3 Big Things Today, March 24, 2025

1. Corn, Wheat Futures Lower in Overnight Trading

Corn and wheat futures were lower in overnight trading as investors seek more clarity on tariffs on several countries set to be announced next week. 

U.S. President Donald Trump plans to impose reciprocal tariffs on several countries on April 2. It’s not yet clear on which countries will see tariffs or how much they will be. 

Tariffs of 25% have been imposed on all steel and aluminum imports into the U.S. and levies on Canada and Mexico have been set at 25%. Tariffs on Chinese goods now stands at 20%. 

Canada, Mexico and China are the U.S.’s three largest trading partners. All three countries have announced or implemented retaliatory tariffs on U.S. goods. 

U.S. growth is now forecast at 2.2% in 2025 and 1.6% in 2026, down from prior forecasts for 2.4% and 2.1%, respectively, said the Organization for Economic Cooperation and Development. 

Canada’s growth is now seen at 0.7% this year and next, down from a previous outlook for 2% for both years, and Mexico will contract 1.3% this year and shrink 0.6% in 2026 vs. prior forecasts for 1.2% and 1.6% growth, respectively. 

Corn futures fell 2¾¢ to $4.61½ a bushel overnight on the Chicago Board of Trade. 

Wheat futures for May delivery lost 6¢ to $5.52¼ a bushel, while Kansas City futures declined 7¢ to $5.81¾ a bushel. 

Soybeans for May delivery were down 1½¢ to $10.08 1/4 a bushel. Soymeal lost $1 to $299.30 a short ton, and soy oil rose 0.01¢ to 42.02¢ a pound.

2. Egg Production in February Drops 9%

Egg production in February plunged 9% year over year, according to data from the Ag Department. 

Output last month totaled 7.85 billion eggs, the agency said. That’s down from 8.64 million in February 2024 and 8.88 million in January. 

Table-egg production was reported at 6.67 billion and hatching eggs came in at 1.18 billion, of which 1.09 billion were broiler types and 93.4 million egg types, USDA said. 

Total egg-layers in the U.S. on March 1 totaled 351 million, down 8% from the same date a year earlier. 

Egg-type chicks hatched in February rose 2% year over year to 55.8 million, and eggs in incubator were reported at 58.5 million, a 4% increase, the agency said.

Broiler-type chicks hatched came in at 784 million, down 1% from February 2024, and eggs in incubators on March 1 were up 2% from last year to 749 million, USDA said in its report. 

3. Dry Weather Expected in Southwestern Kansas

Near-critical fire weather is forecast for southwestern Kansas amid intense winds and low relative humidity, according to the National Weather Service. 

Winds will be sustained from 20–30 mph and humidity will drop to around 20% in the area, the agency said. 

“Another round of guys northwest winds will lead to elevated to near critical fire weather conditions across the entire outlook area today,” NWS said. 

Further north in central Wisconsin, winds are expected to gust up to 40 mph this morning, which could make travel difficult. 

Roads are also slick after an overnight freeze that left the ground frozen in some spots, the agency said.