The April 2025 USDA World Agricultural Supply and Demand Estimates (WASDE) report held several surprises. U.S. corn and soybean ending stocks for 2024/2025 came in lower than expected. U.S. soybean engine stocks were initially expected to increase. However, the report showed soybean ending stocks decreased. U.S. wheat ending stocks also increased more than expected.

Despite these surprises, the global ending stocks aligned with trade expectations. Corn and wheat were slightly lower, and global soybean ending stocks were higher.

The USDA predicts greater exports, reduced feed and smaller ending stocks for 2024/2025 U.S. corn this month. Corn exports are raised by 100 million bushels, but feed and residual use is down, resulting in a 75-million-bushel drop in ending stocks to 1.5 billion.

The U.S. soybean outlook includes higher imports and crush along with lower ending stocks. Soybean crush is expected to reach 4.42 billion bushels on higher soybean meal domestic use and soybean oil exports. Soybean ending stocks are projected to drop by 5 million bushels to come in at about 375 million bushels.

Wheat supply is up due to increased imports of hard red spring, durum, white and hard red winter wheat. Exports have been reduced by 15 million bushels. This led to a 27-million-bushel rise in ending stocks to 846 million. This is a 22% increase from last year.

Read more from the April 2025 WASDE report here.