Market News

Corn was mixed, soybeans were lower following USDA reports

Soybeans ended the day lower following the USDA’s prospective plantings and Quarterly Grain Stocks reports. Planted area is seen at 83.5 million acres, a 4 percent decline from last year.  Planted acreage is down or unchanged in 23 of the 29 reporting states.  Soybean stocks were up 4 percent from year-ago levels to 1.91 billion bushels. May beans were down 8 ¼ cents at $10.14 ¾. Soybeans faced some additional pressure from lower bean meal, May contracts were down 80 cents at $292.80.  Bean oil was also lower, May contracts were down 27 points at 44.89. 

Corn ended the day mixed.  Traders largely shrugged off the increase in projected average numbers, which were up 5 percent on the year.  May contracts closed 4 cents higher at $4.57 and ¼.  Planted area is expected to increase or remain unchanged in 40 of the 48 reporting states.  Corn stocks were down 2 percent from last year at 8.15 billion bushels. Corn stocks on March 1 were at 8.15 billion bushels, which was down from 8.35 billion bushels in 2024 and a little below pre-report estimates.

The wheat complex finished the day mostly higher.  The USDA has wheat acres down 2 percent from 2024.  If realized, it would be the second-lowest all-wheat planted area since reporting began in 1919. There were declines across all wheat.  Winter wheat acres were down to 33.3 million acres compared to 33.4 million in 2024.  Spring wheat acres came in at more than 450,000 acres less than pre-report expectations.  March 1 stocks were at 1.237 billion bushels, slightly more than pre-report guesses.  The trade continues to monitor weather in the U.S. and geopolitical issues in the Black Sea Region. May wheat in Chicago closed 8 and ¾ cents higher at $5.37.  May contracts in Kansas City closed 5 and ¼ cents higher at $5.57, and May wheat in Minneapolis closed 11 cents higher at $5.92.