3 Big Things Today, Feb. 26, 2025

1. Soybean Futures Decline in Overnight Trading

Soybeans were lower in overnight trading on increased concerns about extended trade wars after President Donald Trump said tariffs on Canada and Mexico will go forward. 

The president on Monday said the planned tariffs, for which he signed an executive order on Feb. 1 before ultimately delaying implementation, will take effect next week. 

Canada was the biggest buyer of U.S. goods in 2022, accounting for about $357 billion in items shipped, according to the U.S. Trade Representative’s office. Mexico was the second-largest importer of U.S. products, taking in about $324 billion in goods. 

Mexico is the biggest importer of U.S. corn. 

Tariffs of 10% were slapped on items from China earlier this month, triggering retaliatory levies from the Asian nation, the world’s largest buyer of soybeans. China has said it plans more tariffs on U.S. goods. 

Canada and Mexico also have said they will impose retaliatory tariffs on U.S. goods should the Trump administration go forward with its planned levies. 

Soybeans for May delivery were down 4 1/4¢ to $10.44 1/2 a bushel overnight on the Chicago Board of Trade. Soymeal fell $1.40 to $301.60 a short ton, and soy oil lost 0.01¢ to 46.04¢ a pound. 

Corn futures fell 1/4¢ to $4.94 a bushel. 

Wheat futures for May delivery dropped 1¢ to $5.86 3/4 a bushel, while Kansas City futures lost 1/2¢ to $6.05 a bushel. 

2. Food Prices Expected to Rise in 2025

Food prices will rise a bit faster than the historical average this year as both for both in-home and out-of-home dining are set to rise, according to a report from the Ag Department. 

The cost of food will increase 3.4% in 2025, the agency said. Food prepared at home will increase 3.3% and food outside the home will rise 3.4%. 

Prices in 2024 were up 2.3%, as the cost of food outside the home surged, though those were offset by a 1.2% increase in food at home, USDA said. 

On a monthly basis, food costs overall rose by 0.8% between December and January. 

“This was partly an effect of seasonal trends, since prices typically increase in January following the holiday season,” USDA said in its report. 

The cost of beef rose 0.3% in January, pork prices were up 0.7% and poultry gained 0.3% last month. 

Eggs, sugar and sweets and fresh fruits likely will all see further increases in 2025, while the cost of dairy products likely will rise at near-average rates, the agency said. 

3. Wintry Mix Expected in Northern Wisconsin

Snow and light rain is expected in parts of northern Wisconsin this morning, leaving roads slippery, according to the National Weather Service.

The mix is expected to leave a glaze of ice in northwestern counties in the state, the agency said. 

More snow and ice is forecast for tomorrow into Friday, and light snow is expected on Friday afternoon and evening. 

In the southern Plains, meanwhile, extremely dry conditions are predicted for the area today. 

The region might see rainfall this weekend as moisture from the gulf is expected to move north into Texas, NWS said. 

“The panhandles could receive rain and possibly thunderstorms” on Sunday, the agency said.