The March edition of the World Agricultural Supply and Demand Estimates (WASDE) from USDA is not known for generating market fireworks. For the U.S., most information regarding supply–the size of the previous summer and fall crops–are pretty well settled. Additional insight into questions of grain consumption, particularly feed use, is still ahead of us, coming in the Grain Stocks report at the end of March. We are in the midst of key production cycles in South America: first crop harvest and second crop plantings. Changes to production estimates in that key agricultural region can move markets.
This month’s report did not vary from the mold. The production estimates of U.S. corn, soybeans, and wheat were unchanged from the February WASDE, as shown in Table 1. All three crop saw record high yields in the U.S. in 2025.
There were no changes to the use estimates for corn, leaving ending stocks unchanged at 2.2 billion bushels. Days of use on hand at the end of the marketing year for corn is estimated at a 49.7 day supply. That is up significantly from the 37.4-day carryover at the end of the 2024/25 marketing year.
The U.S. soybean supply was up 5 million bushels this month on an increase in imports. Soybean crush increased 5 million bushels as well, leaving ending stocks and carryover to use unchanged at 350 million bushels and 30 days of use on hand, respectively.
No changes to U.S. wheat supply and use this month. USDA did raise the season average farm price estimate by five cents to $4.95 per bushel, the report noting expectations of higher prices for the remainder of the marketing year.
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