Even as buyers await updated information about the 2025/26 almond crop, forecasts for still-tight supplies and strong global demand spell continued elevation in prices heading into the new crop year.

With strong consumer demand for beef, even when competing against lower-priced proteins, and continued tight cattle supplies, cattle prices are expected to remain elevated.

Rising global demand and an outlook for more Brazilian corn staying within their border may help corn prices after a big 2025 harvest

Strong demand for butter and cheese, diminished fears of export disruption, and new processing plant investments are good news for dairy profitability.

Moderating price increases for new equipment could give farmers a chance to upgrade, but lower trade-in values, continued high interest rates and the balance between loan maturity and depreciation schedules call for careful planning.

Although long-term prospects for romaine and leaf lettuce remain positive, shipping point prices for all lettuce have fallen below their five-year averages. Consumer sentiment, which has seen near-record lows, seems to be playing a role in lower lettuce demand.

Lower domestic use and export commitments compared to last year cast doubt on USDA’s robust projections, amid strong production estimates.

Recent announcements of proposed Renewable Volume Obligations for 2026 and 2027 have added support for soybean prices. With fewer U.S. soybean acres, global supplies could tighten into 2026 if our global competitors expand less than expected, further supporting prices.

Limited pork inventories and strong seasonal demand are lifting pork prices and helping hog producers recover from a difficult 2023.

Global wheat production is expected to rise, particularly in the EU, Russia and Canada, though regional challenges are shaping market dynamics. Future price movements will depend mostly on export demand and weather impacts.

Wine sales are declining across the board, and economic uncertainty could continue to pressure wine demand. Grape yields are shaping up to be generous, though the crush may ultimately end up smaller than average due to vineyard removals and mothballing.