May Corn closed ¼ cent lower ($4.57 ½), July ¼ cent higher ($4.63 ½) & Dec 1 ¼ cents lower ($4.47 ½)

Financial markets around the world were reeling Thursday following President Donald Trump’s latest and most severe volley of tariffs, and the U.S. stock market may be taking the worst of it.

• Summary
• Looking Ahead

• Afternoon market analysis: Not all contracts faced losses on Thursday.

Wheat is showing signs of life following two weeks of declining values. 

The prospective planting report this week showed soybean acres falling 3.5 million to 83.5 million which was considered friendly. 

The grains got one monkey off their back this week with the release of the long-awaited prospective planting and grains stocks report which showed a 4.7 million increase in corn acres to 95.3 million, the highest since 2012.

• The S&P 500 is trading at the lowest levels since early September.

U.S. stocks plummeted Thursday after U.S. President Donald Trump announced comprehensive trade tariffs, prompting fears of an all-out trade war that could result in a global recession.

Gold prices are sharply lower, but up from stronger earlier losses, in midday U.S. trading Thursday.

In a time of institutional upheaval and reappraisal The Trump administration, with help from the Supreme Court, is trying to weaken or abolish Federal regulation by administrative agencies. 

• Crude Oil
• Natural Gas
• Product Markets

• Copper - Silver - Gold

• Currency Futures
• Stock Index Futures
• Interest Rate Market Futures

• Cotton - Coffee - Cocoa - Sugar

• Top Headlines
• Futures & Weather
• Today

• Morning Ag Outlook

• Grain and Livestock Futures Tank on Liberation Day Tariffs

US trading partners vowed to retaliate on Thursday after President Trump ended months of suspense by revealing broad reciprocal duties on all countries, in what he has referred to as "Liberation Day."

• Wheat
• Rice
• Corn and Oats

• London open
• Chart of the day: US Effective Tariff Rate

The March 31st Prospective Plantings report from the USDA was much anticipated and indicated that U.S. producers will shift a significant amount of acreage to corn in 2025.

• US tariff implications on Australia and February trade data

• Emotion overrides reality in corn
• Big bean customers will feel the tax
• Wheat is not exempt from the tariff stampede
• Weekly energy data from EIA

• Geopolitcal Risk Barometer: Unchanged
• Editoral: Making Europe great again?
• Russia-Ukrain: Very limited ceasefire deal
• US-China: Rising tensions in cross-strait relations

• Updated trade war impacts on the economic outlook

• Tariff Mania in Full Swing!

• The Topic Was Inflation I Believe

• Cotton
• FCOJ
• Coffee

• Updated trade war impacts on the economic outlook and currencies

Equity markets are set to open sharply lower this morning as investors price in heavier-than-expected tariffs and all of the major averages will likely retest their mid-March lows in early trading.

To view charts, once Daily Action Report is open, click on the download button in the upper right corner of article framework. Open downloaded file, charts should now be visible.

• Soybeans - Corn - Wheat

• Job vacancies - February 2025 (in charts)

• USD/JPY Daily Outlook

• Copper and oil fall, while gold rises
• Chart of the Day: Copper and oil futures fall, while gold rallies following 'Liberation Day'

• For Week Ending 3/27/2025

• Liberation Day US Tariffs

• Energies
• Metals
• Treasuries

In the week ending March 29, the advance figure for seasonally adjusted initial claims was 219,000, a decrease of 6,000 from the previous week's revised level.

Cattle trade is expected to come in steady this week and futures just barely clipped a new high just ahead of the tariff announcements which were going to be made this afternoon.

• Asia open
• Chart of the day: US Customs & Excise Collections

Feeders got close to their highs made just weeks ago and may be close enough to test these levels, but depending on how these markets trade into the end of this week, it will be anyone’s guess how these tariffs impact the Live Cattle and the Live Cattle will set the direction for feeders.

Soybeans were working higher after Monday’s Planting Intentions report indicated about 3.5 million acres less than a year ago.

Wheat seem to have traded more sideways than anything else this week, but have had an upward bias.

Corn prices actually rallied for a few days after the USDA Planting Intentions report which actually raised the prospect for planted acres above expectations.

Cotton prices saw the largest gains of any market after the USDA Planting Intentions report as planted acres came in lower than the 10.189 million acre estimate with 9.867 million acres.

In the US, the ISM March Services Index is due for release in the afternoon.

 The dollar gets ambushed overnight!
 Metals are getting sold to pay for other asset losses

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $122.7 billion in February, down $8.0 billion from $130.7 billion in January, revised.