By Scott A. Mickey
The April Edition of the World Agricultural Supply and Demand Estimates (WASDE) from USDA looked much like the March edition. The 2025/26 US ending stocks for corn, soybean, and cotton were unchanged from the March 2026 report. U.S. wheat ending stocks were slightly higher than the previous month. Globally, corn, wheat, and cotton ending stocks increased for the 2025/26 marketing year while soybean stocks decreased slightly. While U.S. supply and demand appear stable, the market reaction is not.
USDA increased the season average price projections for corn, soybeans, wheat, and cotton as shown in Table 1.
Table 1. U.S. Marketing-year weighted average price received by farmers
The price increase is helpful for U.S. producers with unpriced production. However, the increase in the marketing year average (MYA) price will reduce the USDA’s 2025 Price Loss Coverage (PLC) payments for these crops, as shown in Table 2.
Click here to see more...