Daily Ag Direction 4/4/25
Markets were stabilizing in the overnight until news broke of China retaliating with 34% tariffs on all US goods starting April 10th. Export sales are not the focus of the trade at the moment but wheat did see some improvement in movement this week, with corn coming in mid-estimate range and beans trying to stay within the lower range of trade guesses. As harvest rolls on in South America, Argentina's estimates for corn and beans are holding steady while a USDA attache is projecting Brazilian corn production up 3.2% year-on-year. Weatherwise, rain coverage looks decent though next couple days before a significant drying and warming trend. As fall crops start to go in the ground and wheat progresses towards its yield-determining growth stages, the possibility for a weather-diven short covering rally is always lurking. The tariff wars, now that shots are volleying from both sides, are bringing in a new level of volatility, but at some point, these headlines will yield to fundamentals and weather risk. It remains a best practice to have structured working offers in place starting at breakeven levels.
May corn is -5.5 at 4.52
Dec corn is -6.5 at 4.41
May beans are -27 at 9.84
Nov beans are -28 at 9.88
May KC wheat is -14 at 5.54
July KC wheat is -14 at 5.66
May Chi wheat is -13 at 5.22
July Chi wheat is -13 at 5.36
April Feeders are -3.025 at 282.375
Apil live cattle are -2.550 at 205.500
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!
Matt Hartwell
(316) 617-0690
