Modest post-WASDE losses for soybeans, corn, wheat

Soybeans were lower on fund and technical selling. The USDA left U.S. ending stocks steady and made no changes to exports or production for Argentina and Brazil. The biggest domestic adjustment was the USDA lowering the average estimated 2024/25 farm price.

The USDA did raise its domestic crush guess for China while leaving their imports steady. The trade continues to monitor harvest activity in South America, with CONAB’s update for Brazil out Thursday.

Soybean meal was steady to weak with ending stocks unchanged from February. Soybean oil was down. U.S. ending stocks were steady, but that was due to an increase in beginning stocks, a cut to biodiesel usage, and higher exports.

The demand outlook for soybean oil is somewhat questionable because of expectations for a decline in canola oil imports from Canada due to the ongoing tariff battle. Still, negotiations are ongoing. Statistics Canada’s 2025 planted area estimates are out Wednesday, with canola seen at 21.7 million acres, which would be down 300,000 from 2024.