By DTN Staff

This article was originally published at 11:02 a.m. CDT on Friday, Sept. 11. It was last updated with additional information at 11:34 a.m. CDT on Friday, Sept. 11.

**

OMAHA (DTN) -- USDA on Friday lowered the projected national corn yield by 2.2 bushels per acre and also lowered projected corn production by 213 million bushels, while bumping up soybean production.

The corn yield was projected at 178.5 bushels per acre (bpa), with production pegged at 15.8 billion bushels.

USDA also raised soybean production slightly to a record 4.535 billion bushels and slightly increased yield by 0.1 bpa to 52.8 bpa.

USDA released its September Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports on Friday.

Friday's U.S. ending stocks estimates were bullish for corn, neutral to slightly bullish for soybeans and neutral for wheat, said DTN Lead Analyst Rhett Montgomery. Friday's world ending stocks estimates from USDA were neutral for corn, neutral for soybeans and neutral for wheat, he said.

Stay tuned throughout the morning and refresh this page often. We will be sending a series of updates with the important highlights from Friday's reports, including commentary from our analysts.

You can also view the full reports here:

-- Crop Production: https://www.nass.usda.gov/…

-- World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…

CORN

The corn yield was lowered 2.2 bpa to 178.5 bpa.

That puts total crop production at 15.8 billion bushels, down from 16.013 billion bushels.

Planted acres for the 2026-27 corn crop were raised slightly to 96.8 million acres, up 100,000 acres from August. Harvested acres were 88.5 ma, down 100,000 acres from August.

DTN on Friday updated its models, which projected the national corn yield at 178.4 bpa, down slightly from August.

Beginning stocks for the 2026-27 crop were listed at 1.922 bb, down 23 mb from August.

On the demand side, 2026-27 total feed and residual use were lowered to 5.95 bb, down from 6.1 bb in August. Ethanol use is projected at 5.6 bb. Total domestic use is forecast at 12.905 bb, down from 13.055 bb last month.

Corn exports for the 2026-27 crop are projected at 3.275 bb, the same as August.

Total usage comes in at 16.18 bb, down from 16.33 bb in August.

Ending stocks for the 2026-27 crop were lowered to 1.567 bb, down from 1.653 bb last month.

The farmgate price for the 2026-27 crop is projected at $4.80 a bushel, a 30-cent increase from August.

Looking at the 2025-26 "old crop" corn, ending stocks were lowered to 1.922 bb from 1.945 bb. The export total was 3.425 bb, up 25 mb from August. The farm gate price is $4.15 a bushel.

Globally, USDA projects beginning stocks for the 2026-27 corn crop at 301.38 million metric tons (mmt), up from 298.83 mmt in August. Production was reported at 1,290.95 mmt, down from 1,298.88 mmt last month. Exports globally are projected at 210.08 mmt, down slightly from August. That puts projected global ending stocks for the 2026-27 crop at 272.10 mmt, down from 274.66 mmt in August. In the European Union, USDA pegged production at 50.6 mmt with imports at 23.5 mmt. Ukraine's production was projected at 31.8 mmt with exports at 22 mmt.

For the 2025-26 global corn numbers, Brazil's production for the 2025-26 crop was forecast at 141 mmt, up 1 mmt from August with exports at 40 mmt, down 2 mmt. Argentina's production was projected at 63 mmt, with exports at 45 mmt. Ukraine's production was 30.9 mmt with exports at 22.4 mmt.

SOYBEANS

Farmers planted 86.9 million acres of soybeans, and USDA expects them to harvest 85.9 million acres of it.

The national average yield increased to 52.8 bushels per acre, up from 52.7 bpa last month.

That put production at 4.535 billion bushels, up from 4.519 bb last month. USDA pegged beginning stocks at 325 million bushels, unchanged from August. Imports were estimated at 25 mb, unchanged from last month, leading to total supplies of 4.885 bb.

On the demand side, crush is forecast at 2.780 bb, while exports were pegged at 1.685 mb. Seed use was forecast at 73 mb, while residual use is estimated at 38 mb. The net result was an ending stocks estimate of 310 mb, down from 320 million bushels in August.

The national average farm gate price increased to $12 per bushel, up from $11.40 last month.

Globally, ending stocks for 2026-27 were pegged at 124.02 million metric tons. Production in Brazil was estimated at 186 mmt, while Argentine production is pegged at 50 mmt. Chinese imports were estimated at 115 mmt.

WHEAT

USDA expects farmers to harvest 1.531 billion bushels of wheat in 2026-27, unchanged from last month's estimate. USDA will update its wheat production forecasts in its Small Grains Summary, which is scheduled to be released Sept. 30.

USDA estimates U.S. ending wheat stocks at 717 million bushels for 2026-27, unchanged from August.

On the exports side, USDA pegs U.S. wheat exports at 775 mb, unchanged from last month.

The farm gate price of $6.40 per bushel is an increase from $6.20 last month.

Globally, USDA estimates world ending wheat stocks for 2026-27 at 276.29 million metric tons, a bump up from 273.25 mmt in August.

USDA pegs Russian wheat production at 88.0 mmt, slightly down from last month's estimate of 88.5 mmt. Production in Australia is estimated at 31.0 mmt, an increase from 28.0 mmt in August.

USDA estimates production in Ukraine at 26.0 mmt, a bump up from 25.4 mmt last month. Canadian production is pegged at 36.0 mmt, also up from 35.0 mmt in August. Production in the European Union was estimated at 133.80 mmt, an increase from 134.2 mmt last month.

USDA estimates Russia's wheat exports at 43.0 mmt, down from 46.0 mmt last month. USDA pegs Ukraine exports at 12.5 mmt, down from 13.5 mmt last month. Canada exports are pegged at 30.0 mmt, up from 28.5 mmt in August. European Union exports were unchanged at 31.0 mmt.

LIVESTOCK

Friday's WASDE report came as a grim finding for the beef and cattle markets of 2026, said DTN Livestock Analyst ShayLe Stewart.

"Beef production for 2026 is decreased by 90 million pounds, as fed cattle marketings are light, and so are cow slaughter speeds," Stewart said. "Fed cash cattle prices for the remainder of 2026 and into 2027 are disappointing compared to August's estimates, as fed cash cattle prices in the third quarter are now expected to average $230 (down $12), steers in the fourth quarter are expected to average $225 (down $20), steers in the first quarter of 2027 are expected to average $235 (down $10) and steers in the second quarter of 2027 are expected to average $235 (down $15). Beef exports for 2026 are increased by 2 million pounds, as exports into Asia markets have increased. But the report specifically noted that, 'With the expansion of quotas allowing for reduced tariffs on beef through November, imports are raised in 2026 on stronger expected shipments from South America, but the import forecast is unchanged for 2027.' Beef imports for 2026 increased by 73 million pounds."

Friday's WASDE report was a mixed report for the pork and hog markets of 2026, Stewart said.

"Pork production for 2026 was decreased by 105 million pounds, as slaughter speeds have been light, and carcass weights have been lighter than expected, as well. Quarterly price projections for 2026 and for the first two quarters of 2027 were increased from last month's estimates. Hogs in the third quarter of 2026 are expected to average $70 (up $1), hogs in the fourth quarter of 2026 are expected to average $59 (up $1), hogs in the first quarter of 2027 are expected to average $62 (up $1) and hogs in the second quarter of 2027 are expected to average $68 (up $1). Pork imports for 2026 fell by 10 million pounds, and pork exports for 2026 fell by 65 million pounds."

**

Join us for DTN's post-report webinar at 12:30 p.m. CDT on Friday, Sept. 11, as we discuss USDA's new estimates considering recent market events. Questions are welcome, and registrants will receive a replay link for viewing at their convenience. Register here for Friday's USDA WASDE webinar: https://www.dtn.com/….

U.S. PRODUCTION (Million Bushels) 2026-27
	Sep	Avg	High	Low	Aug	2025-26
Corn	15,800	15,768	16,207	15,344	16,013	17,021
Soybeans	4,535	4,492	4,572	4,360	4,519	4,262
U.S. AVERAGE YIELD (Bushels Per Acre) 2026-27 (WASDE)
	Sep	Avg	High	Low	Aug	2025-26
Corn	178.5	178.1	182.9	173.2	180.7	186.5
Soybeans	52.8	52.5	53.3	51.5	52.7	53.0
U.S. ENDING STOCKS (Million Bushels) 2025-26
	Sep	Avg	High	Low	Aug
Corn	1,922	1,954	2,045	1,895	1,945
Soybeans	325	320	330	300	325
U.S. ENDING STOCKS (Million Bushels) 2026-27
	Sep	Avg	High	Low	Aug
Corn	1,567	1,533	1,820	1,359	1,653
Soybeans	310	289	333	200	320
Wheat	717	720	742	686	717
WORLD ENDING STOCKS (million metric tons) 2025-26
	Sep	Avg	High	Low	Aug
Corn	301.4	298.6	299.2	297.4	298.8
Soybeans	125.3	125.1	125.5	124.6	125.1
Wheat	280.6	280.2	281.0	280.0	280.2
WORLD ENDING STOCKS (million metric tons) 2026-27
	Sep	Avg	High	Low	Aug
Corn	272.1	271.9	274.6	269.0	274.7
Soybeans	124.0	123.1	124.2	121.0	124.2
Wheat	276.3	273.2	276.1	271.3	273.3

(c) Copyright 2026 DTN, LLC. All rights reserved.