LIVESTOCK & POULTRY:
For 2026, total red meat and poultry production is lowered. Pork production is lowered on reduced slaughter. The current outlook for hog slaughter in 2026 reflects the information provided in the March 26 Quarterly Hogs and Pigs report that indicated lower farrowings through much of 2026. Beef production is reduced as lower steer and heifer slaughter in the first half of the year is partially offset by higher cow slaughter in the first two quarters and heavier dressed weights throughout the year. Broiler production is raised on the recent pace of slaughter and heavier weights through the start of the year. Turkey production is raised on recent hatchery data. Egg production is raised on recent layer inventory and production data. Beef exports are lowered for 2026 due to the slow pace of shipments in early 2026 and the reduction of available supplies in the first half of the year.
Beef imports are raised based on recent trade data and continued strong demand for lean processing beef. Pork exports are raised in the first quarter due to the latest trade data but are unchanged for the rest of the year. Broiler exports are lowered in the second half of the year on reduced competitiveness in international markets. Turkey exports are raised for the first two quarters on recent trade data and increased production.
Cattle prices are left unchanged with the exception of the first quarter, which was updated to reflect reported data through March. Hog prices are lowered in the second and third quarters based on recent trends in hog and pork prices. Broiler prices are lowered in the first two quarters on reported data and higher forecasted supplies. Turkey prices are raised in the first quarter on reported prices but remain unchanged for the rest of the year.
COARSE GRAINS:
This month’s 2025/26 U.S. corn outlook is unchanged relative to last month. Feed and residual use is unchanged at 6.2 billion bushels reflecting reported disappearance during the December-February quarter as indicated in the March 31 Grain Stocks report. Disappearance during the first half of the marketing year totaled 9.6 billion bushels, up over 1.0 billion from the same period a year ago. The season-average corn price received by producers is raised 5 cents to $4.15 per bushel based on reported prices to date.
WHEAT:
The outlook for 2025/26 U.S. wheat this month is for slightly higher supplies, marginally lower domestic use, unchanged exports, and higher ending stocks. Supplies are raised entirely on higher imports, based on reported Census data through February. Domestic use is lowered, all on reduced seed use indicated by the NASS Prospective Plantings report. Exports are unchanged at 900 million bushels, but there are offsetting by-class revisions. Ending stocks are raised to 938 million bushels, 10 percent higher than last year and the largest since 2019/20. The projected 2025/26 season-average farm price is raised $0.05 per bushel to $5.00 on NASS prices reported to date and price expectations for the remainder of the marketing year.
