April WASDE Report Brings Steady Supplies and Mixed Market Signals

Apr 17, 2026
By Farms.com

USDA report lifts price outlook but trims expected farm support payments

The April edition of the USDA World Agricultural Supply and Demand Estimates report showed little change from the March outlook. U.S. ending stocks for corn, soybeans, and cotton for the 2025/26 marketing year remained the same, while wheat stocks rose slightly. On a global level, corn, wheat, and cotton stocks increased, while soybean stocks declined marginally.

Although supplies remain stable, USDA raised its marketing-year average price of projections for all major crops. Corn prices increased to $4.15 per bushel; soybeans rose to $10.30; wheat climbed to $5.00, and cotton moved to $0.61 per pound. These higher prices benefit producers who still have unpriced crops.

However, higher projected prices also reduce expected government support. USDA’s Price Loss Coverage (PLC) payment estimates for the 2025 crop year declined across all four commodities. Corn and soybean payment rates dropped by nearly 20%, while wheat and seed cotton saw smaller reductions.

Lower PLC payments may strain farm income, especially as producers face higher costs for seed, fuel, and fertilizer. Final payments will depend on whether PLC or Agriculture Risk Coverage (ARC) offers greater support when payments are made in fall 2026.

Market reactions to the report were mixed. Future prices for corn and soybeans fell after the report; cotton prices rose, and wheats future remained unchanged. This shows that markets are factoring in broader economic and demand conditions beyond supply data.

As planting season begins, producers are encouraged to closely monitor both cash and futures markets. Historically, spring planting often provides strong pricing opportunities. Careful marketing decisions will be essential in managing risk and protecting farm revenue in the year ahead.

Photo Credit: usda

Video: Why Invest in Canada’s Seed Future? | On The Brink: Episode 3

Darcy Unger just invested millions to build a brand-new seed plant on his farm in Stonewall, Manitoba so when it’s time for his sons to take over, they have the tools they need to succeed.

Right now, 95% of the genetics they’ll be growing come from Canadian plant breeders.

That number matters.

When fusarium hit Western Canada in the late 90s, it was Canadian breeders who responded, because they understood Canadian conditions. That ability to react quickly to what’s happening on Canadian farms is exactly what’s at risk when breeding programs lose funding.

For farmers like Darcy, who have made generational investments based on the assumption that better genetics will keep coming, the stakes are direct and personal.

We’re on the brink of decisions that will shape our agricultural future for not only our generation, but also the ones to come.

What direction will we choose?

On The Brink is a year-long video series traveling across Canada to meet the researchers, breeders, farmers, seed companies, and policymakers shaping the future of Canadian plant breeding. Each week, a new story. Each story, a piece of the bigger picture.

Episode 3 is above. Follow Seed World Canada to catch every episode, and tell us: Do you think the next generation will have the tools they need to success when they takeover? How is the future going to look?