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Consus Ag Consulting's Angie and Karl Setzer discussed the April WASDE, noting U.S. wheat carryout of 938 million bushels came in above the trade estimate of about 923 million. They said world wheat stocks were much higher than expected, largely due to India, where domestic usage was reduced by roughly 5 MMT.
Excess wheat supplies, especially India's larger stocks, pressure wheat values and can encourage cheaper wheat use in feed rations. Corn and soybean carryouts were close to trade expectations, so they offer little price direction.
agrinews-pubs.comTom DoranApr 19, 2026After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
