USDA Reports Summary          03/10 11:26

   USDA Holds Pat on Domestic Stocks, Boosts Global Corn Ending Stocks

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

By DTN Staff

   This article was originally published at 11:01 a.m. CDT on Tuesday, March 
10. It was last updated with additional information at 11:26 a.m. CDT on 
Tuesday, March 10.

   **

   OMAHA (DTN) -- USDA made almost no domestic changes for major crops such as 
corn, soybeans and wheat, but bumped up corn production in Brazil while 
lowering production in Argentina. USDA boosted global ending stocks for corn.

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

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

   Tuesday's U.S. ending stocks estimates were neutral for corn, neutral for 
soybeans, and neutral for wheat, according to DTN Lead Analyst Rhett 
Montgomery. Tuesday's world ending stocks estimates from USDA were neutral to 
slightly bearish for corn, neutral for soybeans, and neutral for wheat.

   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/oce/commodity/wasde/

   CORN

   Domestically, there were no other changes in the 2025-26 crop.

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

   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.

   The farmgate price is $4.10 a bushel.

   Globally, corn beginning stocks for the 2025-26 corn crop were increased 
1.47 mmt to 295.82 million metric tons (mmt). Global production was increased 
1.53 mmt to 1,297.44 mmt. Exports globally were raised slightly to 206.85 mmt. 
Global ending stocks were raised 3.77 mmt to 292.75 mmt.

   Brazil's production was increased 1 mmt to 132 mmt with exports holding pat 
at 43 mmt. Argentina's production is forecast at 52 mmt, down 1 mmt, with 37 
mmt in exports. USDA increased Ukraine's production to 30.7 mmt, and Ukraine's 
exports came in at 22 mmt.

   SOYBEANS

   USDA estimates U.S. ending stocks for the 2025-26 growing season totaled 350 
million bushels (mb), unchanged from February.

   USDA listed crush estimates at 2.575 bb, up from 2.570 bb last month.

   U.S. exports are estimated at 1.575 bb, unchanged from February.

   Total soybean use was projected at 4.262 bb, reflecting the slight bump up 
in crushing.

   The national average farm gate price is projected at $10.20 per bushel, 
unchanged from February.

   Globally, USDA projected Brazilian production, at 180 million metric tons, 
unchanged from last month, while production in Argentina is estimated at 48.0 
mmt, decreased from 48.5 mmt last month.

   World ending stocks are estimated at 125.31 mmt, a decrease from 125.51 mmt 
in February.

   WHEAT

   USDA estimates U.S. wheat ending stocks at 931 million bushels, unchanged 
from February's report. Exports are estimated at 900 mb, also unchanged from 
last month. Imports were pegged at 120 mb, unchanged from February's report.

   The farmgate price is estimated at $4.95, up from $4.90 last month. Domestic 
use was unchanged from 2.028 billion bushels in February's estimate.

   Seed demand is pegged at 61 mb, feed and residual use is estimated at 100 mb.

   Globally, ending stocks were pegged at 276.96 million metric tons, decreased 
from 277.51 mmt in February.

   Production in Australia was estimated at 36.0 mmt, down from last month, 
while production in Argentina was estimated at 27.8 mmt, unchanged from 
February's estimate.

   Exports are estimated at 43.5 mmt for Russia and 13.5 mmt for Ukraine.

   LIVESTOCK

   Tuesday's WASDE report shared positive news for both the cattle and beef 
markets for 2026, according to DTN Livestock Analyst ShayLe Stewart.

   "Beef production for 2026 was decreased by 110 million pounds, as processing 
speeds through the early part of the year have been significantly lower than 
anticipated, and beef production is forecast lower, even though carcass weights 
are, once again, heavier. And at a time when beef demand is so strong, fed 
cattle prices for the first three quarters of 2026 were all increased compared 
to last month. Steer prices in the first quarter of 2026 are expected to 
average $240 (up $2 from last month), steers prices in the second quarter of 
2026 are expected to average $241 (up $3 from last month), steer prices in the 
third quarter are expected to average $242 (up $2 from last month) and steers 
prices for the fourth quarter of 2026 are unchanged at $245. Beef imports for 
2026 were increased by 100 million pounds, as supplies domestically remain 
thin, and beef exports fell by 30 million pounds compared to last month's 
estimates."

   Tuesday's WASDE report shared positive news for the pork and hog markets of 
2026, Stewart said.

   "Pork production for 2026 remained unchanged compared to last month's 
estimates at 28,275 million pounds. Quarterly hog prices also showed fruitful 
projections, as every quarter of 2026 (except for the first quarter) saw a 
price increase compared to last month's estimates. Hog prices in the first 
quarter remained unchanged at $65, but hogs in the second quarter are expected 
to average $74 (up $1 from last month), hogs in the third quarter are expected 
to average $77 (up $2 from last month) and hogs in the fourth quarter are 
expected to average $65 (up $2 from last month). Pork imports for the year 
remained steady at 1,145 million pounds, but pork exports gained an additional 
50 million pounds."

   **

   Join us for DTN's post-report webinar at 12:30 p.m. CDT on Tuesday, March 
10, as we discuss USDA's new estimates considering recent market events. 
Questions are welcome, and registrants will receive a replay link for viewing 
at their convenience. Register here for Tuesday's USDA March WASDE webinar: 
https://www.dtn.com/wasde-webinars.

U.S. ENDING STOCKS (Million Bushels) 2025-26
                 Mar       Avg       High      Low       Feb       2024-25
Corn             2,127     2,155     2,428     2,077     2,127     1,551
Soybeans         350       343       350       265       350       325
Wheat            931       923       956       900       931       855
WORLD ENDING STOCKS (million metric tons) 2025-26
                 Mar       Avg       High      Low       Feb       2024-25
Corn             292.8     289.3     290.2     287.1     289.0     294.4
Soybeans         125.3     125.0     126.0     123.3     125.5     123.7
Wheat            277.0     277.3     278.0     276.0     277.5     259.8
WORLD PRODUCTION (million metric tons) 2025-26
                 Mar       Avg       High      Low       Feb       2024-25
CORN
Argentina        52.0      52.9      54.0      51.5      53.0      50.0
Brazil           132.0     132.3     136.0     130.0     131.0     136.0
SOYBEANS
Argentina        48.0      48.1      49.0      47.0      48.5      51.1
Brazil           180.0     179.3     181.0     177.8     180.0     171.5




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