Soybean and corn futures both gained on Thursday after the USDA trimmed 2024-25 US ending stocks estimates in updated supply-demand estimates. Wheat finished lower on the day.
Corn ending stocks were lowered to 1.465 billion bu, down 75 million from the March estimate and below the average pre-report trade guess. The bulk of the downward revision was due to a higher 2024-25 export forecast, which was bumped up 100 million bu from last month. The White House’s 90-day tariff pause from yesterday also continued to underpin the market. The EU has also now put on hold for 90 days its retaliatory tariffs, which would have hit US corn exports next week. Meanwhile, farmers are said to be returning to fields in Iowa after recent rainfall. May corn gained 9 cents to $4.83, and December was 3 ½ cents higher at $4.54 ¼.
Soybeans were also boosted by the US tariff pause. The EU’s decision to hold fire also eased concern about a potential import duty on US beans that was to be imposed in December. US ending stocks were trimmed 5 million bu from last month to 375 million in today’s supply-demand update. The cut in ending stocks was deeper than expected by the market, although still relatively modest. On the other hand, trade tensions between the US and China – the No. 1 buyer of American soybeans – continue to rise as tariffs between those two countries remain in place. May beans climbed 16 ¼ cents to $10.29, and November was 7 ¾ cents higher at $10.04 ¾.
Wheat fell after the USDA revised 2024-25 US ending stocks higher than expected by traders and analysts. American all wheat ending stocks are now seen at 846 million bu, up 27 million from March and now a hefty 22% above the previous year’s ending stocks of 696 million bu. May Chicago lost 4 ¼ cents to $5.38, May Kansas City dropped a dime to $5.58, and May Minneapolis was down 6 ¾ cents at $6.02.
