Global Ag News for Mar 3.2025

TOP HEADLINES

China says will play along to the end if U.S. insists on tariff war

China will play along to the end if the United States was bent on waging a trade or tariff war, the Chinese foreign ministry said on Tuesday.

China on Tuesday swiftly retaliated against fresh U.S. tariffs, announcing 10%-15% hikes to import levies covering a range of American agricultural and food products. It also placed 25 U.S. firms under export and investment restrictions on national security grounds.

China’s countermeasures are to protect its own rights and interests, ministry spokesperson Lin Jian told a regular press conference on Tuesday, urging the U.S. to return to dialogue and cooperation as soon as possible.

 

FUTURES & WEATHER

Wheat prices overnight are down 8 in SRW, down 8 in HRW, down 5 1/2 in HRS; Corn is down 8; Soybeans down 14; Soymeal down $3.60; Soyoil down 0.41.

For the week so far wheat prices are down 16 in SRW, down 18 3/4 in HRW, down 12 in HRS; Corn is down 21 1/4; Soybeans down 28 1/4; Soymeal down $5.70; Soyoil down 1.04.

Year-To-Date nearby futures are down 3.5% in SRW, down 3.3% in HRW, down 3.3% in HRS; Corn is down 5.8%; Soybeans down 1.3%; Soymeal down 6.4%; Soyoil up 8.6%.

Chinese Ag futures (MAY 25) Soybeans up 16 yuan; Soymeal up 13; Soyoil down 38; Palm oil down 170; Corn up 11 — Malaysian Palm is down 135.

Malaysian palm oil prices overnight were down 135 ringgit (-3.01%) at 4349.

There were changes in registrations (-69 Oats, 220 Soybeans, -126 Soymeal). Registration total: 466 SRW Wheat contracts; 2 Oats; 223 Corn; 519 Soybeans; 1,230 Soyoil; 1,686 Soymeal; 405 HRW Wheat.

Preliminary changes in futures Open Interest as of March 3 were: SRW Wheat up 10,741 contracts, HRW Wheat up 2,558, Corn down 27,763, Soybeans up 5,692, Soymeal up 11,275, Soyoil up 3,098.

 

CONTINUOUSLY WET CONDITIONS OVER ARGENTINIAN CROP AREAS

What to Watch:

• A cold front anticipated over the Pampas late week will bring heavy rains and milder temperatures
• Heat will persist over Southeast Brazil, with a chance for a brief wet spell in the next week
• Weather remains unfavorable for Brazilian coffee and sugarcane, although beneficial for late-developing crops in Argentina

 

Dry weather conditions are expected across China/India’s wheat belts

What to Watch:

• Wet weather in Western Himalayas/Northeast India
• Wet weather in Southwest/South and dry in North/Northeast China
• Mixed temperatures in Japan

  

Northern Plains: Isolated to scattered showers Tuesday. Mostly dry Wednesday. Scattered showers south Thursday. Mostly dry Friday. Temperatures near to above normal Tuesday-Friday. Outlook: Mostly dry Saturday-Monday. Isolated showers Tuesday-Wednesday. Temperatures above normal Saturday-Tuesday, near to below normal Wednesday.

Central/Southern Plains: Scattered showers Tuesday. Mostly dry Wednesday. Scattered showers Thursday-Friday. Temperatures above to well above normal Monday, near to above normal Tuesday, near to below normal Wednesday-Thursday, near to below normal north and above normal south Friday. Outlook: Scattered showers south Saturday. Mostly dry Sunday-Monday. Isolated showers Tuesday. Mostly dry Wednesday. Temperatures near to below normal Saturday, near to above normal Sunday, above to well above normal Monday-Wednesday.

Midwest – West: Scattered showers Monday night-Wednesday. Mostly dry Thursday. Scattered showers Friday. Temperatures above to well above normal Tuesday, near to below normal Wednesday-Thursday, near to above normal Friday.

Midwest – East: Scattered showers Tuesday-Wednesday. Isolated showers Thursday. Scattered showers Friday. Temperatures above to well above normal Tuesday-Wednesday, near to below normal Thursday, near normal Friday. Outlook: Isolated showers Saturday. Mostly dry Sunday-Tuesday. Scattered showers Wednesday. Temperatures near to above normal Saturday-Sunday, above to well above normal Monday-Wednesday.

 

The player sheet for 3/3 had funds: net sellers of 5,000 contracts of SRW wheat, sellers of 21,000 corn, sellers of 9,000 soybeans, sellers of 3,000 soymeal, and sellers of 6,500 soyoil.

TENDERS

• CORN SALE: The U.S. Department of Agriculture confirmed private sales of 114,000 metric tons of U.S. corn to Mexico for shipment in the 2024/25 marketing year.
• FEED WHEAT SALE: South Korea’s Major Feedmill Group purchased about 65,000 metric tons of animal feed wheat expected to be sourced from the United States in a private deal on Friday without issuing an international tender
• RICE TENDER: South Korea’s state-backed Agro-Fisheries & Food Trade Corp has issued an international tender to purchase an estimated 79,976 metric tonnes of rice.

PENDING TENDERS

• WHEAT TENDER: Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) is seeking to buy a total of 94,282 metric tons of food-quality wheat from the U.S, Canada and Australia in a regular tender that will close late on Thursday.
• CORN, BARLEY TENDERS: Algerian state agency ONAB issued international tenders to purchase up to 240,000 metric tons of animal feed corn and 35,000 tons of feed barley
• CORN, BARLEY, SOYMEAL TENDERS: Iranian state-owned animal feed importer SLAL issued international tenders to purchase up to 120,000 metric tons of animal feed corn; 120,000 tons of feed barley; and 120,000 tons of soymeal.
• WHEAT TENDER: Jordan’s state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling wheat which can be sourced from optional origins.

 

 

 

 

TODAY

US Soybean Crushings at 212.6M Bushels in January: USDA

USDA releases monthly oilseed report on website.

• Crushing 9.4% higher than same period last year
• Crude oil production 10.7% higher than same period last year
• Crude and once-refined oil stocks up 3.1% y/y

 

US Corn Used for Ethanol at 457.4M Bu in January

The following is a summary of US corn consumption for fuel and other products, according to the USDA.

• Corn for ethanol was 3.7% higher than in January 2024
• In total, mills consumed 503m bu of corn in January, a 3.9% increase over last year
• DDGS production rose to 1.854m tons

 

US Corn, Soybean, Wheat Inspections by Country: Feb. 27

Following is a summary of USDA inspections for week ending Feb. 27 of corn, soybeans and wheat for export, from the Grain Inspection, Packers and Stockyards Administration, known as GIPSA.

• Soybeans for China-bound shipments made up 352k tons of the 695k total inspected
• Mexico was the top destination for corn inspections, and also led in wheat

 

Read the List of US Goods China Is Targeting With Added Tariffs

China imposed another round of 10%-15% tariffs on a range of US products moments after President Donald Trump slapped an additional levy on goods from Beijing. Here is a translated version of the Chinese statement.

Announcement of the State Council Tariff Commission on imposing additional tariffs on some imported goods originating from the United States

Tax Committee Announcement No. 2 of 2025

On March 3, 2025, the US government announced a further 10% tariff increase on all Chinese exports to the US on the grounds of fentanyl. The unilateral imposition of tariffs by the US undermines the multilateral trade system, exacerbates the burden on American businesses and consumers, and undermines the foundation of economic and trade cooperation between China and the US.

According to the Tariff Law, the Customs Law and the Foreign Trade Law of the People’s Republic of China and other laws and regulations and the basic principles of international law, with the approval of the State Council, starting from March 10, 2025, additional tariffs will be imposed on some imported goods originating from the United States. The relevant matters are as follows:

• A 15% tariff will be imposed on chicken, wheat, corn, and cotton. The specific range of goods is shown in Annex 1.
• A 10% tariff will be imposed on sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products. The specific range of goods is shown in Annex 2.
• For the imported goods listed in the appendix originating from the United States, corresponding tariffs will be levied on the basis of the current applicable tariff rates. The current bonded and tax reduction and exemption policies remain unchanged, and the additional tariffs will not be reduced or exempted.
• Goods that have been shipped from the place of departure prior to March 10, 2025, and imported from March 10, 2025 to April 12, 2025, shall not be subject to the additional tariffs prescribed in this announcement.

 

China Halts Imports of Logs From US, Soybeans From 3 US Firms

China halts imports of logs from the US after pests were detected in US-imported products, according to a statement.

• China also halts soybeans from three US companies, according to a separate statement, which explains that some harmful substances were found in US imported products
• The three US companies are CHS Inc, Louis Dreyfus Company Grains Merchandising, and EGT LLC

 

StoneX Cuts Outlook for Brazilian Soybeans

Brazilian soybeans are having weather-related issues that may hinder their output, StoneX says in a note. The firm lowers its forecast soybean output from the country due to waves of hot weather impacting growing areas. Corn output is still expected to be strong, and any weakness in the planting for either seems to be seen as limited, says Matt Zeller. “South American supplies are set to overwhelm the global marketplace regardless of any localized crop concerns, and the trade is reflecting that export issue right now,” Zeller says.

 

Argentina’s grains export revenue jumps 45% in February

Argentina’s farm sector brought in a total $2.18 billion through exports in February, a 45% increase compared to the same month a year earlier, the CIARA-CEC chamber of oilseed and grains crushers and exporters said on Monday.

 

Ukraine’s Astarta Approves $76m Multiseed Crusher Project

Board of Ukrainian agriculture producer Astarta approves $76m investment project to build a new multiseed crusher facility in Khmelnytskyi region in western Ukraine.

• New crusher planned to be open in 2026 with annual capacity of 400,000 tons of oilseeds, company says in statement
• Project “aims to contribute to the development of the agricultural ecosystem in the Western region of operations,” Astarta says

 

Malaysia Palm Oil Stockpiles Seen Tumbling to Three-Year Low

Palm oil prices fell more than 2% on Tuesday, even as Malaysia’s stockpiles were seen dropping to their lowest since March 2022 amid wet weather, according to a Bloomberg survey.

US President Donald Trump’s proposed tariffs on agricultural and other imports and the prospect of retaliation from trade partners are creating uncertainty and weighing on global vegetable oil markets, said Paramalingam Supramaniam, a director at Selangor-based broker, Pelindung Bestari.

Still, supply was expected to remain tight and elevate prices as inventories in the world’s second-biggest grower likely fell for a fifth straight month and output for a sixth consecutive month in February. Production in flood-hit areas of Malaysia is unlikely to recover for several weeks.

Stockpiles were seen shrinking 5.7% from a month earlier to 1.49 million tons, according to the median of 10 estimates in a Bloomberg survey of plantation executives, traders and analysts. Crude palm oil production fell 5.6% to 1.17 million tons, the lowest since February 2022. Exports probably sank 10% to a one-year low of 1.05 million tons, the survey showed. The Malaysian Palm Oil Board will publish its official data on March 10.

“Malaysian palm oil production was down in February due to the floods and harsh conditions for fruit collection activities,” said Anilkumar Bagani, the head of research at Mumbai-based Sunvin Group. “The situation hasn’t changed much for March.”

In Indonesia, flood risks are still heightened, which may further damage local infrastructure at plantations and hurt palm oil production, Bagani said.

Prices of the tropical oil, used in everything from cooking to chocolate and shampoo, will likely hold firm between 4,000 ringgit-4,600 ringgit ($896-$1,030) a ton through March, veteran trader Dorab Mistry told an industry conference in Kuala Lumpur last week. Stockpiles in Malaysia in particular are “very low” Mistry, a director at Godrej International Ltd., said in an interview.

Palm oil futures traded 2.3% lower at 4,379 ringgit a ton by the midday break in Kuala Lumpur on Tuesday.

 

India’ edible oil imports hit 4-year low, dealers say

India’s edible oil imports in February plunged to their lowest level in four years due to a fall in soyoil and sunflower oil imports, although palm oil imports improved from their lowest level in nearly 14 years, hit in January, five dealers said.

Lower-than-normal imports for the second straight month have depleted stocks in the world’s biggest buyer of vegetable oils and could force India to increase purchases in coming months, supporting Malaysian palm oil prices, and U.S. soyoil futures Boc2.

Palm oil imports rose 36% in February from the previous month to 374,000 metric tons after falling to their lowest level since March 2011 in January, according to estimates from dealers.

India imported an average of more than 750,000 tons of palm oil every month in the marketing year that ended in October 2024, says trade body the Solvent Extractors’ Association of India, which is set to publish its February import data by mid-March.

Soyoil imports in February plunged 36% from a month earlier to 284,000 metric tons, the lowest in eight months, while sunflower oil imports fell 22% to 226,000 metric tons, the lowest in five months, dealers said.

Lower shipments of soyoil and sunflower oil brought down the country’s total edible oil imports in February by 12% to 884,000 tons, the lowest since February 2021, according to dealers’ estimates.

Elevated overseas prices and higher supplies of local edible oils prompted refiners to reduce imports in February, said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage.

Lower February imports have brought down edible oil stocks in India by 26% from a month ago to 1.6 million tons on March 1, the lowest in more than 4-years, dealers estimate.

After unusually low imports in January and February, the country’s imports could start increasing from March onwards, said Rajesh Patel, managing partner at GGN Research, an edible oil trader.

India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

 

Russia Feb. Wheat Exports at 5-Year Seasonal Low: Rusagrotrans

Russia exported 1.9 million tons of wheat in February, including flows to other nations of the Eurasian Economic Union, railway operator Rusagrotrans said Monday.

• That’s the lowest level for the month since 2020, when the exports reached 1.93 million tons
• Rusagrotrans sees Russia’s wheat exports in March between 1.5 million and 1.7 million tons, the lowest since March 2021
  • “Such a sharp decline in exports is due to the deeply negative margins for exporters at current domestic supply prices and levels of external demand”
• The export prices of Russian wheat for FOB supplies in March are at $252/ton

 

First sunflower oil cargo from St Petersburg bound for India, sources say

• Russia seeks to hike food exports by 50% by 2030
• Plans constrained by infrastructure bottlenecks

Russian farming conglomerate Rusagro RAGR.SBX has begun exporting sunflower oil from the St Petersburg terminal (PNT) on the Baltic Sea as it seeks to overcome bottlenecks at Black Sea ports, according to LSEG data and four sources.

Russia, the world’s leading wheat exporter, has a goal to boost its agricultural exports by 50% by 2030. It has been turning increasingly to its Baltic ports, typically used for crude and refined oil products, as capacity is limited at the Black Sea ports that dominate export food shipments.

According to LSEG ship tracking data, the first sunflower oil cargo at PNT was loaded last month onto a tanker called Lanikai with a deadweight of 46,317 metric tons. Its destination was India, the sources said.

The loading of another sunflower oil cargo is expected later in March.

Neither Rusagro nor PNT replied to requests for comment.

The industry sources, who all asked not to be named because they were not authorised to speak publicly on the issue, said that Rusagro has rented two reservoirs at the terminal, for sunflower oil and for imports of palm oil.

One of the sources said the company has long-term plans for exporting sunflower oil from the terminal.

President Vladimir Putin is seeking to increase agricultural exports as part of a strategy to position Russia as a global agriculture power alongside with Brazil, China and the United States.

Apart from being the biggest wheat exporter, Russia has become the leading exporter of corn, barley and peas.  Further growth could be constrained by domestic demand as well as shipping capacity limits.

Russia is trying to boost loading capacity in various regions, although the Black Sea ports dominate shipments, accounting for 90% of Russia’s seaborne grain exports that totalled 62.4 million metric tons in the 2023/2024 season.

 

Australia Set For Big Wheat Crop, Boosting Global Supplies

Australia is forecast to harvest another large wheat crop next season following this year’s bumper haul, benefiting tight global supplies.

The country’s 2025-26 wheat crop will likely total 30.5 million tons, the Australian Bureau of Agricultural and Resource Economics and Sciences said in an initial outlook for the season that begins around April. While that’s about 10% smaller than the previous season, it remains 15% above the 10-year average. Farmers are about to start planting and above-normal soil moisture in key growing states could encourage them to sow more than usual, according to the report, which was released Tuesday.

The expected bumper crops may help bolster global stockpiles, which have been strained amid shrinking output in the European Union and Russia. Australia is a major exporter of the grain, and ABARES also boosted its estimate for the 2024-25 crop — which wrapped up earlier this year — by about 7% versus a December report.

The 2024-25 harvest, which wrapped up in January, surged 31% from a year earlier to 34.1 million tons — 28% above the 10-year average and higher than a forecast of 31.9 million tons made in December, ABARES said.

Wheat production in New South Wales and Western Australia — the two largest growing states — is estimated to rebound by 82% and 64% respectively in 2024–25, largely driven by increased production in northern cropping regions of both states, the report said.

Australia is projected to produce 13.3 million tons of barley, a jump of 23% from a year earlier and 1.6 million tons higher than the previous forecast. Chickpeas output is estimated to hit a record of 2.3 million tons — almost three times of the 10-year average, the report said. However, canola output is seen falling by 2% from a year earlier to 5.9 million tons, it said.

Still, overall crop production volumes could contract by 3.6% next season as the nation returns to more neutral seasonal weather conditions, according to another ABARES report.

 

Australia approves seed treatment to boost wheat production

Australia’s farm chemicals regulator said it has approved a product to tackle crown rot, a fungal disease that destroys several million tons of the country’s wheat and barley crops each year.

The Victrato seed treatment, made by Swiss-based pesticides maker Syngenta, should reduce the amount of crop lost to crown rot to around 5% of Australia’s annual harvest from 10%, said Andrew Weidemann, a director at industry group Grain Producers Australia.

The resulting yield boost would have swelled last season’s production of wheat by around 1.7 million tons and of barley by around 650,000 tons, an amount worth some half a billion U.S. dollars in total.

The Australian Pesticides and Veterinary Medicines Authority (APVMA) said it had approved Victrato on February 28.

“Crown rot has been an issue all my farming career,” Weidemann said. “Victrato is the first step to having some sort of control.”

Crown rot is not unique to Australia but is particularly severe in the country because of the wide adoption of no-till agriculture, which boosts overall productivity but also allows the disease to endure from year to year.

“It remains in stubble (of cut crops) after the harvest, that’s how it re-contaminates year after year,” said David Van Ryswyk, Syngenta’s head of Australia and New Zealand.

Victrato can control up to 90% of crown rot depending on conditions, Van Ryswyk said, adding that the product was the first of its kind.

Farmers have been waiting for the APVMA to approve Victrato for at least a year and some were frustrated with the regulator for taking so long to give it the green light.

“This is the only product I’m aware of that’s close to market,” said Weidemann.

 

India’s Wheat Millers Seek Import Tariff Cut to Boost Shipments

India’s wheat millers are asking the government to cut or scrap the 40% import duty on the grain as the nation’s stockpiles slump.

The world’s second-biggest producer of the grain needs imports to ease concern about dwindling inventories, according to Navneet Chitlangia, president of Rollers Flour Millers’ Federation of India. Retail prices for wheat were up by about 8% from a year ago at the start of March, government data show.

“The government should reduce the import duty to nil or keep it at less than 10%,” Chitlangia told reporters in Goa. The group wants the cut in duty to take effect after farmers have sold this year’s crop either to the government or traders, which normally occurs by around June.

The hotter-than-usual weather that’s forecast for India for the coming months is raising concerns about the nation’s wheat harvest. Any reduction in supply could undermine the government’s efforts to temper prices, with domestic stockpiles near the lowest in 16 years, according to the US Department of Agriculture.

If the duty were to be reduced, millers in southern parts of the country could import grain for less than they can bring it in from the growing belt in India’s central and northern regions. Chitlangia sees 2 million to 3 million tons of imports into the south as viable.

The lobby group expects the harvest in the year to June to rise to 110 million tons from as much as 106 million tons a year earlier helped by higher acreage, according to Chitlangia.

The government should also allow unrestricted export of wheat products including refined flour, he said.

 

US to Slap Tariffs on Crop Purchases as Food Imports Balloon

President Donald Trump said the US would impose tariffs on “external” agricultural products starting on April 2, adding another layer of threats to impose trade barriers on imported goods.

“To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States. Tariffs will go on external product on April 2nd. Have fun!” the president said Monday in a social media post.

The move comes just as US food imports balloon, driving the country’s agriculture trade deficit to a record $49 billion this year, the US Department of Agriculture forecast last week.

The president did not provide more detail on which products would be affected, or if there would be any exceptions. The plan is part of a previously announced effort to enact so-called “reciprocal” tariffs on nearly all US trading partners, according to two administration officials who spoke on condition of anonymity ahead of a formal announcement.

President Donald Trump said the US would impose tariffs on “external” agricultural products starting on April 2, his latest threat to impose trade barriers on imported goods. Trump made the announcement in a social media post. Bloomberg’s Chris Anstey reports.

Trump also said 25% tariffs on products from Canada and Mexico would start on Tuesday, and signed an order doubling a levy on China to 20% that will take effect shortly after midnight in Washington. The wave of tariff news doused hopes of avoiding an all-out continental trade war.

The president announced the agricultural tariff plan a day before he is scheduled to speak to the nation in a primetime address to a joint session of Congress, his first major speech since Inauguration Day. The proposal may offer a preview of how the president plans to defend his tariff plans to the public amid persistent concern about high prices.

Tariffs on agriculture imports would hit the market for fruit, vegetables and nuts, which have typically accounted for at least half of inbound crop shipments into the country, USDA data showed. Sugar, coffee, cocoa and other tropical products accounted for about 15% of imports.

The US has also been importing used cooking oil from China to make biofuels, something lawmakers have tried to crack down on. Tariffs that could prevent that would be a boon for US-produced soybean oil, with futures traded in Chicago paring earlier losses after Trump’s social media post.

“It’s all speculative at this point, but we could see domestic soybean oil as a beneficiary as used cooking oil out of China and abroad would be targeted,” said Daniel White, a broker at Blue Line Futures. “Canadian canola imports could get hit as well. Coffee and sugar are other agriculture products that could see price increases due to the tariffs.”

Mexico shipped $45.4 billion of agricultural products to the US in 2023, accounting for about 23% of imports and making the country the US’s largest supplier, according to the USDA. Canada and the European Union sent a combined $73 billion in crops to the US.

Trump’s latest threat comes at a precarious time for the US economy, with persistent inflation a chief concern for Americans. Many economists say that higher import taxes will further raise prices, as companies pass along the cost to consumers.

The administration last week announced plans to invest $1 billion in a new strategy to mitigate the impacts of bird flu, which has raised egg prices and slowed milk production across the US — a key driver of inflation. The plan includes importing between 70 million and 100 million eggs during the next month or two.

Still, Agriculture Secretary Brooke Rollins defended Trump’s plans to use tariffs to protect US farm interests.

“His idea of using tariffs in his tool kit has proven very successful the first time. I have no doubt it will be successful again,” Rollins told reporters last week at the White House.

Canada plans to respond with an initial set of 25% tariffs on about $20.6 billion of goods from US exporters, including orange juice, peanut butter, wine and coffee. Beijing, meanwhile, is considering retaliation on American agriculture and food products, according to the Global Times.

“I really don’t know how raising tariffs would help the US corn and soybean farmer unless tariffs produced a new Phase 1 deal like Trump signed with China in 2020,” said Dan Basse, president of consultants AgResource Co. “Such a deal would completely change the US ag outlook from bearish to bullish, but seems to be a ways off, if at all possible as China diversified suppliers in the past four years.”

 

US Corn Farmer Nitrogen Use to Surge 2% in 1H

Rising corn acres estimates and favorable fertilizer-to-crop ratios could boost US anhydrous use, setting off a 2Q scramble for higher priced tons. The most economic anhydrous use rate for 1H application is 182 lbs per acre, the highest level since 2021. The February average price for corn at harvest is equal to last year, while retail ammonia prices are down 6.5%, supporting higher incremental anhydrous use. Estimates for 3 million more US corn acres in 2025 vs. a year earlier suggest a spring demand surge by up to 4%, as each additional million acres of corn raises anhydrous demand by 1.1%. US farmers could get an early start to the fertilizer and planting season as soils are dry, and the temperature outlook is for a slightly warmer March.

 

US soybean price for crop insurance hits 5-year low, corn up from 2024

Crop insurance price projections that can be used to determine indemnities for the 2025 growing season are the lowest for soybeans since 2020 but up a few cents per bushel for corn compared to last year, data from the U.S. Department of Agriculture showed on Monday.

The USDA’s Risk Management Agency set crop insurance base prices at $4.70 per bushel for corn and $10.54 a bushel for soybeans across most of the U.S. crop belt. The prices reflect the average closing price of Chicago Board of Trade December corn and November soybean futures during the month of February.

For farmers who insure their crops against disaster, these base prices can be used to assess the value of lost bushels.

The base price for corn is up from $4.66 in 2024, while the soybean base price is down from $11.55 in 2024 and the lowest since $9.17 in 2020. The USDA will calculate crop prices again during the month of October, and the amount of insurance protection is based on the greater of the base price or the October harvest price.

For spring wheat, grown in the northern Plains, the base price for 2025 is $6.55, down from $6.84 a year ago and the lowest since 2021. The price reflects the average price of Minneapolis September MWEU25 spring wheat futures during the month of February.

Crop insurance policies can influence which crops farmers choose to plant in the spring. The USDA last week projected that U.S. farmers would plant 94 million acres (38.04 million hectares) of corn in 2025, up from 90.6 million acres in 2024, and 84 million acres of soybeans, down from 87.1 million last year.

 

 

 

 

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