Other than higher-than-expected wheat stocks, there weren’t many surprises in the April World Agricultural Supply and Demand Estimates from USDA. The 2025-2026 wheat outlook is for slightly higher supplies, marginally lower domestic use, unchanged exports, and higher ending stocks. The ending stocks were raised to 938 million bushels, ten percent above last year and the largest since 2019-2020. The season-average wheat price was raised a nickel to $5. The corn outlook is unchanged relative to last month. Feed and residual use was unchanged at 6.2 billion bushels. The season-average corn price was raised five cents to $4.15 per bushel. The outlook for soybean supply and use includes higher crush, lower exports, and unchanged ending stocks. Soybean crush rose by 35 million bushels to 2.61 billion on increased soybean meal domestic use. The season-average soybean price for 2025-2026 is forecast at $10.30 per bushel, up by ten cents.
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