April 2026 WASDE Report HIghlights

April 2026 WASDE Report Highlights

Grains and Oilseeds Overview: The report reflects a well-supplied global grain market, with stocks notably building in wheat.

• Wheat: U.S. ending stocks are projected to rise to 938 million bushels, the highest level since 2019/2020, due to increased imports and lower seed use. The season-average price saw a slight increase to $5.00/bushel. Globally, supplies are up, and consumption is down.

• Corn: The U.S. corn balance remains unchanged. The farm price saw a minor bump of 5 cents to $4.15/bushel. Foreign corn production is boosted, led by increases in India and South Africa, contributing to a rise in global coarse grain production.

• Oilseeds (Soybeans): U.S. soybean crush is increased by 35 million bushels on the back of stronger meal demand. However, this is offset by an equivalent cut to exports due to intense competition from South America. Ending stocks remain unchanged at 350 million bushels. The forecasted soybean price is raised to $10.30/bushel.

Livestock and Cotton:

• Livestock: Total red meat and poultry production is lowered for 2026. Both pork and beef forecasts were trimmed due to reduced slaughter. Beef exports are decreased, reflecting lower 2026 shipments, while imports are raised due to sustained strong demand. The overall livestock market is adjusting to tighter near-term supplies.

• Cotton: There were no changes to the U.S. supply and demand balance. The farm price was raised by 1 cent to $0.61/lb. World production is up by nearly 900,000 bales, driven by increases in China, India, and Pakistan.