Agriculture News
Corn ending stocks for 2024-25 were lowered to 1.465 billion bu., notably lower than the average pre-report estimate of 1.510. Soybean ending stocks were pegged at 375 million bu., 4 million bu. below the average pre-report estimate.
USDA estimated 32% of the U.S. winter wheat crop was experiencing D1-D4 drought conditions.
Soybean sales during the week ended April 3 totaled 172,300 MT, which were down 58% from the previous week and 63% from the four-week average. Corn and wheat sales also declined on the week.
Soybeans show vulnerability to tariffs war with China.
Grains remain relatively calm amid volatility in global stock indices, bonds, currencies and other markets.
Corn basis firmed over the past week but remains below average.
U.S. reciprocal tariffs kicked in at midnight; China retaliated early this morning.
How USDA handles usage forecasts in the face of the trade/tariffs turmoil adds some uncertainty to what’s normally a uneventful report.
China vows to ‘fight to the end’ in tariffs battle.
Only Montana, Indiana and North Carolina showed improvement since last fall.
Weekly wheat inspections led the decline, dropping 166,621 MT during the week ended April 4, followed by corn (down 64,079 MT) and soybeans (down 8,799 MT).
Soybeans, livestock and equities markets hit hardest by trade concerns.
Seller interest is limited for grains and oilseeds with wheat futures working slightly higher. Livestock markets are lower with markets subject to expanded trading limits today...
Price trends for many ag and outside markets are now bearish.
Corn futures favored the downside overnight, while soybeans have firmed this morning and wheat is narrowly mixed.
Corn and beans remain volatile amid tariff announcements.
Weekly wheat sales during the week ended March 27 were more than triple the previous week’s figure, exceeding the pre-report range, while corn and soybean sales rose 13% and 21%, respectively.
USDA estimates 95.326 million corn acres will be planted this spring, nearly a million acres above the average pre-report estimate. Soybean and wheat plantings were slightly below expectations. March 1 corn stocks met analysts’ expectations, while wheat and bean stocks were slightly above.
Markets keened in on Monday’s reports for most of last week with fresh catalysts at hand.