May 12, 2026 — WASDE / Crop Production
Wheat
New crop smaller and tighter. Canada 2026/27 production 35.0 (from 39.96), exports 28.0, ending stocks 4.63 (vs ~5.88). US 2026/27 production 42.5 (from 54.0), ending stocks 20.7 (from 25.4). World S/U eases 34.1% → 33.6%. On 2025/26, Canada exports were revised up 1.0 (to 30.0) and domestic use cut 1.0.
Read: supportive — smaller new crop, slowly tightening global stocks.
Canola
The standout. Canada 2026/27 production held flat at 22.0, but demand grows: crush 13.0 (from 12.3) and exports 8.2 (from 7.6). Flat supply + rising demand keeps ending stocks tight (~3.13) and world canola S/U snug at 12.7%. On the old crop, May lifted Canadian crush 0.3 (to 12.3) and trimmed ending stocks 0.1. Canola oil: Canada 2026/27 production 5.53 with exports bumped to 4.0.
Read: friendly — tightest balance sheet of your crops, demand still climbing.
Soybeans & soy oil
Big crop, big demand. US 2026/27 production a record 120.7 (from 116.0), yet ending stocks fall to 8.44 (from 9.25) as crush (74.8) and exports (44.4) rise. World soybean S/U eases 29.3% → 28.3%. Canada 2026/27 beans 7.3 (from 6.79). Soy oil is the tell: US 2026/27 domestic use jumps to 14.86 (biofuel) while exports collapse to 0.18 — the US keeps its oil at home.
Read: constructive despite the big crop — demand is the story, soy oil tightening on biofuel.
Corn
US 2026/27 production steps down to 406.3 (from 432.3), ending stocks fall to 49.7 (from 54.4). World corn S/U tightens the most of any crop: 23.0% → 21.2%. Canada 2026/27 production 14.5.
Read: supportive — the biggest year-over-year tightening in the bunch.
Barley
Canada tighter on both ends. The 2025/26 revision cut ending stocks from 1.62 to 1.29 (exports up 0.4 to 3.0). The 2026/27 new crop is smaller at 9.0 (from 9.73), ending stocks down to 1.17.
Read: tightening, snug carryout.