Thursday April 3rd, 2025

• Markets opened in the red this morning. Grains immediately declined on Trumps tariffs along with the overall marketplace. 
• A flash sale of 135,000mt of soybean meal was sold to the Philippines for delivery during the 2024/2025 marketing year. 
• Tariff Update
  • President Trump further escalated the trade war yesterday. Trump announced a 10% tariff on all imports which will go into effect on Saturday. Another aggressive reciprocal tariff policy impacting over 180 nations including a 20% tariff on the EU, 46% in Vietnam, and 32% on Taiwan. A 34% tariff will be imposed on China, in addition to the existing 20% tariff. 
  • Canada and Mexico are expect from the new tariffs, exempt for anything that is not covered under the USMCA agreement are subject to 25% tariff. 
• Extreme weather in the corn belt area, tornados to heavy rainfall was seen yesterday morning into the night. The hardest hit areas could receive around 10-15in of rainfall. A flood watch has been issued until Sunday. 
• US ethanol production increased for the week, up 1% on the week. Corn used for ethanol sitting at 5.66billion bushels to this point, more than 150mbu above the USDA estimates.