USDA quarterly report: almost mo surprise

1 April 2025, 13:03

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Yesterday’s USDA report on quarterly stocks and planting intentions in the U.S. was highly anticipated. Typically, this kind of publication brings volatility to the markets, but this time, most figures were already well expected, Olivier Bouillet, the Head of Analytics & Insights at ASAP Agri, told Latifundist.com.

U.S. Quarterly Stocks

The numbers are broadly in line with expectations:

Corn: 8.151 billion bushels
Wheat: 1.237 billion bushels
Soybeans: 1.910 billion bushels

Planting Intentions

The USDA released its projected planting areas, which also align with market expectations:

Corn: 95.326 million acres (vs. 94.36 expected). Up +5.2% from last year.
Wheat: 45.35 million acres (vs. 46.47 expected). Down -1.6% from last year.
Soybeans: 83.495 million acres (vs. 83.76 expected). Down -4.1% from last year.

Market Reaction

Corn and wheat ended the day higher, supported by fund activity.

Soybeans, on the other hand, closed lower under pressure.

What to Watch Next?

Market operators will now focus on an important announcement tomorrow (April 2): Donald Trump is expected to reveal new decisions on import tariffs. These announcements could bring increased volatility to agricultural markets.