Tuesday March 4, 2025

• The markets are down again this morning.
  • Mexican and Canadian tariffs are now in effect, China is fighting back on doubled taxes. 
• Flash Sale: Mexico bought 114,000mt of corn for 24/25 delivery. 
• Tariff Talk
  • Tariffs on Chinese imports will also increase today from 10-20% due to “Beijing’s insufficient efforts to address the fentanyl trade”. China announced 10-15% tariff on a range of US agricultural and food products overnight. These retaliatory tariffs will take place March 10th. 
  • Prime Minister Trudeau announced retaliation tariffs, Canada will slap 25% tariffs on $107billion of US imports. 
  • Mexico has yet to announce any retaliation measures. 
  • President Trump plans to impose tariffs on agricultural imports starting April 2.
• Beans and wheat export inspections were solidly within estimates, while corn was near the top end of estimates. Mexico was the largest buyer for corn and wheat for the week, while most beans are heading for China. 
• Brazil’s soybean crop was seen at 50% harvested as of Friday, this is slightly higher than last year’s pace. The Safrinha corn crop planting is now estimated at 76.8% complete, this is the quickest planting pace seen since 2018/2019.