Wednesday March 12th, 2025

• CBOT prices are lower this morning as the tariff battle spreads to Europe. 
• The March WASDE report came out yesterday at noon.
  • The corn balance sheet was entirely unchanged from last month. 
  • For soybeans a 3 million bu decrease in seed demand was offset by a 3million bu increase in residual/fluff.
  • Wheat was the only commodity to see a change in carryout, ending stocks increased to 819mbu. 
• There is a lot of talk about whether or not the USDA should be taking tariffs into account when releasing their reports. They are only considering trade policies that are in place at the time of the publication. 
• The market moved lower yesterday following the report.
  • The move was driven by lower than expected demand estimates for corn and higher wheat inventories. 
  • Soybean prices were pressured by expectations of a record large South American crop flooding the global market.