(WASHINGTON D.C.) — A larger than expected cut to corn ending stocks was one of the few highlights of the latest WASDE report from USDA.
According to the latest World Agricultural Supply and Demand Report (WASDE) for April 2025, USDA cut U.S. corn ending stocks to 1.465 billion bushels. That was more than the pre-report average estimate of 1.510 billion bushels and down from the March number of 1.540 billion bushels. USDA raised corn exports by 100 million bushels and cut feed usage by 25 million bushels.
For soybeans, those U.S. ending stocks came in close to pre-report expectations at 375 million bushels. That was down slightly from the March report forecast which was 380 million bushels. USDA raised soybean crush by 10 million bushels and raised imports by five million bushels. USDA raised U.S. wheat ending stocks to 846 million bushels, up from the March estimate of 819 million bushels and well above pre-report average estimates. They cut wheat exports by 15 million bushels and raised wheat imports by 10 million bushels.
USDA also made no change to corn or soybean production estimates in Brazil and Argentina for the current year.
Read the full April WASDE report here: https://www.usda.gov/about-usda/general-information/staff-offices/office-chief-economist/commodity-markets/wasde-report
Hear analysis of the April WASDE below with Arlan Suderman, Chief Commodities Economist at StoneX:
