3 Big Things Today, April 3, 2025

1. Corn, Soybeans, Wheat Plunge in Overnight Trading

Corn, soybean, and wheat futures all plunged in overnight trading after President Donald Trump said the U.S. would impose tariffs on several trading partners. 

The president said at an event at the White House Rose Garden yesterday that the U.S. would put a 54% tariff on goods imported from China, the world’s largest buyer of soybeans, which will take effect on April 9. 

Tariffs were imposed on many countries including a 24% levy on goods from Japan, 36% on items from Thailand, and 20% on products from the UK. 

Canadian and Mexican goods will still face 25% tariffs. Trump also announced a 25% rate on all automobile imports into the U.S. that took effect overnight. 

China said it “firmly opposes” the sweeping duties and will take “resolute countermeasures” to counteract the sweeping duties. 

Canada, Mexico, and China are the U.S.’s largest trading partners. 

The European Union, which faces 20% levies on its products, is preparing additional tariffs of its own on U.S. products and Canada said it will unveil countermeasures today. 

Corn futures dropped 8¢ to $4.49¾ a bushel.

Soybean futures for May delivery plunged 21¼¢ to $10.08¼ a bushel overnight on the Chicago Board of Trade. Soymeal fell $3.60 to $283.60 a short ton, and soy oil lost 1.13¢ to 47.37¢ a pound.

Wheat futures for May delivery lost 12¢ to $5.27¼ a bushel, while Kansas City futures were down 10½¢ to $5.58 a bushel. 

2. Ethanol Output Rises Weekly, Inventories Fall

Ethanol production rose week over week while inventories declined, according to data from the Energy Information Administration. 

Output increased to an average of 1.063 million barrels a day in the week that ended on March 28, the agency said. 

In the Midwest, by far the biggest producing region, production rose to an average of 1.01 million barrels a day, EIA said. 

That’s up from 1.002 million barrels a week earlier. 

Gulf Coast output improved to an average of 21,000 barrels a day from 19,000 barrels the week prior, the government said. 

That was the entirety of the weekly gains as both East Coast and Rocky Mountain production were unchanged at 11,000 barrels per day. 

The West Coast was the lone decliner for the week, falling to an average of 9,000 barrels per day after being stuck at 10,000 barrels for three straight weeks. 

Ethanol stockpiles in the week through March 28 declined to 26.612 million barrels. That’s down from 27.35 million barrels a week earlier, EIA said in its report. 

3. Thunderstorms Expected From Texas to Ohio

Flood watches, warnings, and advisories have been issued for a large chunk of land stretching from counties in eastern Texas northeast into Ohio, according to National Weather Service maps. 

Rain, large hail, and flash floods are forecast for much of southern Missouri and northern Arkansas, the agency said. 

Another 3 inches of precipitation is expected on top of what’s already fallen, winds are projected to gust up to 60 mph and a couple strong tornadoes are forecast for the area. 

“A stalled boundary across the state of Arkansas will lead to another multi-faceted threat of severe weather,” NWS said. 

In southern Indiana, flood warnings are in effect as thunderstorms are expected to rumble through the area this afternoon into tonight. Heavy rains are expected through tonight and again Friday and Saturday, the agency said. 

“Severe storms cannot be ruled out Friday afternoon and Friday night,” NWS said. “Present indications are that damaging winds and large hail would be the primary severe threats.”