April 25, 2025

Morning Comments:
 

• Quiet markets this morning: Corn up ¾ c and soybeans down 1 ½ c. Spreads are mixed with CK/CN trading even at -6 ¾ and SK/SN wider by a penny at -10.
• Soybean oil continues to lead the soy complex higher. July soy oil made new highs at $51.13 overnight and is higher this morning.
• Eastern rail corn basis was hot yesterday with a lot being traded on the offer side. CSX Columbus is big +30N vs +40N for JJ, while Ft Wayne is bid +20N vs +25N for JJ.
• River bids were slightly higher yesterday. Aril CIF Corn is bid +71K while May is bid +71K. Barge freight and Soybean CIF was mostly unchanged yesterday.
• A couple eastern soy processors dropped bids yesterday by about a nickel, which was against the trend of appreciating basis. Western bean basis is still strong with some end users scrambling to get coverage with the producers in the field.
• China is rumored to grant targeted tariff relief on select U.S. imports, including jet engines, aerospace components, semiconductors, and certain healthcare and industrial goods. However, this story is being refuted by the Chinese authorities.
• Trump administration is slated to roll out trade deal information for several kay nations.
• Showers and thunderstorms were observed once again in some key areas across the Midwest and W. Plains over the last 24 hours. Precipitation totals over the last 24 hours of up to 1-inch with locally higher totals across western KS and IA. Precipitation chances continue through the end of the week with showers and thunderstorms impacting the Ohio Valley next 24 hours.