Market reaction
Ahead of the report, corn futures were trading 5 to 7 cents lower, soybeans were 4 to 7 cents higher, wheat futures were 12 to 15 cents lower and cotton was mostly 60 to 80 points higher. As of 11:10 a.m. CT, corn is trading 3 cents lower, soybeans are 8 to 9 cents higher, wheat futures are 11 to 12 cents lower and cotton futures are mostly 70 to 90 points higher.
U.S. carryover
Corn: 2.127 billion bu. for 2025-26, unchanged from 2.127 billion bu. in February— compares with 1.551 billion bu. in 2024-25
Beans: 350 million bu. for 2025-26, unchanged from 350 million bu. in February— compares with 325 million bu. in 2024-25
Wheat: 931 million bu. for 2025-26, unchanged from 931 million bu. in February— compares with 855 million bu. in 2024-25
Cotton: 4.4 million bales for 2025-26, unchanged from 4.4 million bales in February— compares with 4.00 million bales in 2024-25
USDA’s 2025/26 corn outlook is unchanged relative to last month. The season-average corn price received by producers is unchanged at $4.10 per bushel. USDA’s 2025/26 soybean supply and use projections include increased imports and crush, and unchanged ending stocks. Soybean imports are increased 5 million bushels reflecting trade to date. Crush is raised 5 million bushels, driven by higher soybean meal domestic use. Soybean meal and soybean oil extraction rates are revised based on observed data to date.There are no changes this month for USDA’s 2025/26 wheat supply and use categories. The season-average farm price is up $0.05 per bushel to $4.95 on NASS prices reported to date and price expectations for the remainder of the marketing year. USDA made no changes to the 2025/26 cotton balance sheet or to prices this month.
Global carryover
Corn: 292.75 MMT for 2025-26, up from 288.98 MMT in February but still below 295.82 MMT in 2024-25.
Beans: 125.31 MMT for 2025-26, down from 125.51 MMT in February— compares with 123.66 MMT in 2024-25
Wheat: 276.96 MMT for 2025-26, down from 277.51 MMT in February— compares with 259.63 MMT in 2024-25
Cotton: 76.39 million bales for 2025-26, up from 75.11 million bales in February — compares with 73.76 million bales in 2024-25
Global production highlights
Argentina beans: 48.0 MMT for 2025-26, compares with 48.5 MMT from February — compares with 51.11 MMT in 2024-25
Brazil beans: 180.0 MMT for 2025-26, unchanged from February— compares with 171.50 MMT in 2024-25
Argentina wheat: 27.80 MMT for 2025-26, compares with 27.8 MMT in February — compares with 18.51 MMT in 2024-25
Australia wheat: 36.0 MMT for 2025-26, compares with 37.0 MMT in February— compares with 34.11 MMT in 2024-25
China wheat: 140.07 MMT for 2025-26, unchanged from February — compares with 140.10 MMT in 2024-25
Canada wheat: 39.96 MMT for 2025-26, unchanged from February — compares with 35.94 MMT in 2024-25
EU wheat: 144 MMT for 2025-26, unchanged from February — compares with 122.15 MMT in 2024-25
Russia wheat: 89.50 MMT for 2025-26, unchanged from February — compares with 81.60 MMT in 2024-25
Ukraine wheat: 24.0 MMT for 2025-26, compares with 23.0 MMT from February — compares with 23.40 MMT in 2024-25
China corn: 301.24 MMT for 2025-26, unchanged from February — compares with 294.92 MMT in 2024-25
Argentina corn: 52.0 MMT for 2025-26, compares with 53.0 MMT from February — compares with 50.0 MMT in 2024-25
Brazil corn: 132.0 MMT for 2025-26, up 1 MMT from February — compares with 136.0 MMT in 2024-25
Ukraine corn: 30.70 MMT for 2025-26, up 1.7 MMT from February — compares with 26.8 MMT in 2024-25
South Africa corn: 16.5 MMT for 2025-26, unchanged from February — compares with 17.06 MMT in 2024-25
China cotton: 35.5 mil. bales for 2025-26, compared to 35.0 mil. bales in February— compares with 32.0 million bales in 2024-25