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 $4.95 per bushel, the report noting expectations of higher prices for the remainder of the marketing year.
Changes to world ending stocks for grains and soybeans were mixed this month (see Table 2). World corn ending stocks increased on higher production and lower use. Soybean ending stocks were down with a lower supply estimate exceeding the lower use number. Wheat ending stocks were down with increased use outpacing the supply increase.
Up next are two important reports on March 31: Grain Stocks and Prospective Plantings. As mentioned above, quarterly grain stock inventory numbers verify and validate use estimates in the previous quarter, especially feed. With USDA surveying farmers in late-February and the first three weeks of March, there is still time for the impact of the war in the Middle East to influence planting intentions. Fertilizer prices and availability are suddenly in question, but commodity prices are higher too. Stay tuned.
Table 1. U.S. Supply and Demand
| March WASDE 2025/2026 | Corn | Soybeans | Wheat |
| Planted Acreage (Mil. Acs.) Harvested Acreage (Mil. Acs.) Yield (Bushels) | 98.8(+0) 91.3(+0) 186.5*(+0) | 81.2(+0) 80.4(+0) 53.0*(+0) | 45.3 (+0) 37.2(+0) 53.3*(+0) |
| Supply | – – – Million Bushels – – – | ||
| Beginning Stocks Production Imports | 1,551(+0) 17,021*(+0) 25(+0) | 325(+0) 4,262(+0) 25(+5) | 855(+0) 1,985(+0) 120(+0) |
| Total Supply | 18,597*(+0) | 4,612(+5) | 2,959(+0) |
| Disappearance | |||
| Domestic Use Exports | 13,170*(+0) 3,300*(+0) | 2,687*(+5) 1,575(+0) | 1,128(+0) 900(+0) |
| Total Use | 16,470*(+0) | 4,262(+5) | 2,028(+0) |
| Ending Stocks | 2,227(+0) | 350(+0) | 931(+0) |
| Carryover/Use (days on hand) | 49.7(+0) | 30.0(+0) | 167.6(+0) |
| Average Farm Price ($/Bu.) | 4.10(+0) | 10.20(+0) | 4.95(+0.05) |
Values in parentheses represent change from prior month.
Source: USDA, OCE, World Agricultural Supply and Demand Estimates, March 2026
Table 2. World Supply and Demand
| March WASDE 2025/2026 | Corn | Soybeans | Wheat |
| Supply | – – – Million Metric Tons – – – | ||
| Beginning Stocks Production | 295.82(+1.47) 1,297.44*(+1.53) | 123.84(+0.18) 427.18(-1.00) | 259.63(-0.14) 842.12*(+0.32) |
| Total Supply | 1,593.26*(+3.00) | 551.02*(-0.82) | 1,101.75*(+0.18) |
| Total Use | 1,300.51*(-0.78) | 424.16*(-0.58) | 824.80*(+0.74) |
| Ending Stocks | 292.75(+3.77) | 125.31*(-0.20) | 276.96(-0.55) |
| Carryover/Use (days on hand) | 82.2(+1.1) | 107.8(-0.0) | 122.6(-0.4) |
Values in parentheses represent change from prior month.
Source: USDA, OCE, World Agricultural Supply and Demand Estimates, March 2026
Welch, Mark. “March WASDE Recap.” Southern Ag Today 6(11.3). March 11, 2026. Permalink
