3 Big Things Today, March 25, 2025

1. Soybean Futures Lower in Overnight Trading

Soybean futures were lower overnight as the Brazilian harvest progresses and on further confusion about tariffs set to take effect in a week. 

The soybean harvest in Brazil, the world’s largest exporter of the oilseeds, is 77% complete, consultancy AgRural said in a report. That’s up from 69% at the same point last year. 

AgRural has pegged the South American country’s crop at a shade under 166 million metric tons, down from a previous outlook for 168.2 million metric tons. 

The U.S. Department of Agriculture earlier this month pegged Brazil’s soybean crop at 169 million metric tons. 

Also weighing on prices overnight is confusion about tariffs set to be implemented on April 2. 

U.S. President Donald Trump said yesterday that not all the tariffs he’s threatened will be implemented next week. 

The president had said retaliatory tariffs would be placed on several countries, but yesterday said “a lot of countries” may not have levies imposed. 

Tariffs on automobiles, pharmaceuticals, and aluminum will be imposed soon, Trump said, though it’s unclear exactly when the levies will take effect. 

Soybeans for May delivery were down 4¢ to $10.03¼ a bushel overnight on the Chicago Board of Trade. Soymeal lost $1.40 to $296.20 a short ton, and soy oil fell 0.06¢ to 42.09¢ a pound.

Corn futures dropped 1¼¢ to $4.63¼ a bushel. 

Wheat futures for May delivery rose ¾¢ to $5.49 a bushel, while Kansas City futures declined 2½¢ to $5.75½ a bushel. 

2. Export Inspections of Corn, Wheat Decline

Inspections of corn and wheat for export were down week to week while soybean assessments increased, according to data from the Ag Department. 

Corn inspections in the seven days that ended on March 20 totaled 1.46 million metric tons, the agency said.

That’s down from 1.69 million tons a week earlier, but still ahead of the 1.26 million tons that were assessed during the same week a year earlier. 

Wheat assessments were reported at 484,701 metric tons, down from 495,153 tons the week prior, but up from 432,764 tons in the same week last year, USDA said. 

Soybean inspections, meanwhile, rose to 822,214 metric tons from 657,836 tons the previous week and 785,605 tons at the same point in 2024. 

Since the start of the marketing year on Sept. 1, the government has inspected 32.3 million metric tons of corn for overseas delivery. 

That’s up from the 24.4 million tons assessed during the same timeframe a year earlier. 

Soybean inspections since the beginning of September now stand at 39.9 million metric tons, up from 36.6 million in the same period last year, the agency said.

Examinations of wheat since the start of the grain’s marketing year on June 1 are at 16.9 million metric tons, up from the 14.3 million tons assessed at the same point a year ago, USDA said in its report. 

3. Dry Weather Expected in Parts of Nebraska, Kansas

Extremely dry conditions will persist in parts of south-central Nebraska and north-central Kansas, leaving the area ripe for wildfires, the National Weather Service said in a report early this morning. 

Dry weather will persist throughout the week, mostly in the afternoons and evenings, the agency said. 

Winds will gust to at least 20 mph each day and relative humidity will drop to around 25%, leaving the area dry, NWS said. 

“The most critical conditions will favor areas along and south of the Kansas-Nebraska state line,” the agency said.

In northern Illinois, dry weather is also expected early today, though conditions are forecast to improve throughout the morning, NWS said.