USDA is lowering its estimates of global corn and soybean stocks in a report that does not yet account for the impact of reciprocal tariffs or of new duties on Canada and Mexico that President Donald Trump plans for April.
In a note to USDA’s monthly World Agricultural Supply and Demand Estimates released Tuesday, the department said it didn’t account for U.S. tariffs on Canada and Mexico that remain suspended until April 2.
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The WASDE also didn’t factor in the impact of Trump's proposed reciprocal tariffs, also set to take effect April 2. The report did assume that tariffs on China and Chinese retaliatory duties will stay in place.
The latest forecast leaves soybean production estimates unchanged but lowered the forecast for global ending stocks by 2.9 million to 121.4 million metric tons. USDA sees higher global corn production but reduced its estimate of ending stocks by 1.4 million tons to 288.9 million.
USDA projects higher wheat production and increased its estimate of ending stocks by 2.5 million tons to 260.1 million.
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