Tuesday April 8th, 2025

• The soybean complex is crawling back post-tariffs hit, corn and wheat are relatively flat this morning.
  • May25 corn futures were able to close above near-term resistance on Monday closing near 4.65, the highest level in more than 2 weeks.  Corn charts look more optimistic with overall usage solid and stocks tightening into the end of the 24/25 marketing year.  
  • Soybeans led gains and volume overnight with contracts trying to level back up to the $10/bu mark.
• National winter wheat condition ratings started off the spring reporting season at 48% G/E, down from 55% to the end of fall, see image below.
• Argentine crusher Vicentin, which account for an estimated 9% of the total capacity there, has shut down following bankruptcy, it is unknown whether the company’s financial woes will be resolved.
• Stabilization in the financial markets is welcomed but so far it only appears to be corrective in nature.
• Tariff News
  • President Trump escalated trade tensions on Monday, when he threatened to slap and additional 50% tariff on China.  This tariff will take effect Wednesday if China does not withdraw its recently announced 34% retaliatory tariff.  This would raise the total tariff rate imposed by the US on Chinese goods to 104%.
  • The EU proposed a zero-for-zero tariff deal with the US on Monday to avoid a potential trade war.
• Export Inspections:
  • 1.6MMT of corn inspected for export during the week ending April 3rd, the print was down 3.9% compared to the previous week but up 8% vs the same week last year.
  • 804,270MT of beans inspected, down 1.1% from the prior week but up a whopping 64% compared to the same week last year.
  • Wheat shipments were near the lower end of expectations at 334,888MT.  This is -33% from the previous week and -35% compared to the same week last year.