NASHVILLE, TENN. (RFD NEWS) — All eyes are now on the U.S. Department of Agriculture (USDA) World Agricultural Supply and Demand Estimates (WASDE) report for March, released midday Tuesday, leaving key U.S. grain balance sheets largely unchanged but still offering few surprises for markets.
USDA kept 2025-26 ending stocks steady for the major row crops, including corn at 2.127 billion bushels, soybeans at 350 million bushels, and wheat at 931 million bushels. The agency also maintained the national average farm price estimates for corn at $4.10 per bushel and soybeans at $10.20 per bushel, while raising the projected wheat price slightly to $4.95 per bushel.
Corn
Domestically, USDA made no changes to the U.S. corn balance sheet, with ethanol use forecast at 5.6 billion bushels and exports projected at 3.3 billion bushels. Globally, the agency increased corn production estimates for Brazil to 132 million metric tons, while trimming Argentina’s crop due to dry weather.
Soybeans
U.S. soybean ending stocks were held at 350 million bushels, with slightly higher crush demand offsetting increased imports.
Wheat
U.S. wheat carryout was also unchanged at 931 million bushels, though global production estimates were raised due to larger crops in Ukraine and Kazakhstan.
The report does not include new U.S. crop production numbers, but analysts say it could adjust demand estimates and global production forecasts. Traders are watching developments in South America closely. Brazil continues harvesting a large soybean crop while second crop corn planting moves forward. In Argentina, crops remain at key stages of development. Trade estimates currently place U.S. corn ending stocks near 2.16 billion bushels, up from about 1.5 billion last year. Soybean ending stocks are expected to be around 347 million bushels, while wheat stocks could reach roughly 922 million bushels.
Overall, analysts say the March report was largely neutral for markets, with limited adjustments to domestic supply forecasts and only modest changes to global production estimates. The next WASDE update is scheduled for April 9.
