3 Big Things Today, April 11, 2025

1. Corn Futures Higher in Overnight Trading

Corn futures were higher overnight after the U.S. Department of Agriculture lowered its outlook for corn inventories more than expected. 

Stockpiles of the grain at the end of the 2024/2025 marketing year on Aug. 31 are now forecast at 1.465 billion bushels, the agency said in its monthly supply and demand reports yesterday. 

That’s down from the March outlook for 1.54 billion bushels and below the average trade estimate compiled by Reuters for 1.51 billion bushels. 

Soybean inventories are seen at 375 million bushels, down from the previous month’s projection of 380 million and the analyst average of 379 million. 

Wheat stocks at the end of the grain’s marketing year on May 31 are now forecast at 846 million bushels, up from the prior outlook for 819 million bushels, USDA said, and the trade estimate for 825 million. 

Still, wheat is higher overnight on extremely dry weather in the U.S. southern Plains. 

About 55% of Kansas, the biggest U.S. producer of winter wheat, was suffering from drought conditions as of April 8, according to the U.S. Drought Monitor. 

While that’s down from 59% a week earlier, it’s still up from 25% three months ago and 29% at the start of the year, the monitor said. 

About 48% of the U.S. winter crop was in good or excellent condition at the beginning of the week, USDA said in its first weekly crop progress report of the year. That’s down from 56% at the same point a year earlier and 55% in late November, the last time the agency issued the report. 

Corn futures gained 1¾¢ to $4.84¾ a bushel overnight on the Chicago Board of Trade.

Wheat futures for May delivery added 9½¢ to $5.47½ a bushel, while Kansas City futures rose 6¾¢ to $5.64¾ a bushel. 

Soybean futures for May delivery rose ½¢ to $10.29½ a bushel. Soymeal was down $1.60 to $296.30 a short ton, and soy oil gained 0.46¢ to 46.78¢ a pound.

2. Export Sales of Corn, Soybeans, Wheat Decline

Sales of corn, soybeans, and wheat all plunged week to week in the seven days that ended on April 3, according to data from the Ag Department.

Corn sales in the week through April 10 dropped to 785,600 metric tons, down 33% from both the previous week and the prior four-week average, the agency said.

Korea was the big buyer at 204,200 tons, Colombia was in for 196,700 tons, Japan took 180,800 tons, Mexico bought 151,000 tons, and Vietnam purchased 59,800 tons of U.S. corn. 

The total would’ve been higher but an unnamed destination canceled orders for 57,200 tons and Panama nixed shipments of 37,600 tons. 

Corn exports for the week dropped 32% to 339,100 tons. 

Soybean sales last week totaled 172,300 metric tons, USDA said. That’s down 58% from the week prior and 63% from the average. 

China purchased 141,300 tons from U.S. suppliers, the Netherlands took 69,700 tons, Japan bought 60,800 tons, Egypt was in for 44,500 tons, and Indonesia purchased 43,600 tons. 

An unnamed country canceled shipments of 256,700 tons. 

Exports of the oilseeds for the week fell 9% to 765,400 tons, the agency said. 

Wheat sales were reported at 107,300, down 68% week over week and 56% from the average for this time of year, USDA said. 

An unknown destination to 92,800 tons of U.S. wheat, Nigeria was in for 40,000 tons, Mexico purchased 31,700 tons, Thailand bought 25,000 tons, and Colombia took 21,500 tons. 

Panama canceled orders for 157,400 tons. 

Exports of U.S. wheat last week totaled 339,100 tons, down 32% from the week prior, the government said in its report. 

3. Dry Weather Forecast for North Dakota, Kansas

Dry weather is forecast for today in much of western North Dakota amid intense winds and low humidity. 

Winds in central and western parts of the state will be sustained from 15–25 mph and gust up to 35 mph this afternoon into the evening, the National Weather Service said in a report early this morning. 

Relative humidity will drop to around 10%, the agency said. 

Red flag warnings have also been issued for parts of southwestern Kansas where hard red winter wheat is growing. 

Winds are expected from 15–25 mph with gusts up to 30 mph starting tomorrow in the region, NWS said. Relative humidity will fall to 15% or less, NWS said.