TFM Midday Update 3-26-2025

CORN

Corn prices turn lower at midday as traders await the release of the USDA’s reports, scheduled for Monday, March 31.
Corn remains under pressure due to expectations that U.S. farmers will increase their corn production to historically high levels this spring. U.S. farmers are projected to plant 94.36 million acres of corn this year, up 4.2% from 90.59 million acres in 2024.
Traders continue to closely monitor tariff developments ahead of President Trump’s planned announcement of reciprocal tariffs on April 2, which has sparked widespread concern over the future of U.S. agricultural exports.
Early corn planting in the southern US is advancing rapidly with 45% of the corn crop planted in Texas, based on a USDA report.
Ethanol production slowed to an 8-week low at 310 million gallons, down from 325 million the previous week. There was 105.5 million bushels of corn used in the production process.

Soybeans continue to rise at midday, despite ongoing pressure from weaker U.S. exports and expectations of a large crop from South America. Both soybeans and soybean oil are trading higher, while soybean meal is mixed.
Brazil’s soybean crop, projected to reach a record production high, was 77% harvested as of late last week, up from 69% at the same time in 2024.
Based on a Reuters survey, US soybean plantings are expected to come in at 83.76 million acres, down 3.8% from 87.05 million acres in 2024.
European Union soybean imports for the 2024/2025 season reached 9.84 mmt at the start of this week, a 7% increase compared to the same time last year, according to data from the European Commission.
Over the next 10 days, Brazil and Argentina are expected to receive rainfall, which will support ongoing crop development.

Wheat prices continue to decline at midday, supported by forecasts of rainfall in the Black Sea and central Plains crop regions. Additionally, improved conditions for SRW wheat in parts of the U.S are contributing to the downward movement.
Wheat futures are also under pressure as the Black Sea grain corridor is expected to reopen following an agreement between the U.S and Russia, ensuring safe passage for exports.
S. all-wheat plantings for the upcoming crop year are projected to total 46.48 million acres, based on a Reuters survey.
Grain consultancy Sovecon said that it downgraded its Russian wheat export forecast for the 24/25 season to 40.7 mmt from 42.2 mmt. But it also increased the 25/26 season export forecast to 39.1 mmt from 38.9 mmt.

Lauren VandenLangenberg