TFM Morning Update 03-31-2025

CORN

Corn is trading slightly lower to start the day ahead of the planting intentions report where trade is anticipating a higher number of corn acres. Grain stocks will also be released today and corn is forecast around 8.15 billion.
Friday’s CFTC report saw funds as sellers of corn by 32,663 contracts which reduced their net long position to 74,607 contracts.
Estimates for today’s planting intentions report see corn acres at 94.4 million with a range between 92.5 and 96.6 million. This compares to the USDA’s outlook forum at 94.0 ma and 90.6 ma planted last year.

Soybeans are trading higher this morning with the expectation that planting intentions will be on the low side in favor of higher corn acres. Soybean meal is trading higher while soybean oil is lower.
Friday’s CFTC report saw funds as sellers of soybeans by 20,954 contracts which increased their net short position to 42,959 contracts. They sold 17,009 contracts of bean oil and 23,037 contracts of meal.
Estimates for today’s planting intentions report for soybeans see acreage at 83.8 million with a range between 82.5 and 85.5 ma. This would compare to the Outlook Forum’s guess of 84.0 ma and last year’s plantings of 87.1 ma.

All three wheat classes are trading lower this morning with KC wheat leading the way lower. This trend lower in wheat comes despite lower anticipated production in the US and in the Black Sea region as a maritime truce could make it easier to ship grain.
Friday’s CFTC report saw funds as sellers of Chicago wheat by 11,919 contracts which left them short 92,587 contracts. They bought back 1,213 contracts of KC wheat which left them short 45,450 contracts.
Estimates for today’s Planting Intentions report see wheat acres at 46.5 million with a range between 45.4 and 47.1 million. This would compare to 46.1 million acres last year.

Amanda Brill