Corn, wheat, and soybean futures all finished lower on Tuesday, following the release of the USDA’s monthly supply-demand update.
Both corn and soybeans traded to both sides of unchanged during the day, as the USDA report was relatively neutral for both crops and provided little direction. The 2024-25 US corn and soybean supply-demand sheets were unchanged from February, while global corn and soybean ending stocks were both lowered. There was also little other fresh news during the day, allowing corn and soybeans to drift lower.
May corn was down 1 ¾ cents at $4.70 ¼, and December eased a ½ cent to $4.54 ½. May soybeans slipped 2 ¾ cents to $10.11 ¼, and November lost 2 ¼ cents to $10.15 ½.
Wheat saw pressure from an upward revision in global wheat production, as well as higher US and global ending stocks. Lower European prices added to the downside in wheat. May Chicago dropped 5 ¾ cents to $5.56 ¾, May Kansas City fell 6 ½ cents to $5.72, and May Minneapolis was 7 ¼ cents lower at $5.97 ¼.
