Corn futures were modestly higher and wheat lower on Monday, ahead of the USDA’s monthly supply-demand update due tomorrow. Soybeans settled unchanged.
Corn, wheat, and soybeans were initially lower in overnight trade after US President Donald Trump indicated plans for reciprocal tariffs, which could hurt American agricultural exports. However, corn managed to rebound on intermarket spreading and some chart buying. March corn was up 4 cents at $4.91 ½, and December gained 5 ¼ cents to $4.71 ¼.
Wheat was pressured by weak demand and still-heavy shipments out of the Black Sea region, despite expected tighter supplies. March Chicago wheat fell 3 ¼ cents to $5.79 ½, March Kansas City was down 7 ½ cents at $5.96 ¾, and March Minneapolis slipped 2 ½ cents to $6.25 ¼.
Soybeans settled steady in a quiet day of back-and-forth trading ahead of the USDA report. March closed at $10.49 ½, and November at $10.57 ½.
Pre-report trade guesses ahead of the USDA report are for relatively little change in 204-25 US corn, wheat, and soybean ending stocks estimates compared to last month. Argentina corn and soybean production estimates are projected to be revised slightly lower from January, while the Brazil estimates are seen slightly higher.
