3 Big Things Today, April 24, 2025

1. Soybean, Corn Futures Higher Overnight

Soybeans and corn rose in overnight trading on optimism about de-escalation of the trade war with China, the world’s largest importer of the oilseeds. 

President Donald Trump said late Tuesday that the 145% tariff rate the U.S. has imposed on Chinese products will come down “substantially” though he also said it wouldn’t be zero. 

Treasury Secretary Scott Bessent said yesterday that the U.S. and China have “an opportunity for a big deal here” and that the countries with the two largest economies in the world should work together. 

Officials from China, which has imposed a 125% rate on U.S. products, said earlier today that the U.S. started the trade war and should remove its tariffs and resolve issues between the counties through dialogue. 

A dozen states also announced on Wednesday that they sued Trump over the tariffs he’s imposed, claiming they’re illegal and harm Americans. 

Wheat futures were modestly lower overnight amid precipitation in the southern Plains. 

Rainfall in the area, which has been extremely dry in recent weeks, likely will boost prospects for hard red winter wheat that’s growing in the area. 

Some parts of the eastern Midwest will also see rain, improving soil moisture for soft red winter varieties. 

Soybean futures added 6½¢ to $10.56¾ a bushel overnight on the Chicago Board of Trade. Soymeal fell a dime to $298.50 a short ton, and soy oil rose 0.39¢ to 48.73¢ a pound.

Corn futures for July delivery gained 2½¢ to $4.81½ a bushel.

Wheat futures fell ½¢ to $5.43½ a bushel, while Kansas City futures dropped 2½¢ to $5.48 a bushel. 

2. Ethanol Production Rises to Highest in Three Weeks

Ethanol output jumped to the highest level in three weeks while inventories declined, according to data from the Energy Information Administration (EIA). 

Production rose to an average of 1.033 million barrels a day in the week that ended on April 18, the agency said. 

That’s up from 1.012 million barrels the week prior and the highest since March 28.

In the Midwest, by far the biggest producing region, output rose to 976,000 barrels a day from 955,000 barrels the previous week, also the highest in three weeks, EIA said. 

Gulf Coast production increased to 25,000 barrels per day, on average, from 24,000 barrels a week earlier. 

That was the entirety of the gains as East Coast output was unchanged for a third straight week at 12,000 barrels a day. 

Rocky Mountain production fell by 1,000 barrels to 10,000 barrels, on average, last week, and West Coast output declined by the same amount to 9,000 barrels, the agency said. 

Ethanol inventories in the week through April 18, meanwhile, fell to 25.481 million barrels. 

That’s down from 26.814 million the week prior and the lowest level for stocks since the seven days that ended on Jan. 10, EIA said in its report. 

3. Storms Possible in Eastern Nebraska, Western Iowa

Thunderstorms are possible today and tonight in eastern Nebraska and western Iowa, the National Weather Service said in a report early this morning. 

The threat of severe weather is low, though some small hail, gusty winds, and locally heavy rainfall are likely throughout the afternoon and evening, the agency said. 

“Due to multiple rounds of storms, there is a small risk of localized flooding in southeast Nebraska,” NWS said. 

Isolated storms are also possible in parts of northern Illinois and Indiana, the agency said. 

Dime-sized hail and intense winds are forecast, though the threat of severe weather is low. The best chance for storms will be tonight into tomorrow morning, NWS said.