CBOT corn futures mixed after USDA report, tariff pause

CHICAGO, May 12 (Reuters) - Chicago Board of Trade corn futures were mixed on Monday after a pause in the U.S.-China trade standoff and a bullish U.S. Department of Agriculture report supported prices, though expectations of a large U.S. corn crop capped gains.

• U.S. farmers are planting more corn and fewer soybeans than last year, hoping to eke out a profit and shield themselves from Trump's tariffs.

• The U.S. and China agreed on Monday to temporarily slash their steep tariffs on each other, sending global stocks surging as the world's top two economies tapped the brakes on a trade war that had fed fears of a global recession.

• U.S. corn exports have remained strong this year, as prices are competitive on the world market and rival Brazil has limited supplies.

• The USDA is projecting U.S. corn ending stocks at 1.415 billion bushels as of September 1, 2025. The agency trimmed the 2024-25 estimate from 1.465 billion in April, while analysts expected 1.443 billion.

• A large harvest this autumn is expected to push domestic inventories to 1.8 billion bushels by September 1, 2026, the USDA said. Analysts had expected 2.02 billion, according to a Reuters survey.

• CBOT July corn CN25 closed 1-3/4 cents lower to $4.48 per bushel, though back month contracts settled higher.