3 Big Things Today, April 4, 2025

1. Soybean, Grain Futures Again Plunge Overnight

Soybeans and grains again plummeted in overnight trading as concerns mount about retaliation from trading partners after the U.S. earlier this week slapped blanket tariffs on dozens of trading partners. 

China said it would impose a 34% tariff on all U.S. goods and would curb exports on some rare earths starting April 10. Beijing has also filed a lawsuit with the World Trade Organization saying the U.S. tariffs violate WTO regulations. 

U.S. President Donald Trump on Wednesday announced sweeping tariffs with a base rate of 10% on several countries. He said Chinese goods would be hit with a 34% tariff rate on top of the 20% he’d already imposed earlier this year, bringing the rate to 54%. 

China, the world’s largest importer of soybeans, also suspended imports of sorghum from U.S. grain operator C&D and poultry from other U.S. firms, according to media reports. 

The American Soybean Association said in a statement yesterday that it urges the Trump administration to “quickly negotiate” with countries that are facing higher tariff rates, specifically mentioning China. 

“White it was not unexpected, the resulting cloud of concern following the administration’s tariff announcement is not without fallout — in the form of continued market uncertainty, the threat of lost business to existing soy markets due to potential tariff retaliation, price increases on inputs, and more,” ASA said. “Despite the gloom of increasing tariffs across the globe and what they may mean for their businesses, soybean farmers are hopeful the administration has a plan to quickly negotiate with impacted countries.” 

Soybean futures for May delivery plunged 24¼¢ to $9.87¼ a bushel overnight on the Chicago Board of Trade. Soymeal fell $2.20 to $285.80 a short ton, and soy oil lost 1.84¢ to 45.22¢ a pound.

Corn futures dropped 6¼¢ to $4.51¼ a bushel.

Wheat futures for May delivery lost 12½¢ to $5.23½ a bushel, while Kansas City futures plunged 11¼¢ to $5.57¾ a bushel. 

2. Weekly Export Sales Improve, USDA Says

Export sales of corn, soybeans, and wheat all rose week-to-week, according to data from the Ag Department. 

Corn sales in the seven days that ended on March 27 totaled 1.17 million metric tons, the agency said. 

That’s up 13% from the previous week and 6% from the prior four-week average. 

South Korea was the big buyer at 339,400 tons, followed by Mexico at 226,500 tons, and Japan at 168,500 tons. Taiwan was in for 165,300 tons and an unnamed country took 115,600 tons. 

Exports for the week rose 9% to 1.81 million tons. 

Soybean sales were reported at 410,200 metric tons, up 21% from the week prior but down 9% from the average, USDA said. 

China was in for 285,900 tons of U.S. beans, Taiwan bought 73,100 tons, Indonesia purchased 69,500 tons, Egypt took 65,000 tons, and Mexico bought 64,600 tons, USDA said. 

Exports of the oilseeds fell 9% to 841,900 tons. 

Wheat sales jumped to 340,000 metric tons from 100,300 tons a week earlier and were up 40% from the average for this time of year. 

Ecuador purchased 71,900 tons, Japan took 59,300 tons, the Dominican Republic was in for 51,100 tons, Taiwan purchased 51,000 tons, and Venezuela bought 40,200 tons from U.S. supplies, the agency said. 

3. Intense Storms Forecast for Oklahoma, Arkansas

Severe thunderstorm warnings remain in effect in eastern Oklahoma and western Arkansas this morning, and flood warnings and watches have been issued from East Texas into Ohio, according to the National Weather Service. 

A strong weather system is moving across counties in eastern Oklahoma and western Arkansas, bringing hail 2 inches in diameter and wind gusts up to 60 mph, the agency said. As much as 8 inches of rain are expected. 

The storms will track across the area this morning before a lull around midday. They will then redevelop this afternoon. Multiple rounds of thunderstorms are forecast for the rest of today into Saturday, NWS said. 

In southern Ohio, flood warnings have been issued as several rivers near their flood stages. 

Another round of rainfall is expected to hit the region tonight, which will worsen flooding on area rivers throughout the weekend, NWS said.