The April WASDE report showed U.S. wheat, corn and soybean ending stock maintained unchanged, with modest price gains across major crops.
Futures contracts tied to major agricultural commodities traded lower after the April World Agricultural Supply and Demand Estimates (WASDE) report for April showed a largely unchanged outlook.
Wheat Stocks Build: The Wheat futures front month contract (ZW) trading on the Chicago Board of Trade (CBOT), part of the CME Group, steepened its losses following the report. The 2025/2026 outlook was marked by lower domestic use, unchanged exports and higher ending stocks. Higher imports will likely increase supplies.
The ending stocks of wheat are expected at 938 million bushels, 10% higher than a year earlier and up slightly from the March estimate of 931 million bushels. Inventories are expected to swell to the largest levels since 2019/20.
The farm price for wheat is estimated at $5 per bushel, up $0.05.
Areas planted and harvested are estimated at 45.3 million acres and 37.2 million acres, respectively, unchanged from the March estimate. From a year ago, planted and harvested areas are expected to fall 2% and 4%, respectively.
Corn Outlook Steady: The 2025/26 outlook for corn in the U.S. is maintained unchanged from the previous month, the U.S. Department of Agriculture said in the report. The agency estimates that feed and residual usage would be unchanged at 6.2 billion bushels.
USDA expects the ending stocks at 2.127 billion bushels, unchanged from the March estimate.
The average corn price received by producers is seen up $0.05 to $4.15 per bushel.
Soybean Crush Up, Exports Down: The ending stocks for this oilseed crop are left unchanged at 350 million bushels, although up 8% from 2024/25. The agency raised the soybean crush estimate by 35 million bushels, while lowering exports.
The average soybean price for the season is forecast at $10.30 per bushel, up $0.10.
The planted and harvested areas for the crop were also unchanged at 81.2 million acres and 80.4 million acres, respectively, although down 7% each, from the 2024/25 season.
CBOT-traded soybean futures rose moderately following the report.
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