Trade war fears hit soybean prices | Weekly Commodity Market Update
This week Will and Ben check the pulse of trade and tariff discussions' impact on crop markets.
Market recap (changes on week as of Friday's close):
» May 2025 corn up $.07 at $4.60
» December 2025 corn up $.04 at $4.46
» May 2025 soybeans down $.46 at $9.77
» November 2025 soybeans down $.45 at $9.84
» May soybean oil up 0.68 cents at 45.84 cents/lb
» May soybean meal down $10.40 at $283.10/short ton
» May wheat up $.01 at $5.29
» July 2025 wheat flat at $5.42
» May 2025 cotton down 3.54 cents at 63.36 cents/lb
» December 2025 cotton down 3.93 cents at 66.16 cents/lb
» May 2025 rough rice down $0.44 at $13.075/cwt
» September 2025 rough rice down $0.405 at $13.350/cwt
» May WTI Crude Oil down $7.29 at $61.99/barrel
Weekly highlights:
U.S. job openings fell slightly in February to 7.6 million versus 7.7 million in January 2025 and down from expectations of 7.7 million. New openings have fallen steadily from the peak of 12 million in 2022.
The U.S. added a larger-than-expected 228,000 jobs in March- up from 117,000 in February and expectations of 140,000. The unemployment rate did tick higher to 4.2% vs 4.1% last month.
Energy stocks were mixed on the week. U.S. crude oil and distillate fuel stocks were higher 258.9 and 11.1 million gallons, respectively. U.S. gasoline stocks were down 65.1 million gallons. U.S. motor fuel demand was 2% week over week and down 4% from recent levels.
US ethanol production increased slightly to 313 million gallons produced- up from 310 million gallons. Ethanol stocks fell 31 million gallons.
Weekly export sales of 46.2, 15.1, and 12.5 million bushels were reported for corn, soybeans, and wheat, respectively. The wheat sales exceeded pre-report expectations. Rice export sales fell to 0.7 million cwt from 2.2 million the week prior.
Open interest in futures and options of grains and oilseeds was up 4.5% week over week. Producers and merchants increased their net short 8,959 contracts while money manager decreased their net short position 4,559 contracts.
Weekly grain and oilseed exports were mixed- corn and soybean export inspections of 62.3 and 29.6 million bushels, respectively were on the top end of expectations; while wheat inspections of 12.3 million were on the low end of pre-report expectations.
The first corn planting progress report of the year showed 2% of the nations corn had been planted- matching normal and pre-report expectations.
U.S. winter wheat conditions were 48% good to excellent- slightly higher than the 47% pre-report expectations. The crop was rated 56% good to excellent this time last year.
Topics:
» Market recap
» General tariff impacts
» Smoot Hawley Act of 1930
» China's retaliatory tariffs impact on soybeans
» Further acreage changes ahead of planting
» Rainy weather and wet conditions
» Reports to watch
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