With the spring planting effort just around the corner, producers and traders are starting to get a handle on the outlook for the coming marketing year. That outlook suffered a bit of a shock following the January WASDE report, as USDA reiterated the large-supply narrative for U.S. and world grain markets. Now, with the WASDE behind us, the South American crops being harvested, and long-lead models giving more clarity on global weather patterns, WPI offers our thoughts on the likely trends that U.S. and global crop production and stocks are likely to see in 2026.  Briefly, WPI’s research and models point to the end of 2025/26 and the first half of 2026/27 seeing large commodity stocks that will outpace relatively strong demand. E...