Takeaways
- Large ending stocks following abundant production in 2025 mean that prices will likely remain low during 2026.
- Tight margins are expected to continue in 2026 as projected prices for corn, soybeans, and wheat are near or below the breakeven cost of production.
- In Georgia, growers are likely to plant more corn acres, while soybean and wheat plantings will be comparable to last year.
Situation
Last year’s harvest generated an abundant production of the three major U.S. grain crops: corn, soybeans, and wheat. This was driven by forecasted record yields per acre. On the demand side, domestic use was forecast to increase for all three grains, and exports were up for corn and wheat. Despite the projected increase in domestic consumption, ending stocks were still expected to be substantial.
Commodity prices were about the same as this time last year, with soybeans only a few dimes higher per bushel and wheat just a few dimes lower per bushel. Input prices remained high relative to commodity prices throughout 2025, meaning production expenses were near or below break-even for the second year in a row. These factors combined led to narrow or negative profit margins. Net farm income for grain producers was boosted by government payments through the Emergency Commodity Assistance program and Supplemental Disaster Relief program.
Looking ahead to 2026, margins will continue to be narrow or negative for grain producers, with high input costs lingering and the expectation for commodity prices to remain low. Planted acres in Georgia may see a slight increase in corn, with soybean and wheat acres stable (Figure 1). Net farm incomes will be supported by government payments from the farm safety net, which was updated through the One Big Beautiful Bill Act, and from one-time payments through the Farm Bridge Assistance program.
Note. e = expected; f = forecast
Corn
The United States planted 98.7 million acres of corn in 2025, which was up 7.8 million acres from 2024. Record-high U.S. corn yields were predicted for the 2025 crop at 186 bushels per acre. If realized, total U.S. corn production will reach the highest on record at 16.75 billion bushels. Compared to the 2024/25 marketing year, use of corn was projected to increase to 793 million bushels for feed, fuels, and exports. Exports were on pace to set a record for the Unietd States, with projections of 3.2 billion bushels exported for the 2025/26 marketing year. Despite the increase in domestic and foreign consumption, ending stocks were projected to be 2.0 billion bushels, up by almost half a million bushels over last year. U.S. planted acres are expected to be lower in 2026.
Georgia producers planted 550,000 acres of corn, up 46.7% from 2024. This was the highest number of planted corn acres in the state in 29 years. Yields were also forecast up 11.7% at 182 bushels per acre, which would tie with the record yield set in 2021. If realized, Georgia’s corn production is projected to be up 81.2% from 2024 to 90.1 million bushels, the highest corn production the state has seen since before 1980. With the large U.S. ending stocks, prices are expected to be stable in 2026. Based on futures prices at the time this article was written and a positive historical local basis, expected corn prices in Georgia will likely average $4.85 per bushel in 2026. Planted corn acres in Georgia are likely to see a slight increase in 2026.
Soybeans
Planted soybean acres in the United States in 2025 were down 6.1 million acres to a total of 81.1 million planted acres. As a result, production was expected to be down 121 million bushels to 4.25 billion bushels compared to 2024, despite yields projected to set a record 53 bushels per acre. On the usage side, soybean crush was projected up 110 million bushels to 2.56 billion, but exports were forecast down 247 million bushels to 1.6 billion. Total soybean use was projected to be 2.3 billion bushels for the 2025/26 crop, down 129 million bushels compared to 2024/25. The lower production and increased crush were projected to reduce ending stocks to 290 million bushels, down 26 million from last year. Growers are expected to plant more acres of soybeans in 2026 to keep with crop rotations, but the increase is not likely to be substantial unless there are expanded opportunities for exports.
Georgia growers planted 15,000 fewer soybean acres in 2025, totaling 155,000 acres. Yields were projected down 2 bushels per acre to an average of 45 bushels per acre. If realized, production is forecast to be down 10.9% from 2024 to 6.6 million bushels. Based on harvest time futures at the time this article was written and historical local basis, expected season average soybean prices in Georgia will likely be around $10.20 per bushel in 2026. Georgia soybean acres are likely to remain stable in 2026.
Wheat
Planted wheat acres in the United States were down 1 million acres from 2024 to 45.3 million acres in 2025. Despite fewer acres, U.S. wheat production for 2025/26 was projected to be up for the 3rd year in a row to a projected 1.99 billion bushels because of higher yields. U.S. yields were projected to set a record 53.3 bushels per acre. U.S. ending stocks were projected to be 901 million bushels, up 50 million from 2024/25. U.S. wheat acres will likely be lower in 2026.
Georgia farmers were estimated to have planted 165,000 acres in 2025. This is up 13.8% from 2024. Georgia wheat production, forecast at 4.3 million bushels, was the first increase in wheat production for the state since 2021. In addition to an increase in planted acres, this higher production was also driven by forecast record yields at a projected 66 bushels per acre. Georgia growers generally see a negative basis for wheat. Based on futures prices and a negative historical local basis, expected season-average wheat prices in Georgia will likely be around $5 per bushel. Georgia planted wheat acres are likely to be stable in 2026.
