Negative Close Post-WASDE | Tuesday, Mar. 11, 2025

After the market close, May corn was down 1¾¢ at $4.70¼ per bushel.

May soybeans were 2¾¢ weaker at $10.11¼ per bushel.

Karl Setzer, partner with Consus Ag Consulting said, “Futures were mixed to start [Tuesday’s] session with positioning ahead of the monthly supply and demand data.” 

Markets were moving after the release of the March 2025 World Agricultural Supply and Demand Estimates (WASDE) report, you can read more on the numbers and market reaction here.

However, Setzer added there was a shift from the WASDE report, “Trade updates with Canada were quick to become the focus of the market as President Trump announced he would be increasing tariffs on Canadian steel and aluminum to 50% following Canada’s 25% tariff on U.S. energy imports. This escalation was taken negatively by the U.S. equity market and generated safe-haven buying.”

After the WASDE report, Markets closed lower in wheat. CBOT wheat was down 5¾¢ at $5.56¾ per bushel. KC wheat dropped 6½¢ at $5.72 per bushel. Minneapolis wheat fell 7¼¢ at $5.97¼ per bushel.

 April live cattle were down $1.02 at $199.55 per hundredweight (cwt). April feeder cattle were 22¢ lower at $277.70 per cwt. April lean hogs dropped $1.75 at $86.55 per cwt.

Shortly before 3:00 p.m. CT, April crude oil was up 50¢ at $66.53 per barrel.

March S&P 500 futures were down 17 points. March Dow futures dropped 300 points.

The March U.S. Dollar Index was down 688 points.

Published: 3:20 p.m. CT

Markets Up Before WASDE Report: 9:25 a.m. CT

Shortly before 9:00 a.m. CT, May corn was up 3¢ at $4.75 per bushel.

With the March 2025 World Agricultural Supply and Demand Estimates (WASDE) set for release later in the day, Austin Schroeder, lead analyst at Brugler Marketing and Management, said, “Analysts [were] expecting to see a 24 million bushel reduction to the U.S. corn carryout projection, to 1.516 billion bushels. On the world side, traders [were] looking for the Argentina total to be trimmed 1 million metric tons (mmt) to 49 mmt, with Brazil seen unchanged at 126 mmt. 

May soybeans were 6¼¢ higher at $10.20¼ per bushel.

Schroeder said, “Traders [were] looking for no major changes to the U.S. carryout number at 379 million bushels. The average trade guess for the Argentine output is at 48.9 mmt versus 49 mmt in February, with Brazil expected up 500,000 metric tons at 169.5 mmt. World ending stocks are seen up 220,000 metric tons to 124.56 mmt.

Markets started the day lower in the wheat trade. CBOT wheat was down 4¢ at $5.58½ per bushel. KC wheat dropped 3½¢ at $5.75 per bushel. Minneapolis wheat fell 6¾¢ at $5.97¾ per bushel.

 April live cattle were down 7¢ at $200.50 per hundredweight (cwt). April feeder cattle were $1.75 higher at $279.67 per cwt. April lean hogs were 2¢ lower at $88.27 per cwt.

April crude oil was up 95¢ at $66.98 per barrel.

March S&P 500 futures were up 5 points. March Dow futures dropped 200 points.

The March U.S. Dollar Index was down 578 points.

Published: 9:25 a.m. CT