LIVESTOCK & POULTRY:
Total red meat and poultry production for 2026 is raised on higher broiler production forecasts more than offsetting lower beef and turkey production. Beef production is forecast lower on the slower-than-expected pace of slaughter through early March, partially offset by heavier dressed weights. Pork production is unchanged. USDA will release the Quarterly Hogs and Pigs report on March 26, providing an indication of hog supplies for slaughter for 2026. Broiler production is raised for the first half of the year, based on recent slaughter and hatchery reports. Turkey production is lowered for the second half of the year, based on the latest hatchery data and Highly Pathogenic Avian Influenza (HPAI)-related culling of turkeys reported through early March.
The beef export forecast for 2026 is lowered for the first half of the year on reduced production. Beef imports are raised on tighter beef supplies attracting additional shipments from global exporters. Pork exports are raised for the year on stronger demand, particularly to East Asia and Western Hemisphere markets. The broiler and turkey export forecasts are unchanged.
Cattle prices are raised through the first three quarters of 2026 based on recent prices and continued strong demand for fed cattle. Hog prices are raised on recent price strength and stronger demand expected to continue through the year. The broiler price forecast is lowered for the second quarter of 2026 on recent prices and higher expected production. The turkey price forecast is raised for the first half of the year on tighter supplies.
COARSE GRAINS:
This month’s 2025/26 U.S. corn outlook is unchanged relative to last month. The season-average corn price received by producers is unchanged at $4.10 per bushel. Global coarse grain production for 2025/26 is forecast 2.7 million tons higher to 1.593 billion. This month’s foreign coarse grain outlook is for larger production, greater trade, and higher ending stocks relative to last month.
WHEAT:
There are no changes this month for the 2025/26 U.S. wheat supply and use categories. The season-average farm price is up $0.05 per bushel to $4.95 on NASS prices reported to date and price expectations for the remainder of the marketing year.
