The April WASDE report from the U.S. Department of Agriculture (USDA) shows few changes for the U.S. grain and soybean markets. On balance, it confirms report a larger global grain market, with rising wheat and corn stocks.
In the United States, the figures for corn and soybeans in 2025/26 remain unchanged compared to last month. Only for wheat do ending stocks rise slightly to 938 million bushels, primarily due to higher imports and slightly lower domestic demand. Additionally, the average farm price for wheat is increased by 5 cents to $5,00 per bushel.
Global wheat stocks are rising
Globally, the picture is clearly more expansive. Global wheat stocks rise by 6,2 million tonnes to 283,1 million tonnes, primarily driven by higher production in the EU and Russia. At the same time, global consumption falls by 4,7 million tonnes, mainly due to lower industrial and food demand in India. Trade also declines slightly. As a result, the wheat market ends up well above last year's level.
maize production increased
For corn, the USDA is raising global production by 5,1 million tonnes to 1,598 billion tonnes. The increase is due, among other things, to larger harvests in India, South Africa, Indonesia, and Russia. As a result, global ending stocks are also rising by 2,1 million tonnes to 294,8 million tonnes. The US itself remains unchanged in the balance, with a stable supply and demand structure. However, the average US corn price is estimated to be 5 cents higher at $4,15 per bushel.
Soy balance unchanged
In soybeans, too, the US balance remains unchanged in ending stocks. However, 35 million bushels are shifting from export to domestic processing (crush), which consequently rises to 2,61 billion bushels. At the same time, exports are being reduced to 1,54 billion bushels. The expected average soybean price rises by 10 cents to $10,30 per bushel.
Worldwide, soybean stocks decline slightly by 0,5 million tonnes to 124,8 million tonnes. This is primarily due to lower stocks in the US, Argentina, Brazil, and Egypt, despite higher production and initial stocks in a few countries.
Initial reactions negative
Initial reactions on the futures markets were mixed to slightly negative. Corn and soybean contracts lost a few cents after publication, while wheat was already under pressure before the report and that decline initially continued, followed by a partial recovery.
