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Spot basis bids for soybeans and corn shipped by barge to U.S. Gulf Coast export terminals eased on Friday, traders said. The U.S. faces increased competition for soybean export sales to top-importer China amid discounted offers from Brazil, the world’s biggest supplier, a broker said. U.S. soy export sales for the week ended Jan. 2 were 288,700 metric tons for 2024-25, the U.S. Department of Agriculture said. That was below analysts’ estimates for 400,000 to 1.3 million metric tons Weekly U.S. corn export sales were 445,000 tons for 2024-25, below expectations for 700,000 to 1.4 million metric tons. U.S. farmers produced less corn and soybeans last year than previously expected, the USDA said separately in a monthly report. The cuts pushed Chicago Board of Trade corn futures to a May high, while soybean futures touched a November peak. USDA kept its estimate for 2024-25 U.S. soybean exports unchanged in the monthly report but lowered its forecast for corn exports from December.

By Ella Cao and Mei Mei Chu BEIJING (Reuters) - China’s agriculture ministry raised its corn output forecast and cut its import estimates for the 2024/25 crop year in its January outlook released on Friday. Corn output for 2024/25 was seen at a record 294.92 million metric tons, up 0.4% from its previous estimates, while the import forecast was cut to 9 million metric tons from 13 million metric tons. The estimated volume marks a sharp drop from the previous season, when imports were estimated at 23.4 million tons. “Corn imports are expected to be significantly reduced in 2024/25 and demand for feed and processing will remain high,” the ministry said. The ministry kept its estimates for soybean production unchanged at 20.65 million tons, and imports of the oilseed in 2024/25 at 94.6 million tons. This represents a drop of about 10 million tons in imports compared to the 2023/24 figure, ...

Asia’s corn market is set for a dynamic year in 2025, influenced by a potential US-China trade war, changing consumption trends, and evolving trading relationships, likely disrupting the stable pricing trend established in the second half of 2024. In 2024, destination corn prices saw relatively rangebound movement, with Platts corn CFR Northeast Asia assessment fluctuating between $230-$252/mt in Q2-Q4, significantly narrower than the previous year’s range of $237.5-$335.25/mt. Overall, corn prices in 2024 were lower than in 2023, with the July 9 assessment hitting a 45-month low at $230/mt, due to improving weather in the US and excellent corn stock forecasts in Brazil and the US. China’s diversification strategy evolved Asia’s corn trade dynamics will likely experience greater volatility in 2025 due to geopolitical tensions following the re-election of former US President Donald Trump, who has announced his intention to impose tariffs on China. Key exporters such as the US, Brazil