Friday April 11,th, 2025

• Grains are ending off the week in the green.
  • USDA cuts corn carryout and a strong start to planting. 
• April USDA WASDE Report Summary (Image Below)
  • The report showed increased corn export expectations. We have seen robust corn sales and shipments so far. Export demand was increased by 100mbu and feed demand was lowered by 25mbu.
  • There were minimal changes to the soybean numbers, crush expectations increased by 10mbu and there was an increase to imports by 5mbu.
  • Wheat saw an increase to imports by 10mbu, a 15mbu decrease to exports, and a slight 2mbu change to seed usage. 
  • Following the report yesterday, grain markets held relatively flat. The corn market seemed to have a large percentage of this export adjustment priced in. 
• Exports Sales
  • Corn sales were 30.9mbu this week, a 33% decrease compared to the previous week, sales sit 4% of the pace needed. 
  • Soybean sales were only 6.3mbu, smaller than last week and the same time period last year, while wheat sales were 107mbu, which is ahead of last year but below last weeks number.
• China plans to increase tariffs on US imports to 125% from, 84% previously. This increase was announced overnight and will be effective come tomorrow. 
• The Buenos Aires exchanges report Argentine soy harvest at 2.6% complete, down from 11% last year, and the 7% 5 year average. Corn harvest sits at 23% complete.