Wednesday April 9th, 2025

• The morning markets start off in the green.
  • May25 corn futures gained more than 4 cents a bushel yesterday. Traders are expecting tomorrows USDA report to show a 2% decline to corn ending stocks from the March estimates. 
  • Markets also found some support from the large amounts of rainfall that has fallen over the past week.
• Flash sale of 240,000mt of corn was sold to Spain for 2024/2025 delivery. Overall, US corn sales are up 24% compared to the same period last year.
• The Trump administration’s 104% tariff on Chinese goods took effect shortly after 12am. China has reported they will respond with an additional 84% tariff on US goods.
  •  As the trade war continues between the US and China, many are wondering about unshipped soybean bushels getting canceled by China. There are very few bushels that have been sold to China that have yet to be shipped. The image below shows that unshipped bushels are the lowest they have been since 2020. 
• The Russian wheat crop may again see a weather threat. A large hail storm passed through Stavropol, the country’s third largest wheat producing region. Russia’s key wheat planting area was exposed to snowstorms and sub-zero temperatures last week