Slight hike in projected prices

WASHINGTON — Wheat, corn and soybean season-average price projects were increased slightly in the U.S. Department of Agriculture’s April 9 balance sheets.

Here are the highlights.

Soybeans: The U.S. season-average price for 2025-2026 is forecast at $10.30 per bushel, up a dime from last month’s supply and demand estimates.

• Soybean crush was raised 35 million bushels to 2.61 billion on increased soybean meal domestic use.

• Exports were reduced 35 million bushels to 1.54 billion on pace to date and higher South American shipments.

• U.S. soybean ending stocks are unchanged at 350 million bushels.

• The soybean meal price was increased $10 to $310 per short ton and the soybean oil price is raised four cents to 59 cents per pound.

• Beginning stocks were raised 1 million tons mainly on a revised 2024-2025 crop for Brazil.

• After a review of 2025 disappearance data, Brazil’s 2024-2025 production was hiked by 1 million tons to 172.5 million.

• Soybean production for 2025-2026 was increased 0.2 million tons on higher crops for Paraguay and South Africa partly offset by a lower crop for Uruguay.

• Global soybean ending stocks were reduced 0.5 million tons to 124.8 million, mainly on lower stocks for Argentina, Brazil and Egypt.

Corn: Based on reported prices to date, USDA increased the projected season-average price to $4.15 per bushels, five cents higher than last month.

• Feed and residual use was 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.

• Foreign corn production was hiked, with increases for India, South Africa, Indonesia and Russia partially offset by a decline for Uruguay. India’s production was raised reflecting higher area based on the latest information reported by the government.

• Major global trade changes for 2025-2026 include higher projected corn exports for India, Russia and South Africa with reductions for Pakistan and Uruguay.

• Corn imports were increased for Turkey and Morocco, but reduced for Iran and Indonesia.

• Foreign corn ending stocks are up reflecting increases for India, South Africa and Brazil.

• Global corn ending stocks, at 294.8 million tons, are up 2.1 million.

Wheat: USDA raised the season-average farm price five cents from last month to $5 per bushel based on prices reported to date and price expectations for the remainder of the marketing year.

• Supplies were raised entirely on higher imports, based on reported census data through February.

• Domestic use was lowered, all on reduced seed use indicated by the National Agricultural Statistics Service 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 2019-2020.

• Supplies were raised 1.5 million tons to just over 1.103 billion, mainly on higher production from the European Union and Russia.

• Global 2025-2026 consumption is lowered 4.7 million tons to 820.1 million, mostly on reduced food, seed and industrial use for India. That country’s government wheat stocks data for the first 11 months of its marketing year indicate higher stocks than previously estimated implying less domestic use.

• Projected 2025-2026 global ending stocks were increased by 6.2 million tons to 283.1 million and are 24 million or 9% higher than last year.

Corn (2025-2026 marketing year)

Total corn supply: 18.597 billion bushels

Exports: 3.3 billion bushels

Feed, residual: 6.2 billion bushels

Food, seed, industrial: 6.97 billion bushels

Ethanol and byproducts: 5.6 billion bushels

Ending U.S. corn stocks: 2.127 billion bushels

Soybeans (2025-2026 marketing year)

Total soybean supply: 4.612 billion bushels

Seed, residual: 112 million bushels

Exports: 1.54 billion bushels

Crushings: 2.61 billion bushels

Ending U.S. soybean stocks: 350 million bushels