 247.1 247.8 251.3 251.2 254.1 253.9 FatBasisUse Exports 10.5 11.8 16.2 16.4 15.0 17.0 Ending Stocks 13.8 13.1 12.7 12.4 12.9 12.4 Domestic Use 222.8 222.8 222.4 222.4 226.2 224.5 Skim-solidBasisSupply BeginningStocks 11.7 9.8 9.4 9.4 9.4 9.4 Marketings 225.3 224.9 230.5 230.4 233.2 233.3 Imports 6.3 6.8 6.9 6.9 7.1 7.0 Total Supply 243.3 241.5 246.8 246.7 249.6 249.7 Skim-solidBasisUse Exports 49.9 48.9 48.2 48.0 48.2 48.1 Ending Stocks 9.8 9.4 9.4 9.4 9.0 9.0 Domestic Use 183.6 183.2 189.2 189.3 192.4 192.7 ================================================================================ WASDE - 667 - 34 January 2026 U.S. Dairy Prices ================================================================================ Commod- 2023 2024 2025 Proj. 2025 Est. 2026 Proj. 2026 Proj. ity Dec Jan Dec Jan ================================================================================ Dollars Per Pound Product Prices 1/ Cheese 1.7593 1.8634 1.795 1.7878 1.675 1.585 Butter 2.6170 2.8870 2.225 2.2202 1.675 1.610 Nonfat Dry Milk 1.1856 1.2420 1.235 1.2348 1.170 1.205 Dry Whey 0.3618 0.4913 0.595 0.5956 0.635 0.670 Milk Prices 2/ Dollars Per Cwt ClassIII 17.02 18.89 18.10 18.01 17.05 16.35 Class IV 19.12 20.75 17.40 17.38 14.40 14.45 All Milk 3/ 20.34 22.55 21.00 21.15 18.75 18.25 ================================================================================ WASDE - 667 - 35 January 2026 Reliability of January 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 0.7 1.1 3.2 0.0 8.3 34 9 U.S. 0.2 0.3 0.1 0.0 0.3 19 12 Foreign 0.8 1.3 3.2 0.1 8.3 33 10 Exports World 5.1 8.6 5.5 0.1 18.4 33 10 U.S. 4.9 8.2 1.3 0.1 3.9 21 22 Foreign 6.1 10.3 5.3 0.3 18.0 35 8 Domestic Use World 1.2 2.0 5.6 0.1 22.7 27 16 U.S. 4.4 7.5 1.0 0.0 3.0 12 30 Foreign 1.2 2.1 5.6 0.6 23.6 29 14 Ending Stocks World 4.8 8.1 6.4 0.2 25.2 30 13 U.S. 8.5 14.4 1.4 0.0 4.6 28 14 Foreign 5.2 8.8 5.6 0.1 25.5 30 13 COARSE GRAINS 2/ Production World 1.3 2.2 11.2 0.0 37.7 31 12 U.S. 0.4 0.7 0.4 0.0 4.6 18 12 Foreign 1.8 3.1 11.1 0.0 37.6 30 13 Exports World 6.1 10.3 5.8 0.2 31.9 30 13 U.S. 11.6 19.5 4.7 0.2 13.3 23 20 Foreign 10.5 17.6 6.2 0.4 26.8 27 16 Domestic Use World 1.1 1.8 8.4 0.0 36.2 23 20 U.S. 2.8 4.8 3.9 0.1 18.8 20 23 Foreign 1.3 2.3 8.6 0.1 36.2 28 15 Ending Stocks World 10.4 17.5 13.7 0.6 136.0 36 7 U.S. 15.2 25.6 5.6 0.0 24.3 22 20 Foreign 13.3 22.4 12.3 0.1 143.4 36 7 RICE, milled Production World 1.6 2.7 5.1 0.0 13.9 36 6 U.S. 1.5 2.6 0.1 0.0 0.3 13 7 Foreign 1.6 2.8 5.1 0.1 13.9 37 6 Exports World 8.8 14.9 1.9 0.0 6.6 32 11 U.S. 7.6 12.9 0.2 0.0 0.6 20 20 Foreign 9.8 16.5 1.9 0.0 6.3 31 12 Domestic Use World 1.3 2.2 3.4 0.0 13.9 31 12 U.S. 7.4 12.5 0.2 0.0 0.5 19 24 Foreign 1.3 2.2 3.4 0.0 13.6 32 11 Ending Stocks World 9.0 15.2 5.3 0.5 26.6 36 7 U.S. 19.8 33.3 0.2 0.0 0.6 23 17 Foreign 9.2 15.5 5.3 0.2 26.5 36 7 ================================================================================ WASDE - 667 - 36 January 2026 Reliability of January 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 3.4 5.6 5.4 0.0 22.4 23 20 U.S. 1.3 2.2 0.6 0.0 2.5 19 19 Foreign 5.6 9.4 5.5 0.2 22.6 23 20 Exports World 6.7 11.3 3.7 0.1 16.7 28 15 U.S. 7.7 12.9 1.8 0.1 6.7 26 17 Foreign 16.7 28.1 3.7 0.0 19.7 22 21 Domestic Use World 2.6 4.4 4.1 0.1 15.3 23 20 U.S. 3.2 5.3 1.2 0.0 3.6 26 17 Foreign 3.2 5.3 3.8 0.2 13.8 24 19 Ending Stocks World 13.8 23.3 4.2 0.1 18.7 22 21 U.S. 40.6 68.4 1.9 0.1 6.6 12 31 Foreign 15.8 26.6 4.0 0.1 17.2 27 16 COTTON Production World 2.5 4.2 1.9 0.0 5.4 26 16 U.S. 1.1 1.9 0.1 0.0 0.4 14 27 Foreign 3.0 5.1 1.9 0.0 5.7 29 13 Exports World 6.7 11.3 1.9 0.1 8.8 23 20 U.S. 10.6 17.9 0.8 0.0 2.7 27 16 Foreign 8.7 14.7 1.5 0.0 8.1 24 19 Domestic Use World 3.8 6.5 2.6 0.1 18.2 24 19 U.S. 8.0 13.6 0.2 0.0 0.9 20 20 Foreign 3.8 6.4 2.5 0.2 17.3 25 18 Ending Stocks World 10.2 17.1 4.4 0.1 20.0 25 18 U.S. 24.8 41.8 0.9 0.1 2.4 14 29 Foreign 10.8 18.1 4.1 0.1 18.2 27 16 ================================================================================ WASDE - 667 - 37 January 2026 Reliability of United States January Projections 1/ ================================================================================ Differences between forecast and final estimate 90 percent Years Commodity and Root mean Confidence Below Above Region square error interval Average Smallest Largest Final Final ================================================================================ Million Bushels CORN Production 0.4 0.7 14 0 148 5 7 Exports 12.3 20.7 172 3 513 22 21 Domestic Use 2.8 4.8 145 6 574 21 22 Ending Stocks 16.9 28.4 220 1 986 22 21 SORGHUM Production 1.0 1.6 2 0 53 1 3 Exports 25.9 43.7 30 0 125 27 14 Domestic Use 19.8 33.3 36 1 148 20 23 Ending Stocks 43.8 73.7 22 1 98 16 27 BARLEY Production 0.9 1.6 1 0 11 21 4 Exports 34.1 57.4 7 0 37 16 24 Domestic Use 7.4 12.4 14 0 70 17 23 Ending Stocks 13.4 22.5 11 1 52 26 17 OATS Production 0.4 0.7 0 0 2 5 4 Exports 61.7 103.9 1 0 7 10 10 Domestic Use 5.1 8.6 11 0 39 18 24 Ending Stocks 16.8 28.3 11 1 47 25 18 Thousand Short Tons SOYBEAN MEAL Production 3.1 5.3 917 9 3117 27 16 Exports 9.8 16.5 682 1 2626 31 12 Domestic Use 2.8 4.7 673 34 2066 22 21 Ending Stocks 32.9 55.5 63 0 253 17 23 Million Pounds SOYBEAN OIL Production 3.0 5.1 418 7 1418 30 13 Exports 31.5 53.0 351 0 1325 25 16 Domestic Use 3.4 5.7 436 25 1628 27 16 Ending Stocks 19.8 33.4 287 25 1206 28 15 ANIMAL PROD. 3/ Million Pounds Beef 3.4 5.7 708 9 2111 29 13 Pork 3.0 5.1 421 5 1717 19 23 Broilers 1.6 2.8 394 24 1011 26 16 Turkeys 3.3 5.6 139 2 427 18 24 Million Dozen Eggs 2.2 3.8 131 4 525 23 19 Billion Pounds Milk 1.4 2.4 1.8 0.0 5.7 21 20 ================================================================================