See the latest Soybeans and Oil Crops Outlook report.
U.S. Soybean and Canola Production Are Forecast at a Record for Marketing Year 2026/27
U.S. soybean and canola production for marketing year (MY) 2026/27 are forecast at a record level of 4.5 billion bushels and 5.4 billion pounds, respectively on higher acreage. According to the National Agricultural Statistics Service Acreage report released on June 30, 2026, U.S. farmers planted 85.4 million acres of soybeans, up 5 percent from last year, and nearly 3 million acres of canola, up 27 percent from last year. With the higher supply and strong foreign demand, the U.S. soybean export forecast for MY 2026/27 is raised, while the crush forecast is unchanged. U.S. soybean ending stocks for MY 2026/27 are projected at 310 million bushels, unchanged from last month’s forecast. The U.S. season average soybean price forecast for MY 2026/27 is unchanged this month at $11.40 per bushel.
With record domestic canola production, U.S. canola crush is projected to reach a record level of 5.3 billion pounds, supported by strong demand for canola oil. Canola imports are forecast to remain low in MY 2026/27, due to a record domestic supply and expansion of crush in Canada. Furthermore, U.S. canola exports are projected to be in line with MY 2025/26. U.S. canola ending stocks for MY 2026/27 are forecast to increase marginally compared to ending stocks in MY 2025/26. The U.S. season-average canola price forecast for MY 2026/27 is lowered this month to $24.50 per hundredweight but remains higher than MY 2025/26, driven by the strong demand.