CORN
- Corn is trading higher this morning despite a bearish acreage number released yesterday that was likely priced into the market last week. May futures are now trading above their 200-day moving average, but tomorrow’s tariff announcement could add pressure.
- Yesterday, the USDA said that there would be 95.3 million acres of corn planted in 2025 which was above the average trade guess and compares to 90.6 ma last year. Corn stocks came in near expectations at 8.151 bb.
- Yesterday’s export inspections were good for corn at 1,614k tons which compared to 1,538k the previous week and 1,472k tons a year ago.
SOYBEANS
- Soybeans are trading higher to start the day after the USDA released a friendly acreage number that saw prices lower yesterday, but still relatively rangebound over the past month. Both soybean meal and oil are trading higher as well.
- The USDA said yesterday that 83.5 million acres of soybeans would be planted in the US in 2025 which compared to the trade estimate of 83.8 ma and 87.1 ma in 2024. Grain stocks came in a hair above expectations at 1.910 bb.
- Yesterday, the USDA said 793k tons of soybeans were inspected for export which compared to 827k tons last week and 515k tons a year ago at this time.
WHEAT
- All three wheat classes are trading higher to start the day with May Chicago wheat now 25 cents off its low from last Friday. Yesterday’s report was friendly with lower anticipated wheat acres.
- The USDA estimated that 45.4 million acres of wheat would be planted in 2025 which compared to the average trade guess of 46.5 ma and 46.1 ma planted in 2024. Grain stocks came in at 1.237 bb which was slightly above the average guess.
- Yesterday’s export inspections report saw wheat inspections at 463k tons which compared to 485k tons the previous week and 569k tons a year ago at this time.
Author
Amanda Brill