SoftSignal Research
WASDE Grain Report
WASDE #670 · Corn · Wheat · Soybeans
April 2026 USDA OCE/WAOB

Corn

WASDE #670 | 2025/26 Marketing Year | vs. WASDE #669
World Ending Stocks: 294.81 MMT — near average 58th percentile
vs. WASDE #669: world ending stocks raised by 2.06 MMT (292.75 → 294.81) ▲ +2.06

Supply & Demand Balance Sheet — World vs. US (MMT)

Item World United States World MoM
Beg. Stocks296.2839.40▲ +0.46
Production1,301.07432.34▲ +3.63
Imports193.100.64▲ +0.38
Dom. Total Use1,302.55334.53▲ +2.04
Exports207.2983.82▲ +0.44
Ending Stocks294.8154.02▲ +2.06
Stocks-to-Use %19.5%12.9%

Ending stocks by marketing year — World and US. Red = current (2025/26). Source: USDA WASDE.

Marketing YearWorld (MMT)US (MMT)
07/08129.8641.26
08/09149.0742.50
09/10144.1143.38
10/11128.1928.64
11/12132.8225.12
12/13135.4320.86
13/14175.0331.29
14/15209.8243.97
15/16213.9344.12
16/17350.7558.25
17/18341.6054.37
18/19321.0756.41
19/20306.3748.76
20/21292.8331.36
21/22310.7934.98
22/23304.7734.55
23/24315.2544.79
24/25296.2839.40
25/26294.8154.02

World stocks-to-use ratio. Lower = tighter market, more price-sensitive to supply shocks.

Marketing YearStocks-to-Use (%)
07/0814.9
08/0917.2
09/1015.7
10/1113.6
11/1213.3
12/1314.1
13/1416.2
14/1518.7
15/1619.7
16/1728.2
17/1827.6
18/1924.2
19/2023.4
20/2122.1
21/2222.1
22/2322.5
23/2422.3
24/2520.6
25/2619.5

Wheat

WASDE #670 | 2025/26 Marketing Year | vs. WASDE #669
World Ending Stocks: 283.12 MMT — above average — mildly bearish 79th percentile
vs. WASDE #669: world ending stocks raised by 6.16 MMT (276.96 → 283.12) ▲ +6.16

Supply & Demand Balance Sheet — World vs. US (MMT)

Item World United States World MoM
Beg. Stocks259.0923.26▼ -0.54
Production844.1554.01▲ +2.03
Imports217.623.40▼ -0.40
Dom. Total Use820.1230.66▼ -4.68
Exports221.8824.49▼ -0.28
Ending Stocks283.1225.52▲ +6.16
Stocks-to-Use %27.2%46.3%

Ending stocks by marketing year — World and US. Red = current (2025/26). Source: USDA WASDE.

Marketing YearWorld (MMT)US (MMT)
07/08122.668.32
08/09166.6617.87
09/10202.5026.55
10/11198.9023.47
11/12198.8920.21
12/13175.5919.54
13/14193.9216.07
14/15217.5820.48
15/16242.7426.55
16/17262.3132.13
17/18283.6929.91
18/19283.3729.39
19/20296.8327.99
20/21286.3323.00
21/22272.6918.36
22/23275.4215.50
23/24269.6518.95
24/25259.0923.26
25/26283.1225.52

World stocks-to-use ratio. Lower = tighter market, more price-sensitive to supply shocks.

Marketing YearStocks-to-Use (%)
07/0816.7
08/0921.2
09/1025.8
10/1125.3
11/1223.3
12/1321.5
13/1422.4
14/1525.0
15/1627.5
16/1728.4
17/1830.7
18/1931.2
19/2031.6
20/2128.9
21/2227.4
22/2327.2
23/2426.5
24/2525.4
25/2627.2

Soybeans

WASDE #670 | 2025/26 Marketing Year | vs. WASDE #669
World Ending Stocks: 124.79 MMT — historically ample — bearish pressure 95th percentile
vs. WASDE #669: world ending stocks cut by 0.52 MMT (125.31 → 124.79) ▼ -0.52

Supply & Demand Balance Sheet — World vs. US (MMT)

Item World United States World MoM
Beg. Stocks124.818.84▲ +0.97
Production427.41115.99▲ +0.23
Imports185.630.68◆ unch
Dom. Total Use425.8874.07▲ +1.72
Exports187.1741.91◆ unch
Ending Stocks124.799.52▼ -0.52
Stocks-to-Use %20.4%8.2%

Ending stocks by marketing year — World and US. Red = current (2025/26). Source: USDA WASDE.

Marketing YearWorld (MMT)US (MMT)
07/0852.965.58
08/0942.573.76
09/1059.994.11
10/1170.115.85
11/1253.584.61
12/1357.403.83
13/1461.772.50
14/1577.535.19
15/1678.505.35
16/1795.658.21
17/1899.0211.92
18/19114.4824.74
19/2096.8414.28
20/21100.356.99
21/2293.097.47
22/23101.797.19
23/24115.139.32
24/25124.818.84
25/26124.799.52

World stocks-to-use ratio. Lower = tighter market, more price-sensitive to supply shocks.

Marketing YearStocks-to-Use (%)
07/0817.1
08/0914.3
09/1018.1
10/1120.4
11/1215.3
12/1315.9
13/1415.9
14/1518.1
15/1617.6
16/1720.0
17/1820.2
18/1923.2
19/2018.5
20/2119.0
21/2217.9
22/2318.9
23/2420.5
24/2520.9
25/2620.4

Cotton

WASDE #670 | 2025/26 Marketing Year | vs. WASDE #669
World Ending Stocks: 77.04 M Bales — near average 53th percentile
vs. WASDE #669: world ending stocks raised by 0.65 M Bales (76.39 → 77.04) ▲ +0.65

Supply & Demand Balance Sheet — World vs. US (M Bales)

Item World United States World MoM
Beg. Stocks74.074.00▲ +0.31
Production121.8713.92▲ +0.88
Imports43.750.01▼ -0.16
Dom. Total Use119.141.60▲ +0.56
Exports43.7212.00▼ -0.19
Ending Stocks77.044.40▲ +0.65
Stocks-to-Use %47.3%32.4%

Ending stocks by marketing year — World and US. Red = current (2025/26). Source: USDA WASDE.

Marketing YearWorld (M Bales)US (M Bales)
07/0862.6610.04
08/0960.526.34
09/1047.092.95
10/1149.442.60
11/1273.443.35
12/1390.043.80
13/14102.862.35
14/15111.743.65
15/1694.913.80
16/1780.402.75
17/1880.744.20
18/1979.954.85
19/2097.057.25
20/2186.303.15
21/2276.324.05
22/2375.904.65
23/2473.303.15
24/2574.074.00
25/2677.044.40

World stocks-to-use ratio. Lower = tighter market, more price-sensitive to supply shocks.

Marketing YearStocks-to-Use (%)
07/0838.8
08/0943.2
09/1030.5
10/1133.1
11/1249.3
12/1358.3
13/1468.2
14/1576.2
15/1664.5
16/1752.2
17/1849.1
18/1949.3
19/2067.0
20/2150.1
21/2247.9
22/2350.8
23/2446.1
24/2545.8
25/2647.3
WASDE Grain Report · USDA OCE/WAOB · Corn · Wheat · Soybeans
Data: USDA Office of the Chief Economist — World Agricultural Supply and Demand Estimates
SoftSignal Research ↗
Subscribe & explore all reports
This report is produced by SoftSignal, LLC and is intended for informational and educational purposes only. It does not constitute investment advice, a solicitation, or a recommendation to buy or sell any security, commodity, or futures contract. SoftSignal, LLC is not a registered investment advisor, commodity trading advisor, or broker-dealer. Past supply/demand data is not indicative of future price movements. Always consult a qualified financial professional before making investment decisions. © 2026 SoftSignal, LLC. All rights reserved.