Corn and Soy in the Red. Wednesday, April 2, 2025

Ahead of 9 a.m. CT, May corn was down 5¼¢ at $4.56½ per bushel.

May soybeans were down 7½¢ at $10.26¾ per bushel.

May wheat contracts were mixed. CBOT wheat was down 1¼¢ at $5.39¼ per bushel. KC wheat was up 6¢ at $5.71¼. Minneapolis wheat was up less than a penny at $5.94¼.

“Today is being called ‘Liberation Day,’ as the U.S. is set to impose reciprocal tariffs on trade partners with existing tariffs on American goods,” said Cole Raisbeck, commodities broker at Kluis Commodity Advisors. “President Trump is scheduled to address the nation from the White House’s rose garden at 3 p.m. CT to unveil his tariff plan.”

Raisbeck also noted, leading up to Trumps announcement, “market uncertainty remains elevated, posing risks for both grain and equity markets. Short-term volatility is likely as traders react to the tariffs and any retaliatory measures from trade partners. I’m watching how these announcements impact the U.S. Dollar Index and, in turn, influence the pace of grain exports.”

Speaking of exports, this morning USDA announced the Philippines are buying 135,000 metric tons of soybean cake and meal for the 2024/2025 marketing year.

Leading up to 9 a.m. CT, June live cattle were up 33¢ at $205.75 per hundredweight (cwt). May feeder cattle were down 30¢ at $286.85 per cwt. June lean hogs were down 73¢ at $96.30 per cwt.

May crude oil was down 21¢ at $70.99 per barrel.

The U.S. Dollar Index June contract was down to 103.67.

June S&P 500 futures were down 26 points. June Dow futures were down 203 points.

Tags: live cattle, feeder cattle, lean hogs, corn, soybeans, wheat, futures