The April World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2025-26 U.S. corn outlook is unchanged relative to last month. Feed and residual use is unchanged at 6.2 billion bushels reflecting reported disappearance during the December-February quarter as indicated in the March 31 Grain Stocks report. Disappearance during the first half of the marketing year totaled 9.6 billion bushels, up over 1 billion from the same period a year ago. The season-average corn price received by producers is raised 5 cents to $4.15 per bushel based on reported prices to date.
The outlook for U.S. soybean supply and use for 2025-26 includes higher crush, lower exports and unchanged ending stocks. Soybean crush is raised 35 million bushels to 2.61 billion on increased soybean meal domestic use. Exports are reduced 35 million bushels to 1.54 billion on pace to date and higher South American shipments. Soybean ending stocks are unchanged at 350 million bushels. The U.S. season-average soybean price for 2025-26 is forecast at $10.30 per bushel, up 10 cents. 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 outlook for 2025-26 U.S. wheat this month is for slightly higher supplies, marginally lower domestic use, unchanged exports and higher ending stocks. Supplies are raised entirely on higher imports, based on reported census data through February. Domestic use is lowered, all on reduced seed use indicated by the NASS Prospective Plantings report. Exports are unchanged at 900 million bushels, but there are offsetting by-class revisions. Ending stocks are raised to 938 million bushels, 10% higher than last year and the largest since 2019-20. The projected 2025-26 season-average farm price is raised 5 cents per bushel to $5 on NASS prices reported to date and price expectations for the remainder of the marketing year.
For 2026, total red meat and poultry production is lowered. 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. Beef exports are lowered for 2026 due to the slow pace of shipments in early 2026 and the reduction of available supplies in the first half of the year. Beef imports are raised based on recent trade data and continued strong demand for lean processing beef. Cattle prices are left unchanged with the exception of the first quarter, which was updated to reflect reported data through March.
Find additional information on the USDA WASDE report from April.
