Friday April 4th, 2025

• It has been quite the week…
  • We started the week with the biggest USDA report of the year. The market had a very muted reaction as the information was mostly priced in pre report. We saw a rally after a hopeful biofuel meeting in the US. 
  • Trumps “Liberation day” had an initially negative impact on grains/oilseeds due to export fears. 
• The largest countries affected by Trumps tariff are as follows:
  • Vietnam (46%), Thailand (36%) and China (34%) 
  • The 34% on China is in addition to the other 20% tariffs from earlier in the year. 
• Export sales
  • Corn and soybean sales were within the expected range and both ahead of the pace needed to meet USDA estimates.  
  • Wheat sales came in above expectations. 
• We saw some weather concerns this week ranging from very dry to flooding, some areas are expected to receive more than a foot of rainfall. More flooding rains are set to hit the Delta and south-Central Midwest before the forecast turns dry. 
• On Thursday night China announced its ownretaliatory tariff of 34% on ALL imports from the US. It is believed this will go into effect on April 10th.
  • This news caused grains to plummet once again Friday morning.