ARLINGTON, Va. (DTN) -- USDA is forecasting farmers will plant 94 million acres of corn and produce a 15.76-billion-bushel (bb) crop while soybean planting will come in at 85 million acres and 4.45 bb.

The corn acreage -- if it holds -- would be down 4.8 million acres from 2025 and soybeans would increase 3.8 million acres.

The Grains and Oilseeds Outlook report is USDA's first forecast looking at the 2026-27 crops. It was released as part of USDA's annual Agricultural Outlook Forum held in Arlington, Virginia.

CORN FORECAST

Along with lower planted acreage, USDA's initial look at the 2026 corn crop also lowers the projected corn yield 3.5 bushels for the 2026-27 crop to 183 bushels per acre (bpa).

Production would decline from 17.02 bb to 15.755 bb, down about 7% from the record 2025-26 crop. Still, the new crop estimate would come in as the second largest, just behind last year's crop.

USDA projects Feed and Residual use for the new crop to fall 200 million bushels (mb) to 6 bb, a 3% decline. Ethanol use would remain steady at 5.6 bb.

Exports would decline from 3.3 bb to 3.1 bb. On exports, USDA stated, "U.S. global trade share is expected to decline slightly on larger competitor exports from South America and modest global demand growth."

Ending stocks would decline 290 mb from 2.127 bb for 2025-26 down to 1.837 bb for the new crop.

USDA also projects a 10-cent bump in average farmgate price to $4.20 a bushel.

SOYBEAN FORECAST

Planted acres will increase 3.8 million acres to 85 million acres. The yield is projected to hold steady at 53 bpa, the same as the 2025-26 crop.

Soybean planted acreage is expected to rise, "reflecting stronger profitability compared to other crops, along with expected crop rotations across the Corn Belt and the Delta," USDA stated.

Total production for the 2026-27 crop is projected at 4.45 bb, up 188 mb from 4.262 bb in the 2025-26 crop.

Total supply for the new crop is expected to rise 5% on higher carryover and more production, USDA stated.

Domestic crush will continue to rise, increasing 85 mb to 2.655 bb for the 206-27 marketing year. USDA cited higher expected crush because of both federal and state biofuel policies will drive higher demand for soybean oil.

Exports are also projected to increase 125 mb to 1.7 bb for the new crop. Exports will recover from a lower demand year, citing that the 2025-26 marketing year is the lowest marketing year for soybean exports in 13 years.

With higher production, soybean ending stocks are projected to rise 5 mb to 355 mb for the new crop.

The average farmgate price is expected to rise 10 cents to $10.30 a bushel.

WHEAT FORECAST

Total wheat acreage is expected to decline slightly, about 300,000 acres, down to 45 million acres for 2026-27.

USDA projects wheat yields for 2026-27 will decline 2.5 bpa to come in at 50.8 bpa for the crop year.

That puts total production at 1.86 bb, down 125 mb from the 2025-26 crop year.

Food and feed use will hold steady at 1.028 bb.

Wheat exports will decline by 50 mb down to 850 mb.

That puts total use at 1.978 bb, down 50 mb from 2025-26.

Wheat ending stocks are projected at 933 mb, up just 2 mb from 2025-26.

The average farmgate price is up 10 cents to $5 a bushel.

Chris Clayton can be reached at Chris.Clayton@dtn.com

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