Agriculture News
Markets showed a relatively muted response to the report data.
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.