President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
China's state media is putting up a brave front as the country's trade war with the U.S. escalated sharply over the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
U.S. stock futures surged Monday morning after President Trump said China is ready to come back to the negotiating table following a phone call Sunday and the two countries...Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
(Adds analyst quotes, prices)
CHICAGO, March 29 (Reuters) - Massive supplies of both U.S. corn and soybeans remained in storage bins around the country ahead of spring planting, U.S. Agriculture Department data released on Friday showed.
In its quarterly stocks report, USDA pegged domestic corn supplies as of March 1 at 8.605 billion bushels, down from 8.892 billion a year ago but still the third-biggest on record.
Analysts had expected corn stocks of 8.335 billion bushels, according to the average of estimates in a Reuters survey.
Corn prices plunged after the report was released, with the most-active Chicago Board of Trade corn futures contract dropping 4.5 percent to a four-month low. Corn was on track for its biggest daily price decline since July 2016.
In its prospective plantings report, released at the same time as the stocks data, the government said farmers planned to seed 92.792 million acres of corn and 84.617 million acres of soybeans this spring.
The plantings outlook was based on surveys of farmers conducted during the first two weeks of March. But severe flooding in recent weeks in key growing areas of the U.S. Midwest may cause farmers to switch up the acreage plans they reported.
"If we continue to see a wet spring, I would expect anywhere from 750,000 to one million acres shift from corn to beans," said Terry Reilly, senior commodity analyst at Futures International.
The glut of supplies allowed traders to shrug off concerns about a reduction in corn acres.
"We are lugging around 8.6 billion bushels of corn, which gives us a bigger buffer than we thought," said Don Roose, president of U.S. Commodities.
Soybean stocks of 2.716 billion bushels were the largest on record for the time period and also were above market forecasts for 2.683 billion. Wheat stocks stood at 1.591 billion bushels, the second-biggest in 31 years.
A bitter trade fight with China, the world's largest buyer of soybeans, hindered the U.S. export program during the winter months, typically a period of high global demand for U.S. supplies.
Soybeans dropped to a three-month low while wheat futures hit their lowest in two weeks. (Additional reporting by Karl Plume; Editing by Chris Reese and Dan Grebler)