The USDA made no changes to domestic ending stocks projections for corn, soybeans, or wheat.
The U.S. soybean carryout held at 350 million bushels, with a slight increase for imports canceled out by a modest rise in domestic crush demand. Corn was steady at 2.127 billion bushels and wheat remained at 931 million, with no adjustments to either data set.
For the 2025/26 marketing year, the average estimated farm price for soybeans is $10.20 per bushel and $4.10 for corn, both unchanged, with wheat at $4.95, up $.05. For 2024/25, soybeans averaged $10, with corn at $4.24 and wheat at $5.52.
Globally, USDA raised wheat production on bigger guesses for Ukraine and Kazakhstan, while also upping exports, imports, and feed use. The USDA did cut corn and soybean production estimates for Argentina due to dry weather during key development phases, now at 52 million and 48 million tons, respectively but Brazil’s corn production projection was up 1 million tons on the month to 132 million tons, with no changes to South American exports.
The 2025/26 marketing year got underway June 1st for wheat, September 1st for beans and corn, and October 1st for soybean products.
Grain and oilseed futures prices had little initial reaction to the report, with the next supply and demand update out April 9th.
