By DTN Staff

This article was originally published at 11:01 a.m. CDT on Thursday, April 9. It was last updated with additional information at 11:26 a.m. CDT on Thursday, April 9.

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OMAHA (DTN) -- USDA slightly increased prices for domestic corn by a nickel a bushel and increased soybeans by 10 cents a bushel, but also lowered U.S. soybean exports by 35 million bushels.

USDA released its April Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports on Thursday.

Thursday's U.S. ending stocks estimates were neutral for corn, neutral for soybeans and neutral to slightly bearish for wheat, according to DTN Lead Analyst Rhett Montgomery. World ending stocks estimates were neutral for corn, neutral for soybeans and slightly bearish for wheat, he said.

Stay tuned throughout the morning and refresh this page often. We will be sending a series of updates with the important highlights from Thursday's reports, including commentary from our analysts.

You can also view the full reports here:

-- Crop Production: https://www.nass.usda.gov/…

-- World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…

CORN

The only change with the 2025-26 corn crop is USDA bumped up the farm gate price 5 cents to $4.15 a bushel. Usage and ending stocks were unchanged.

Corn production is pegged at a record 17.02 billion bushels (bb) with a yield forecast at 186.5 bushels per acre (bpa).

On the demand side, feed and residual use came in at 6.2 bb.

Food, seed residual use and industrial use is projected at 6.97 bb.

Ethanol use is pegged at 5.6 bb.

Exports were projected at 3.3 billion bushels.

Total domestic use is forecast at 13.17 bb.

Ending stocks came in at 2.127 billion bushels.

Globally, corn beginning stocks for the 2025-26 corn crop were raised slightly to 296.28 million metric tons (mmt). Global production was increased 3.63 mmt to 1,301.07 mmt. Exports globally were pegged at 207.29 mmt, up slightly from March. Global ending stocks were 294.81 mmt, up 2.06 mmt, and higher than the average pre-report estimates.

Brazil's production was 132 mmt with exports holding pat at 43 mmt. Argentina's production is forecast at 52 mmt, down with 37 mmt in exports. Ukraine's production was 30.7 mmt, and Ukraine's exports came in at 22 mmt. Corn production was raised slightly in both South Africa and Russia.

SOYBEANS

USDA left ending stocks for 2025-26 unchanged at 350 million bushels (mb), while tweaking some demand categories.

Between 325 mb of beginning stocks, 4.262 bb of production and 25 mb of imports, total supplies were 4.612 bb. USDA increased its crush estimate to 2.61 bb, up 35 mb, while trimming its export estimate by 35 mb to 1.54 bb. Seed use was forecast at 73 mb and residual at 39 mb. Total use was 4.262 bb.

The national average farm gate price was increased by a dime to $10.30 per bushel.

Globally, ending stocks were lowered to 124.79 mmt, reflecting slightly higher crush estimates. Production in Brazil and Argentina were left unchanged at 180 mmt and 48 mmt, respectively, with Paraguay's production climbing by 0.5 mmt to 12 mmt.

WHEAT

USDA estimates increased U.S. wheat ending stocks for the 2025-26 season at 938 million bushels, up from 931 mb in March. USDA cut total use to 2.027 billion bushels, from 2.028 bb last month.

USDA left exports unchanged at 900 mb. Imports were increased to 125 mb in April, up from 120 mb last month, while the average wheat farm gate price was estimated at $5 per bushel, up from $4.95 per bushel in March.

Globally, old-crop wheat ending stocks were estimated at 283.12 million metric tons, up from 276.96 mmt in the March estimate.

In South America, USDA estimates Argentina's ending stocks at 3.43 mmt, an increase from 3.31 mmt in March. Brazil's ending stocks are estimated at 2.91 mmt. Australian ending stocks were estimated at 4.62 mmt, up from 4.12 mmt last month.

Ukrainian ending stocks are estimated at 3.93 mmt, an increase from 3.13 mmt in March. Russian ending stocks were estimated at 14.99 mmt.

USDA pegged Russian exports at 44.5 mmt and Ukraine's exports at 12.5 mmt.

On the imports side of the balance sheet, USDA estimated China at 6.0 mmt, unchanged from March.

LIVESTOCK

Thursday's WASDE report showed a mixed outlook for the cattle and beef markets of 2026, according to DTN Livestock Analyst ShayLe Stewart.

"Beef production for 2026 was decreased by 20 million pounds, as harvest speeds are lighter than anticipated. Following last month's increase in the quarterly steer price projections, none of the quarters changed this month, as prices are expected to remain steady with last month's advancement. Steers in the second quarter of 2026 are expected to average $241, steers in the third quarter are expected to average $242 and steers in the fourth quarter are expected to average $245. Beef imports grew by 115 million pounds, but beef exports fell by 30 million pounds."

Thursday's WASDE report showed a mixed outlook for the hog and pork markets of 2026, Stewart said.

"Pork production for 2026 was decreased by 300 million pounds, as slaughter speeds have been lighter than originally anticipated, and the latest Quarterly Hogs and Pigs report showed that farrowing intentions are lighter for the rest of the year. The quarterly price projections for hogs saw a decrease in the second and third quarters of the year. Hogs in the second quarter are now expected to average $72 (down $2 from last month), hogs in the third quarter are expected to average $75 (down $2 from last month) and hogs in the fourth quarter are expected to average $65 (unchanged from last month). Pork imports for 2026 increased by 5 million pounds, and pork exports grew by 15 million pounds."

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Join us for DTN's post-report webinar at 12:30 p.m. CDT on Thursday, April 9, as we discuss USDA's new estimates in light of recent market events. Questions are welcome, and registrants will receive a replay link for viewing at their convenience. Register here for Thursday's USDA WASDE webinar: https://www.dtn.com/….

U.S. ENDING STOCKS (Million Bushels) 2025-26
	Apr	Avg	High	Low	Mar	2024-25
Corn	2,127	2,143	2,267	2,052	2,127	1,551
Soybeans	350	348	375	315	350	325
Wheat	938	921	941	890	931	855
WORLD ENDING STOCKS (million metric tons) 2025-26
	Apr	Avg	High	Low	Mar	2024-25
Corn	294.8	293.2	295.0	291.2	292.8	295.8
Soybeans	124.8	125.5	126.0	124.5	125.3	123.8
Wheat	283.1	277.3	278.0	276.1	277.0	259.6
WORLD PRODUCTION (million metric tons) 2025-26
	Apr	Avg	High	Low	Mar	2024-25
CORN
Argentina	52.0	52.2	53.0	52.0	52.0	50.0
Brazil	132.0	132.5	135.7	132.0	132.0	136.0
SOYBEANS
Argentina	48.0	48.1	48.5	47.0	48.0	51.1
Brazil	180.0	179.8	181.0	178.0	180.0	171.5

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