USDA WASDEWASDE Report · April 2026

USDA WASDE World Balances

The USDA's WASDE (World Agricultural Supply and Demand Estimates) report is published monthly and details global production, stocks and consumption for major grains and oilseeds.

🌾Soft wheat

Moderate

Production

844.15 Mt

Stocks

283.12 Mt

Consumption

815.86 Mt

S/U Ratio

34.70%

Stocks vs prev. month: +0.00 Mt

Tension signal🟠 Bullish

🌽Corn

Very tight

Production

1,301.07 Mt

Stocks

294.81 Mt

Consumption

1,288.36 Mt

S/U Ratio

22.90%

Stocks vs prev. month: +0.00 Mt

Tension signal🟡 Neutral

🌿Barley

Very tight

Production

154.78 Mt

Stocks

21.07 Mt

Consumption

150.96 Mt

S/U Ratio

14.00%

Previous month N/A

Tension signalSubscribers only

🌱Other coarse grains

Tight

Production

683.75 Mt

Stocks

202.61 Mt

Consumption

679.02 Mt

S/U Ratio

29.80%

Stocks vs prev. month: +0.00 Mt

Tension signalSubscribers only

🌾Soft wheatProjection

WASDE April 2026 (season 2025/26): Soft wheat balance in surplus of 28.29 Mt (prod. 844.15 Mt, cons. 815.86 Mt). World stocks at 283.12 Mt, revised down by 0.00 Mt vs March 2026. S/U ratio at 34.70% (moderate, within average).

🌽CornProjection

WASDE April 2026 (season 2025/26): Corn balance in surplus of 12.71 Mt (prod. 1,301.07 Mt, cons. 1,288.36 Mt). World stocks at 294.81 Mt, revised down by 0.00 Mt vs March 2026. S/U ratio at 22.90% (very tight, historical low).

🌿BarleyProjection

WASDE April 2026 (season 2025/26): Barley balance in surplus of 3.82 Mt (prod. 154.78 Mt, cons. 150.96 Mt). World stocks at 21.07 Mt, revised down by 0.00 Mt vs March 2025. S/U ratio at 14.00% (very tight, historical low).

🌾

Soft wheat

Season 2025/26 · WASDE April 2026

World balance

Indicator	Value	Chg. vs prev.
World production	844.15 Mt	+2.03 Mt
World consumption	815.86 Mt	-4.80 Mt
End-of-season stocks	283.12 Mt	0.00 Mt
S/U Ratio (%)	34.70%	0.00%
Exports	221.88 Mt	-0.28 Mt

Key countries

#	Country	Production	Chg. vs prev.
1	UE↗	145.11 Mt	+1.11 Mt
2	Russie↗	90.30 Mt	+0.80 Mt
3	USA↗	54.01 Mt	0.00 Mt
4	Canada↗	39.96 Mt	0.00 Mt
5	Australie↗	36.00 Mt	—
6	Argentine↗	27.92 Mt	+0.12 Mt
7	Ukraine↗	24.00 Mt	0.00 Mt

COT Euronext positions – EBM as of 30 Apr

Funds Net

+71,271

Comm. Net

-59,533

Open Interest

518,372

CFTC Positions – Wheat SRW CBOT as of 5 May

MM Net CBOT

-9,903

Prod./Merch. Net

-68,769

Open Interest

540,497

🌽

Corn

Season 2025/26 · WASDE April 2026

World balance

Indicator	Value	Chg. vs prev.
World production	1,301.07 Mt	+3.63 Mt
World consumption	1,288.36 Mt	+1.98 Mt
End-of-season stocks	294.81 Mt	0.00 Mt
S/U Ratio (%)	22.90%	0.00%
Exports	207.29 Mt	+0.44 Mt

Key countries

#	Country	Production	Chg. vs prev.
1	USA↗	432.34 Mt	0.00 Mt
2	Brésil↗	132.00 Mt	0.00 Mt
3	UE	56.80 Mt	-0.15 Mt
4	Argentine↗	52.00 Mt	0.00 Mt
5	Ukraine↗	30.70 Mt	0.00 Mt
6	Russie	14.80 Mt	+0.30 Mt

COT Euronext positions – EMA as of 30 Apr

Funds Net

+10,988

Comm. Net

-10,805

Open Interest

39,618

CFTC Positions – Corn CBOT as of 5 May

MM Net CBOT

+343,925

Prod./Merch. Net

-663,170

Open Interest

2,515,587

Tension signals Subscribers only

Divergence fonds / commerciaux, signal fort

🌿

Barley

Season 2025/26 · WASDE April 2026

World balance

Indicator	Value	Chg. vs prev.
World production	154.78 Mt	N/A
World consumption	150.96 Mt	N/A
End-of-season stocks	21.07 Mt	N/A
S/U Ratio (%)	14.00%	N/A
Exports	33.46 Mt	N/A

Key countries

#	Country	Production	Chg. vs prev.
1	UE↗	56.39 Mt	N/A
2	Russie↗	19.40 Mt	N/A
3	Australie↗	16.33 Mt	N/A
4	Canada↗	9.73 Mt	N/A
5	Ukraine↗	5.60 Mt	N/A

🌱

Other coarse grains

Season 2025/26 · WASDE April 2026

World balance

Indicator	Value	Chg. vs prev.
World production	683.75 Mt	N/A
World consumption	679.02 Mt	N/A
End-of-season stocks	202.61 Mt	N/A
S/U Ratio (%)	29.80%	N/A
Exports	74.52 Mt	N/A

Detail by crop

Crop	Production	Stocks	S/U
Rice (milled)	541.35 Mt	192.31 Mt	35.80%
Sorghum	62.47 Mt	3.82 Mt	6.10%
Millet	29.68 Mt	0.59 Mt	2.00%
Oats	25.57 Mt	3.42 Mt	13.90%
Mixed grain	13.35 Mt	0.84 Mt	6.40%
Rye	11.33 Mt	1.63 Mt	14.90%

Global stock trends – Grains

21 points de données · Source USDA PSD

Total grain stocks – historical trend

Aggregate of wheat, corn, barley and secondary grains across available WASDE seasons.

21 points · Blé + Maïs + Orge + Riz + Sorgho + Millet + Avoine + Seigle + Mélanges · Source USDA PSD

🟡EU Rapeseed / CA Canola

Very tight

Production

95.51 Mt

Stocks

12.03 Mt

Consumption

92.94 Mt

S/U Ratio

12.90%

Stocks vs prev. month: +0.00 Mt

Tension signal🟡 Neutral

🫘Soybean

Tight

Production

427.41 Mt

Stocks

124.79 Mt

Consumption

425.88 Mt

S/U Ratio

29.30%

Previous month N/A

Tension signal🟡 Neutral

🟡EU Rapeseed / CA CanolaProjection

WASDE April 2026 (season 2025/26): EU Rapeseed / CA Canola balance in surplus of 2.57 Mt (prod. 95.51 Mt, cons. 92.94 Mt). World stocks at 12.03 Mt, revised down by 0.00 Mt vs March 2026. S/U ratio at 12.90% (very tight, historical low).

🫘SoybeanProjection

WASDE April 2026 (season 2025/26): Soybean balance in surplus of 1.53 Mt (prod. 427.41 Mt, cons. 425.88 Mt). World stocks at 124.79 Mt, revised down by 0.00 Mt vs July 2025. S/U ratio at 29.30% (tight, within average).

🟡

EU Rapeseed / CA Canola

Season 2025/26 · WASDE April 2026

WASDE rapeseed data includes Canadian canola, EU rapeseed and Australian rapeseed.

World balance

Indicator	Value	Chg. vs prev.
World production	95.51 Mt	0.00 Mt
World consumption	92.94 Mt	0.00 Mt
End-of-season stocks	12.03 Mt	0.00 Mt
S/U Ratio (%)	12.90%	0.00%
Exports	18.18 Mt	0.00 Mt

Key countries

#	Country	Production
1	Canada (Canola)↗	22.00 Mt
2	UE (Colza)↗	20.52 Mt
3	Chine	16.00 Mt
4	Inde	12.00 Mt
5	Australie↗	7.68 Mt
6	Ukraine↗	3.50 Mt

COT Euronext positions – ECO as of 30 Apr

Funds Net

+60,789

Comm. Net

-66,806

Open Interest

164,646

🫘

Soybean

Season 2025/26 · WASDE April 2026

World balance

Indicator	Value	Chg. vs prev.
World production	427.41 Mt	N/A
World consumption	425.88 Mt	N/A
End-of-season stocks	124.79 Mt	N/A
S/U Ratio (%)	29.30%	N/A
Exports	187.17 Mt	N/A

Key countries

#	Country	Production	Chg. vs prev.
1	Brésil↗	180.00 Mt	N/A
2	USA↗	115.99 Mt	N/A
3	Argentine↗	48.00 Mt	N/A
4	Chine	20.90 Mt	N/A
5	Paraguay↗	12.00 Mt	N/A
6	Inde	10.50 Mt	N/A

CFTC Positions – Soybeans CBOT as of 5 May

MM Net CBOT

+221,617

Prod./Merch. Net

-304,624

Open Interest

1,192,969

Global stock trends – Oilseeds

21 points de données · Source USDA PSD

Source : USDA PSD Online · Monthly update · USDA PSD Online