According to this month’s World Agriculture Supply and Demand Estimates report from USDA, the 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 1.0 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.
This month’s foreign coarse grain outlook is for larger production, trade, and ending stocks relative to last month. Foreign corn production is raised, with increases for India, South Africa, Indonesia, and Russia partially offset by a decline for Uruguay.
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 $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.
Global 2025/26 soybean supply includes higher beginning stocks and production. Beginning stocks are raised 1.0 million tons mainly on a revised 2024/25 crop for Brazil.
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 percent higher than last year and the largest since 2019/20.
The projected 2025/26 season-average farm price is raised $0.05 per bushel to $5.00 on NASS prices reported to date and price expectations for the remainder of the marketing year.
Source: USDA
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