The USDA’s March 1 Grain Stocks report and March Prospective Plantings survey provide the first major mid-year checkpoint for evaluating whether 2025–2026 supply-and-demand forecasts remain on track. For each crop, this report answers three questions in sequence: What did USDA project? (the WASDE balance sheet), Are we on pace? (implied disappearance vs. seasonal targets through March 1), and What does it mean for prices? (adjusted ending stocks and the forward outlook).
The charts, balance sheets, pace trackers, and price-fundamentals analysis presented in this report can be explored interactively — and monitored as new data is released throughout the marketing year — at the SDSU Agronomy Extension Grain Report.
