3 Big Things Today, April 2, 2025

1. Soybean, Corn Futures Down Overnight

Soybean and corn futures were lower in overnight trading as traders wait to see the scope of tariffs proposed by the Trump administration. 

Tariffs are expected to be placed on goods imported into the U.S. from most countries that likely will take effect immediately. 

The tariffs will be implemented at the highest rate possible, allowing countries to bring down the rate, Treasure Secretary Scott Bessent said yesterday. 

The administration is considering levies of about 20% on most imports coming into the country, The Washington Post reported, citing three sources familiar with the matter. 

In other news, corn consumed for alcohol in February totaled 465 million bushels, down 6% year over year, the U.S. Department of Agriculture said in a report.

Dry-mill production was reported at 1.7 million tons in February, down 6% annually, while wet grains came in at 1.11 million tons, also down 6%, the agency said. 

Soybeans crushed for oil in February totaled 189 million bushels, down from 193 million during the same month in 2024, USDA said. Processors produced 2.24 billion pounds of oil, down 2% year over year. 

Soybean futures for May delivery dropped 6½¢ to $10.27¾ a bushel overnight on the Chicago Board of Trade. Soymeal fell $2.20 to $290.10 a short ton, and soy oil lost 0.16¢ to 47.28¢ a pound.

Corn futures dropped 6¼¢ to $4.55½ a bushel.

Wheat futures for May delivery fell 3¾ to $5.36 3/4 a bushel, while Kansas City futures were up 2¢ to $5.67¼ a bushel. 

2. Duties on 2,4-D Would Harm Farmers, NCGA Says

Placing anti-dumping and countervailing duties on imports of popular herbicide 2,4-D would harm corn growers and other farmers, National Corn Growers Association President Kenneth Hartman Jr. told the International Trade Commission. 

ITC is investigating claims made by Corteva Agriscience that imports of 2,4-D from China and India are hurting the U.S. agriculture chemical industry. 

Hartman told ITC that 2,4-D targets broadleaf weeds and that it has a minimal effect on grasses, which makes it useful for corn. 

"The use of 2,4-D is more environmentally friendly and climate-smart than the alternative, which is tilling," he said. "No-till farming uses herbicides to kill weeds while minimizing soil disturbances. This is important because keeping soil intact reduces soil erosion."

ITC is expected to issue a ruling on whether imports harm the ag chemical industry in six weeks. 

Placing anti-dumping and countervailing duties on the herbicide would add to cost pressures faced by farmers, Hartman said. 

"New herbicide tools are slow to come to the market, so placing new duties on 2,4-D would set American farmers back even further." 

3. Winter Weather Rolling Through Northern U.S.

Weather maps are active this morning amid wintry weather in the northern U.S., storms in the Midwest and dry weather in the southern Plains. 

Winter storms are rolling through eastern North Dakota and much of Minnesota this morning, the National Weather Service said in a report. 

Six to 8 inches of snow are forecast for areas around Duluth, Minnesota, and winds are expected to gust as high as 35 mph, the agency said. 

"Widespread blowing snow could significantly reduce visibility, leading to near white-out conditions," NWS said. 

Severe thunderstorm warnings and tornado watches are in effect for much of eastern Oklahoma and much of Missouri, weather maps show. 

Strong winds and hail are hitting the area now and severe weather is expected to continue through mid-morning. 

In the southern Plains, elevated fire conditions are forecast for today before giving way to possible thunderstorms tonight. Intense winds gusting up to 55 mph likely will accompany the storms, NWS said.