(WASHINGTON D.C.) — No major surprises were seen as USDA released its World Agricultural Supply and Demand Estimates for the month of April.
USDA left U.S. corn and soybean ending stocks unchanged from March at 2.127 billion bushels for corn and 350 million bushels for soybeans. They did slightly increase U.S. wheat ending stocks this month to 938 million bushels, up from the March number of 931 million bushels. U.S. corn exports were left unchanged this month while soybean exports did see a 35 million bushel reduction.
The U.S. season-average corn price received by producers is raised 5 cents to $4.15 per bushel based on reported prices to date. The U.S. season-average soybean price for 2025/26 is forecast at $10.30 per bushel, up $0.10. The soybean meal price is increased $10 to $310 per short ton and the soybean oil price is raised 4 cents to 59 cents per pound. The USDA projected 2025/26 season-average farm price for wheat up $0.05 per bushel to $5.00 on NASS prices reported to date and price expectations for the remainder of the marketing year.
World ending stocks were slightly higher for corn, slightly lower for soybeans and up somewhat modestly for wheat. World corn ending stocks came in this month at 294.81 million metric tons (MMT) while soybeans were at 124.79 MMT. Wheat came in at 283.12 million tons, up from the March estimate of 276.96 MMT. South American production saw no adjustments this month for Brazil or Argentina.
For 2026, total red meat and poultry production is lowered. Pork production is lowered on reduced slaughter. The current outlook for hog slaughter in 2026 reflects the information provided in the March 26 Quarterly Hogs and Pigs report that indicated lower farrowings through much of 2026. Beef production is reduced as lower steer and heifer slaughter in the first half of the year is partially offset by higher cow slaughter in the first two quarters and heavier dressed weights throughout the year. Broiler production is raised on the recent pace of slaughter and heavier weights through the start of the year. Turkey production is raised on recent hatchery data. Egg production is raised on recent layer inventory and production data.
View the full WASDE Report here: https://www.usda.gov/about-usda/general-information/staff-offices/office-chief-economist/commodity-markets/wasde-report
***AUDIO*** We discuss the WASDE and get market analysis from Arlan Suderman, Chief Commodities Economist at StoneX, in our Market Talk Midday Commentary below after the report was released at 11am CST on Thursday, April 9th, 2026:
