Glacier FarmMedia MarketsFarm — Very little changed in the monthly supply and demand report from the United States Department of Agriculture on April 10 from its March estimates, including the note at the top stating the data considered the trade policies at the time of publication.
However, those Trump administration policies proved to be somewhat fluid in recent days as U.S. President Donald Trump announced on April 9 that his global array of reciprocal import tariffs on most countries were suspended for 90 days. But he maintained the 10 per cent surcharge on all countries. Trump’s statement came a week after the far-reaching levies were announced and a few days after he said he was staying the course with no changes.
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Meanwhile, Trump boosted the total duties on China to 125 per cent as of April 9 in retaliation for the latter’s countermeasures of 84 per cent tariffs on its U.S. imports. This morning the president tacked on another 20 points, bringing the tariffs on China to 145 per cent.
U.S. soyoil
As for the USDA’s April World Agricultural Supply and Demand Estimates, the most notable adjustment came with domestic soyoil, with projected exports for 2024/25 increased to 2.30 billion pounds from 1.80 billion in March. Domestic use slipped to 27.15 billion pounds from 27.45 billion last month, with that used for biofuel stepping back to 13.25 billion pounds from 13.45 billion.
The USDA reduced ending stocks for U.S. soyoil to 1.45 billion pounds from 1.53 billion in March. Also, the carryover for domestic corn was cut to 1.47 billion bushels from 1.54 billion and that for U.S. wheat was increased to 846 million bushels from last month’s 819 million.
Soybeans
On the world stage, the USDA trimmed soybean production by 0.04 per cent at 420.58 million tonnes. The department stayed with its calls for Argentina soybeans at 49 million tonnes and Brazil at 169 million. Meanwhile the Rosario Grain Exchange cut its estimate for Argentina by one million tonnes at 45.50 million, and Conab bumped its forecast for Brazil soybeans by 530,000 tonnes at 167.87 million.
Corn
With corn, the USDA nudged up global production by 0.08 per cent at nearly 1.22 billion tonnes. The department maintained its estimates for Argentina at 50 million tonnes and 126 million for Brazil. Rosario boosted its call on Argentina by four million tonne at 48.50 million and Conab placed Brazil at 124.74 million.
Wheat
For wheat, the USDA inched up its production estimate by 0.05 per cent at 796.85 million tonnes. It trimmed the European Union harvest to 121.02 million tonnes from 121.30 million, but held China’s output at 140.10 million, India at 113.29 million and Russia at 81.60 million.
