GRAINS-Chicago corn, soybean slip; USDA report, tariffs in focus

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GRAINS-Chicago corn, soybean slip; USDA report, tariffs in focus

, Reuters - 9:43 PM ET 3/30/2025 default

BEIJING, March 31 (Reuters) - Chicago corn and soybean futures edged lower on Monday ahead of the United States Department of Agriculture reports and a new round of reciprocal U.S. tariffs, which could prompt retaliation from key agricultural partners.

Wheat fell for a sixth session in a row, pressured by favourable weather in key growing regions and U.S. efforts to broker a deal to end the Ukraine war, boosting expectations for smoother exports from Russia and Ukraine.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.28% at $5.26 a bushel, as of 0052 GMT.

* Corn slipped 0.44% to $4.51 a bushel and soybeans dropped 0.02% to $10.23 a bushel.

* Traders are focused on USDA's March 31 report, with expectations for more corn acreage in 2025 and April 2 tariff updates.

* Brazil's soybean crop for 2024/2025 is forecast at a record 172.1 million tons, according to agribusiness consultancy Agroconsult on Thursday, with strong export demand from China.

* The Trump administration last week asked oil and biofuels producers to negotiate the next phase of the nation's biofuels policy, providing some support to soybeans due to potential growth in domestic demand.

* U.S. corn planting is expected to rise to 94.361 million acres in 2025 from 90.594 million last year, according to an average of analysts polled by Reuters.

* Forecast rain for the U.S. and Russian wheat belts has pressured wheat prices, alongside expectations for a ceasefire in the Black Sea.

* A U.S.-backed deal last week aimed at ending the Ukraine war is seen as price-bearish, as a ceasefire could stabilize Black Sea shipments.

* A state grains buyer in Syria has issued an international tender to purchase about 100,000 metric tons of milling wheat, European traders said on Sunday.

* Commodity funds were net buyers of Chicago Board of Trade corn, soybean and soyoil futures contracts on Friday, traders said. They were net sellers of wheat and soymeal futures contracts, traders said.

DATA/EVENTS (GMT)

0130 China NBS Manufacturing PMI Mar

1200 Germany CPI Prelim YY, HICP Prelim YY Mar

(Reporting by Ella Cao and Mei Mei Chu; Editing by Eileen Soreng)

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