The U.S. Department of Agriculture’s latest World Agricultural Supply and Demand Estimates (WASDE) report, released April 9, 2026, shows a modest increase in U.S. wheat supplies for the 2025/26 marketing year alongside a global rise in wheat stocks, while corn and other coarse grains present a mixed picture.
U.S. wheat supplies edged up due to higher imports, based on Census data through February. Domestic use dipped slightly, driven by reduced seed use reported in the National Agricultural Statistics Service’s Prospective Plantings report. Exports held steady at 900 million bushels, but ending stocks climbed to 938 million bushels, marking a 10% increase from the previous year and the largest since 2019/20. The season-average farm price for wheat was raised 5 cents to $5.00 per bushel.
Globally, wheat supplies increased by 1.5 million tons to 1.103 billion tons, mainly due to higher production in the European Union and Russia. Consumption declined by 4.7 million tons to 820.1 million, largely reflecting reduced food, seed, and industrial use in India, where government stock data indicate higher-than-expected reserves. World trade in wheat fell slightly by 0.3 million tons to 221.9 million, with reduced exports from Ukraine, Australia, and Brazil offset partially by gains from Russia and Kazakhstan. Global ending stocks rose by 6.2 million tons to 283.1 million, a 9% increase from the previous year.
The U.S. corn outlook remained unchanged from the previous month, with feed and residual use steady at 6.2 billion bushels. Corn disappearance during the first half of the marketing year totaled 9.6 billion bushels, up more than 1 billion from the prior year. The season-average corn price was raised 5 cents to $4.15 per bushel. Globally, coarse grain production increased by 5.1 million tons to 1.598 billion, driven by higher output in India, South Africa, Indonesia, and Russia. Corn exports rose for India, Russia, and South Africa but declined for Pakistan and Uruguay. Ending stocks for foreign corn increased, contributing to a global corn ending stock total of 294.8 million tons, up 2.1 million.
Rice supplies in the U.S. held steady, but domestic use and exports declined, leading to higher ending stocks at 55.3 million hundredweight, the highest since 1985/86. The season-average farm price for rice remained unchanged at $12.10 per hundredweight.
Soybean crush was raised to 2.61 billion bushels, reflecting increased domestic use of soybean meal, while exports were lowered to 1.54 billion bushels due to competition from South America. Ending stocks remained steady at 350 million bushels. The season-average soybean price was forecast at $10.30 per bushel, up 10 cents.
In livestock, total red meat and poultry production for 2026 was lowered slightly, with pork production down due to reduced slaughter. Broiler and turkey production were raised based on recent data. Milk production forecasts increased due to higher cow inventories. Prices for cheese and nonfat dry milk rose, while butter prices declined. The all-milk price was projected higher at $20.50 per hundredweight.
Cotton production forecasts rose globally, with the U.S. season-average farm price forecast increased by 1 cent to 61 cents per pound.
