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The USDA’s April 9, 2026 WASDE left projected U.S. corn and soybean ending stocks unchanged from March and raised wheat ending stocks by 7 million bushels, to 938 million. The report also adjusted soybean use and all three crops’ season-average price forecasts. Globally, corn and wheat stocks rose while soybean stocks edged lower—so the U.S. headline does not describe every market.
What the April WASDE covers
WASDE-670, approved by USDA’s World Agricultural Outlook Board on April 9, 2026, updates annual supply-and-use forecasts for U.S. and world wheat, rice, coarse grains, oilseeds and cotton, along with U.S. livestock and sugar. It is a monthly estimate, not a report of final crop-year results. USDA says its interagency commodity estimates committees draw on USDA and other domestic and foreign sources to prepare the forecasts. USDA’s WASDE page provides reports and related information.
U.S. balance sheets: what changed from March
| Crop | U.S. ending stocks, 2025/26 | Key supply or use changes | Season-average farm price forecast |
|---|---|---|---|
| Corn | Unchanged from March; the April summary does not state the level. | Feed and residual use stayed at 6.2 billion bushels. First-half disappearance was 9.6 billion bushels, more than 1.0 billion above the same period a year earlier. | $4.15 per bushel, up 5 cents from March. |
| Soybeans | 350 million bushels, unchanged from March. | Crush rose 35 million bushels to 2.61 billion, reflecting higher domestic soybean meal use. Exports fell 35 million to 1.54 billion, based on export pace and higher South American shipments. | $10.30 per bushel, up 10 cents. |
| Wheat | 938 million bushels, up from 931 million in March. | Higher imports, based on Census data through February, increased supplies. Lower seed use, indicated by NASS Prospective Plantings, reduced domestic use. Exports remained 900 million bushels, with offsetting revisions by class. | $5.00 per bushel, up 5 cents. |
All U.S. figures in the table are USDA’s 2025/26 estimates or season-average price forecasts in WASDE-670; price changes are relative to the March report. The corn summary establishes that stocks were unchanged but does not give their level, so it should not be inferred from the figures for soybeans or wheat. USDA summarized the corn outlook this way: “This month’s 2025/26 U.S. corn outlook is unchanged relative to last month.” For soybeans, it said: “Soybean ending stocks are unchanged at 350 million bushels.”
Corn: strong first-half disappearance, steady outlook
USDA kept the U.S. corn balance sheet unchanged from March, including feed and residual use at 6.2 billion bushels. First-half marketing-year disappearance reached 9.6 billion bushels—more than 1.0 billion above the same stretch a year earlier—while the projected season-average producer price increased by 5 cents to $4.15 per bushel. Disappearance measures use of the crop during the period; it is not the same as ending stocks.
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Soybeans: more crush, fewer exports, same carryout
The 35-million-bushel increase in projected crush and matching 35-million-bushel reduction in exports left U.S. soybean ending stocks at 350 million bushels. USDA linked the higher crush forecast to stronger domestic soybean meal use, and the lower export forecast to export pace and larger South American shipments. The season-average price forecast rose 10 cents to $10.30 per bushel.
Wheat: stocks reach a multiyear high
U.S. wheat ending stocks increased by 7 million bushels from March to 938 million. USDA said the total is 10 percent above the prior year and the largest since 2019/20. More imports raised supply, while lower projected seed use reduced domestic use; projected exports stayed at 900 million bushels after offsetting changes among wheat classes. The season-average farm price forecast rose 5 cents to $5.00 per bushel. USDA described the stock estimate as follows: “Ending stocks are raised to 938 million bushels, 10 percent higher than last year and the largest since 2019/20.”
Global stocks moved differently from U.S. stocks
| Crop | Global 2025/26 ending-stock change from March | April estimate |
|---|---|---|
| Corn | Increased 2.1 million metric tons | 294.8 million metric tons |
| Wheat | Increased 6.2 million metric tons | 283.1 million metric tons |
| Soybeans | Decreased 0.5 million metric tons | 124.8 million metric tons |
These are global totals in metric tons, not U.S. stocks in bushels. USDA put global wheat stocks 24 million metric tons, or 9 percent, above the previous year. The global estimates therefore add a different picture to the U.S. report: world corn and wheat stocks rose, but world soybean stocks fell even as the U.S. soybean carryout stayed level.
How to read the market expectations and reactions
USDA’s figures are its estimates; trade expectations are a separate benchmark, not an alternative USDA forecast. In its April 9 coverage, Successful Farming reported expectations sourced to The Wall Street Journal. Its report characterized U.S. corn and soybean stocks as steady and wheat stocks as higher, but the underlying expectation figures should be understood as secondhand reporting of market expectations.
Successful Farming also quoted Naomi Blohm, senior market advisor at Total Farm Marketing, calling the report “benign.” She pointed to no changes in U.S. old-crop corn or soybean carryout or in Brazil and Argentina production estimates. That is an attributed market interpretation, not a USDA conclusion. A restrained reaction to unchanged carryout does not mean the report made no changes: soybean crush and exports shifted, price forecasts moved, and the U.S. wheat stocks estimate increased.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Where to find the report and its timing
USDA’s 2026 release schedule listed the April WASDE for April 9 at 12:00 p.m. Eastern Time. The official report and historical reports are available from the USDA WASDE page. Use the report’s tables when comparing full balance-sheet levels; the summary figures here cover the specified changes and headline estimates, not every commodity or table in WASDE-670.
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