USDA Tweaks Grain Outlook as Oil Shock Leaves Markets Mixed

Overview

• USDA’s April WASDE on Thursday kept U.S. soybean ending stocks at 350 million bushels after raising crush by 35 million bushels and cutting exports by the same amount.
• Futures turned mixed Thursday following Wednesday’s steep oil drop tied to reports of a two‑week U.S.–Iran ceasefire and a reopening of the Strait of Hormuz, with soybeans up a few cents, corn down 3 to 5 cents, wheat lower by about 9 to 11 cents, and cotton up roughly 127 to 150 points.
• USDA reported strong weekly corn export sales at 1.36 million metric tons, with a separate 136,000‑ton private sale to South Korea, while soybeans booked 295,000 tons for the week of April 2.
• USDA lifted world wheat stocks to 283.12 million tons and raised U.S. wheat ending stocks to 938 million bushels, which weighed on wheat prices at midday.
• Cotton futures rallied after USDA left U.S. carryout at 4.4 million bales and increased the world total to 77.04 million bales, as traders also tracked steady early U.S. plantings and stable certified stocks.