(SPRINGFIELD) USDA’s May 12th Crop Production Report yesterday unveiled the first look at 2026 corn and soybean balance sheets, however wheat estimates stole the market’s attention as the agency estimated the smallest U.S. wheat crop in 54 years. Fewer planted acres combined with declining yield expectations dropped the U.S. wheat production estimate to 1.56 billion bushels, down 423 million from a year ago. Also adding to the lowest anticipated winter wheat average since 1965 is the nationwide wheat crop condition, currently sitting at just 28% in good to excellent shape while the Illinois crop is in great condition. Meanwhile, the USDA noted the 2026 corn production is forecast 6% lower than 2025 with an average yield of 183 bushels per acre. Soybean production is forecast 4% higher with an average yield of 53 bushels per acre.
