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0:00 Tariffs and Lower Markets
5:10 Historic Corn Belt Flooding
8:07 Ethanol Production
9:00 China Ship Sales Decline
10:43 Flash Sale

Trump's Trade War Escalates: New Tariffs Imposed 🌍💥
President Trump escalated the trade war on Wednesday, announcing a 10% tariff on all imports set to take effect on Saturday. Additionally, he introduced a reciprocal tariff policy targeting 180 nations, including the EU (20%), Vietnam (46%), Taiwan (32%), and a 34% tariff on China, bringing the total tariff rate on Chinese goods to 54%. These reciprocal tariffs will begin on April 9, with Canada and Mexico exempt, though imports not covered by the USMCA agreement will face a 25% tariff. Corn and soybean futures dropped sharply in response, while the US stock market fell to fresh lows overnight. 📉💰

Historic Flooding Forecast for the Corn Belt 🌧️🌊
Severe flooding is expected in the Corn Belt, with a storm system that started on Wednesday causing significant rainfall. Areas in Southeast Missouri, Southern Indiana, Southern Illinois, Kentucky, and Southern Ohio are at risk of receiving between 10 to 15 inches of rain, with more moderate amounts expected in other regions. Over 32 million people are under a flood watch, and the flooding is expected to impact agricultural production in these regions. 🌽🌾

US Ethanol Production Increases 📈🌱
US ethanol production increased by 1% last week, totaling 1.06 million barrels per day. Ethanol stocks decreased by 2.7% but are still 1% higher compared to the same time last year. Despite the recent dip, stock levels remain historically high. Ethanol production margins are currently near breakeven levels, according to Reuters data. 📊💡

Chinese Ship Sales Decline Amid Port Fee Threat 🚢❌
Chinese ship sales dropped sharply in March due to President Trump's threat to impose a $1 million port fee on Chinese vessels. This has raised concerns in the global shipping industry, particularly regarding the impact on US grain exports. The American Farm Bureau Federation estimates that the proposed shipping fees could increase soybean export costs by 9.5 to 27.5 cents per bushel. 🚢📉

Flash Sale of Soybean Cake and Meal 🛍️🌾
US exporters sold 135,000mt of soybean cake and meal to the Philippines for the 2024/2025 marketing year. This marks the first flash sale of soybean cake and meal for the year. 🌱

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0:00 Soybeans and Biofuel Push
3:23 "Liberation Day"
5:04 Heavy US Rainfall
7:55 Farmer Sentiment Declines
9:54 StoneX Cuts Brazil Crop Estimates

Biofuel Groups Push for Higher Diesel Mandates ⚡💡
U.S. oil and biofuel groups, including the American Petroleum Institute, are pushing the EPA to increase federal biomass diesel blending mandates to 5.5–5.75 billion gallons, up from the current 3.35 billion gallons. The ethanol blending requirement is expected to stay at 15 billion gallons. However, smaller refiners and fuel retailers oppose the increase, warning of higher fuel costs and potential job losses. Additionally, some industry members are calling for the reinstatement of the blenders tax credit, arguing that the expired credit kept fuel prices lower for consumers. 🌱⛽

Trump's Reciprocal Tariffs Begin Today 📅⚖️
President Trump's reciprocal tariffs on all U.S. trading partners go into effect today. Although the specific details of the tariffs will be announced at 3 p.m. Central time, these tariffs are expected to impact U.S. agriculture, with Mexico, Canada, and China being the top buyers of U.S. agricultural products. Retaliatory tariffs could target nearly $27 billion worth of U.S. agricultural goods, potentially harming farmers. Meanwhile, Canada has reportedly decided to avoid counter-tariffs on most food imports from the U.S. 🥩🌾

Heavy Rains to Impact the Central U.S. 🌧️
Rainfall is expected to accumulate across the central U.S. Corn Belt, particularly in southern Illinois, western Kentucky, and parts of Tennessee, Arkansas, and Missouri. Some areas could see between 10 and 16 inches of rain over the next five days, which may impact planting schedules and soil conditions. 🌧️🌽

Farmer Sentiment Drops Amid Trade and Policy Uncertainty 🌾📉
U.S. farmer sentiment fell in March, according to Purdue University's CME Group Ag Economy Barometer. The index dropped to 140, a 12-point decrease from February. Falling crop prices and trade policy uncertainty, particularly regarding tariffs, contributed to the decline. A record number of farmers expect exports to decline in the next five years, and nearly two-thirds of respondents anticipate that a second round of Market Facilitation Program payments will be necessary to mitigate trade war impacts. 📉🌾

Brazil’s Soybean and Corn Crops Lowered 🌾📊
Brazil’s soybean crop estimate has been reduced to 167.4 million metric tons due to adverse weather in Rio Grande do Sul. Additionally, the forecasts for both the first and second corn crops have been lowered. Despite these cuts, Brazil's second corn crop is expected to receive normal rainfall over the next 14 days, and no weather issues are currently anticipated. 🌱🌽

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0:00 More Cash 4 Farmers
5:11 USDA Report
9:44 Heavy Rains
11:00 Russia Wheat Update
11:47 Strong Grain Shipments

Trump Administration Considers Financial Aid Package for Farmers Amid Trade War 🏦🌾
The Trump administration is preparing a financial aid package for farmers as reciprocal tariffs are set to be imposed on all U.S. trading partners tomorrow. This move is expected to trigger retaliatory tariffs that could severely impact U.S. agriculture. The new aid package could be larger than the $23 billion bailout from the 2018 trade war with China. In that previous conflict, U.S. agriculture suffered a $27 billion loss in exports. The current situation with tariffs targeting multiple countries could result in a higher cost for the aid package. 🌍💸

US Farmers Set to Plant Most Corn Acres in 12 Years 🌽📈
The USDA's Prospective Plantings report shows that U.S. farmers intend to plant the highest number of corn acres in 12 years, with an estimated 95.3 million acres—up 5% from last season. Soybean plantings are projected at 83.5 million acres, marking a 4% decline from last year, while wheat plantings are forecast at 45.4 million acres, down nearly 2%. The USDA's quarterly grain stocks report revealed a decrease in U.S. corn stocks, but an increase in soybean and wheat stocks compared to the previous year. 🌾🌱

Heavy Rains Expected Across Central US 🌧️🌾
Heavy rainfall is predicted to impact areas from eastern Texas through Ohio, with some regions potentially receiving up to 15 inches of rain over the next 10 days. The excessive rainfall could cause flooding and delay the planting of corn and soybeans in affected areas. Farmers in the wettest regions typically aim to plant early corn by today, so the heavy rains could hinder their ability to do so. 🌧️🚜

Russia's Wheat Crop Forecast Revised Down 📉🌾
Russia's wheat crop forecast for 2025/2026 has been lowered to 80.3 million metric tons, down from the November estimate of 81.5 million metric tons. Dry conditions earlier in the season, particularly for spring wheat, have negatively impacted crop prospects. However, recent improvements in winter wheat conditions and expected rain could provide some relief to the crop. 🌧️🌾

US Corn Shipments Strong, Soybean Shipments Surge 📦🌽
U.S. corn shipments exceeded expectations last week, with 1.6 million metric tons (64 million bushels) inspected for export. This represents a 5% increase compared to the previous week and a 9.7% rise from the same week last year. Soybean shipments also surpassed expectations at 793,250 metric tons (29 million bushels), up 54% from the same week last year. Wheat shipments, though down from the previous week, were still close to expectations. 📦🌾

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0:00 Acreage Report Reliability
3:32 Wheat Collapse
7:44 China Grain News
9:24 China Cash Injection
10:19 The Funds
11:09 Trump/Canada Talks

USDA Report to Release Key Data on Plantings and Grain Stocks
The USDA will release its highly anticipated Prospective Plantings and quarterly Grain Stocks report today. Traders expect to see a significant increase in U.S. corn plantings compared to last year, while a notable decline in soybean plantings is anticipated. U.S. corn stocks as of March 1st are expected to be down 2.4% from the same time last year, while soybean stocks are expected to be up by 3%. Wheat stocks are forecasted to rise by 11.6%.

Chicago Wheat Futures Drop to 8-Month Low
Wheat futures on the Chicago Board of Trade dropped to their lowest level in nearly eight months on Friday, with the May25 contract losing almost 4 cents, closing near $5.28 per bushel. Prices have been pressured by ongoing peace talks between Russia and Ukraine, as well as ample global supplies. Weak export demand and beneficial rainfall across the U.S. Plains also contributed to the market's decline. Traders are positioning ahead of today's USDA reports.

China’s Focus on Agricultural Self-Sufficiency
China is investing heavily in improving agricultural land to strengthen national food security. The nation aims to transform 200 million acres into high-standard farmland by 2030, utilizing technology to improve soil quality, crop management, and disaster resilience. By 2035, all basic farmland is expected to meet high-standard criteria. China is prioritizing food self-sufficiency and diversifying its agricultural supply chains amidst rising geopolitical tensions.

China Boosts Economy with Investment in State Banks
China has invested $69 billion into four state-owned banks to bolster their financial stability and support economic growth. The government’s move will help these banks expand, strengthen their capital reserves, and invest in emerging industries. This investment also aims to address pressure from narrowing profit margins due to interest rate cuts.

Funds Reduce Corn Market Exposure
CFTC data shows that "The Funds" reduced their net-long position in the corn market last week, with large money managers selling 31k corn contracts. Since mid-February, the funds have slashed their net-long position by 286k contracts. The funds were also net sellers of soybean and SRW wheat contracts.

President Trump and Canadian PM Discuss Tariffs and Trade Framework
President Trump and Canadian Prime Minister Mark Carney held a productive phone call on Friday, though Canada remains set to impose retaliatory tariffs on the U.S. this week in response to Trump's planned reciprocal tariffs. Carney criticized the tariff threats as a betrayal of the USMCA agreement. Going forward, the two leaders plan to negotiate a new economic and security framework after Canada’s upcoming election.

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President Trump Considering Lowering Tariffs on China for TikTok Agreement 🇨🇳📉
President Trump is reportedly considering reducing tariffs on Chinese imports as part of efforts to secure a deal with TikTok's parent company, ByteDance. This comes after President Biden's law requiring ByteDance to sell TikTok's U.S. operations by January 19. Trump extended the deadline to April 5 to allow more time for negotiations. If no deal is reached by then, Trump is open to further extensions. The move is being considered amid talks with four potential buyers. Additionally, Trump is set to announce reciprocal tariffs next week. Soybean futures rallied yesterday, possibly influenced by these developments and concerns about low U.S. soybean acreage. 🌱💼

USDA Report to Release Prospective Plantings & Quarterly Grain Stocks 📊🌾
The USDA will release its Prospective Plantings and quarterly Grain Stocks report on Monday, which traders are closely watching. Expectations include a significant rise in U.S. corn plantings compared to last year, while soybean acreage is anticipated to decline. Corn stocks as of March 1st are expected to be down 2.4% from last year, while soybean stocks are expected to rise by 3%, and wheat stocks are forecasted to increase by 11.6%. These reports will provide key insights into market trends. 📉📈

President Trump Encourages Collaboration on U.S. Biofuels Policy 🚗🌱
President Trump has directed the U.S. fuel and oil industries to work together on shaping future biofuels policy. Two meetings have taken place, with discussions focusing on biofuel blending requirements, small refiner exemptions, and biofuel tax policies. The industry also discussed the 45Z tax credit and the potential for increasing the renewable diesel and biodiesel mandate. The new mandate range could be between 4.75 billion and 5.5 billion gallons, compared to the current 3.35 billion gallons. ⚡🚗

USDA Weekly Drought Monitor: Corn Belt Sees Improvement 🌧️🌽
The USDA's latest drought monitor showed improvements in large portions of the Corn Belt, with snow and rainfall benefiting areas like Iowa, Minnesota, Michigan, and Illinois. However, conditions worsened in Missouri, and dry weather in South Dakota, Kansas, and Oklahoma has led to deteriorating drought conditions in those areas. Drought is impacting 44% of U.S. corn, 36% of soybeans, and 38% of winter wheat. 🌧️📊

US Corn Export Sales Decline 📉
US corn export sales were reported at 1 million metric tons (41 million bushels) last week, down 31% from the previous week but in line with the 4-week average. The largest buyer was Japan. Soybean sales were below expectations at 338,500 metric tons (12 million bushels), down 4% from the prior week and 28% from the 4-week average. Wheat sales also came in lower than expected at 100,300 metric tons (4 million bushels), down 65% from the previous week. 🌍📉

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0:00 Corn Acreage "Whisper Number"
3:09 Auto Tariffs
5:04 Black Sea Exports
8:02 Nutrien Fertilizer Thoughts
8:59 Why Are Ethanol Stocks So High?
10:16 JBS News

US Corn Futures Fall Amid Increased Acreage Expectations-
U.S. corn futures dropped on Wednesday, with the May25 contract falling nearly 7 cents to $4.51 per bushel. Traders are anticipating a significant rise in corn acreage this year, with analysts estimating 94.4 million acres, up 4.2% from last year. Soybean futures were mostly unchanged, with expectations for acreage totaling 83.8 million, a decrease of 3.8% from last season. Wheat futures were under pressure due to potential developments surrounding the Black Sea ceasefire agreement.

President Trump to Impose 25% Tariff on Imported Vehicles-
President Trump announced that a 25% tariff will be imposed on all imported vehicles starting April 2, 2025. This permanent tariff is expected to significantly raise vehicle costs, potentially adding up to $12,000 to certain models. The move comes despite initial opposition from U.S. automakers who warned that such tariffs would harm their businesses. This new tariff will likely affect Mexico, the largest exporter of automobiles to the U.S., and Japan, the second largest exporter. Both countries are also major buyers of U.S. corn.

Russian and Ukrainian Agricultural Exports Near Pre-War Levels-
Despite ongoing conflicts, Russian and Ukrainian agricultural exports are almost back to pre-war levels. Ukraine's Black Sea grain shipments are performing near pre-war figures, and Russia continues to dominate the global wheat market. If a ceasefire agreement is reached, it is expected to reduce shipping costs by lowering war-related insurance premiums, making trade in the region more efficient.

Nutrien Believes Black Sea Ceasefire Won't Significantly Impact Global Supplies-
Nutrien, a Canadian fertilizer company, believes the proposed Black Sea ceasefire deal will have minimal impact on global fertilizer or grain supplies this year. Russian fertilizer exports are operating near full capacity, and Ukraine continues strong exports through alternative routes.

US Ethanol Production Declines-
U.S. ethanol production saw a decline last week, with weekly output of 1.05 million barrels per day down 4.7% from the previous week and slightly lower than the same week last year. Ethanol stocks rose by 2.9% from the previous week and 4.8% year-over-year, staying at levels comparable to early COVID times.

JBS Surpasses Earnings Expectations-
JBS, the world's largest meatpacker, reported fourth-quarter earnings that exceeded expectations, more than double the prior year. Strong demand for chicken and pork boosted earnings as consumers turned to more affordable meat options. However, JBS faces challenges due to historically low U.S. cattle supplies, which have driven beef prices to all-time highs.

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0:00 Is Brazil Buying US Corn?
3:15 Corn Futures Decline
7:46 Black Sea News
8:51 US Will Help Russia Ship Grain
9:59 Black Sea Fertilizer Impact

Rising Corn Prices in Brazil 🌽💰
Corn prices in Brazil have surged, driven by low stock levels and increased demand from the ethanol and livestock industries. Some areas have seen price increases of over 23% year-over-year. This price spike is expected to contribute to inflationary pressures, with agricultural consulting group Datagro estimating that food inflation could rise by 1% in the next six months. Over the past year, prices for poultry, beef, and pork have risen sharply—by 11%, 21%, and 20%, respectively. There have also been rumors about small U.S. corn exports to Brazil, a market that occasionally imports limited quantities of U.S. corn. 🌽📈

U.S. Corn Futures Decline 📉
U.S. corn futures fell on Tuesday, with the May25 contract dropping nearly 7 cents to settle near $4.58 per bushel. This decline was attributed to strong planting progress in the South, particularly in Louisiana, Texas, Mississippi, and Arkansas. Traders are also positioning ahead of the USDA's upcoming grain stocks and prospective planting reports, with expectations for a 94.4 million-acre U.S. corn planting estimate for 2025. 🌾🌎

Russia and Ukraine Agree to Black Sea Deal ⚖️
Russia and Ukraine have reached a significant agreement allowing safe passage in the Black Sea and halting attacks on each other’s energy facilities. The U.S. facilitated the deal, which also includes assistance for Russia in expanding its grain and fertilizer exports. The U.S. will help Russia by reducing shipping insurance costs, improving market access, and easing port and payment restrictions. However, the deal is contingent on the EU lifting certain sanctions on Russia. Ukraine has expressed opposition to easing sanctions. ⚓🌍

CF Industries Stock Decline 📉
CF Industries Holdings saw its stock drop more than 4% on Tuesday, hitting its lowest level in nearly eight months. The decline followed the announcement of a ceasefire agreement between Russia and Ukraine, which raised the likelihood of reduced trade sanctions on Russia. This is expected to increase fertilizer supplies from the region, lower shipping costs, and reduce market volatility, benefiting Russia’s fertilizer exports. 📉💡

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Soybean Export Concerns and Proposed Shipping Fees 🚢
Mike Koehne, a director for the American Soybean Association, voiced concerns during a U.S. Trade Representative investigation into China’s shipbuilding industry. He highlighted that the proposed shipping fees could significantly increase the cost of U.S. soybeans and make them less competitive globally. With 9.5 to 27.5 cents per bushel of soybeans at risk due to higher shipping costs, ASA urges the USTR to collaborate with industries to strengthen maritime trade without harming agriculture. 🌾🚢

Russia's Wheat Crop Forecast Improved 🌾
Russian consulting firm IKAR has raised its forecast for Russia's wheat crop to 82.5 million metric tons (mmt), up nearly 2% from earlier estimates. While conditions in the south-central regions have improved, uncertainty remains in the Volga region. IKAR's projections range between 78.5 mmt and 86.5 mmt. This adjustment reflects a more optimistic outlook, though the situation is still evolving. 🇷🇺🌾

US and Russia Discuss Black Sea Grain Deal ⚖️
Discussions in Saudi Arabia between U.S. and Russian officials have focused on potentially reinstating the Black Sea grain deal. Russia, which withdrew from the agreement last year, raised concerns about barriers to its own food and fertilizer exports. The deal was originally meant to facilitate safe grain exports from Ukraine despite the war. A joint statement regarding the outcome of the talks is expected soon. 🌍🌾

Brazil’s Soybean Production Revised Down 🌱🇧🇷
Brazil's soybean production forecast has been slightly reduced due to drought conditions affecting southern Brazil. The new estimate stands at 165.9 mmt, a 1.4% decrease from earlier projections. However, the country is still on track for a record soybean harvest, particularly in Mato Grosso. Harvest progress is advancing rapidly, with 77% of the crop already collected. 🌱💧

Brazil's Economic Outlook 🌍📉
Despite concerns over Brazil's slowing economy and rising interest rates, Bloomberg Economics reports only a 10% chance of a recession. While higher rates are cooling inflation, the delayed effects are still unfolding. A potential recession would likely have minimal impact on soybean production, though it could affect domestic consumption, leading to more exportable supply. 💸🇧🇷

US Corn and Soybean Export Data 📈
U.S. corn shipments dropped slightly last week but remain strong, with 1.5 million metric tons (58 million bushels) inspected for export. Soybean shipments saw a significant increase, rising 25% from the prior week, with 822,214 metric tons (30 million bushels) inspected for export. Wheat export sales also exceeded expectations. 📊🚢

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0:00 Rollins BIG Announcement
3:48 Trump and China
5:19 The Funds
7:39 Mexico Corn Imports
9:02 Roundup Settlement
10:26 Cattle on Feed

Secretary Rollins on Long-Term Agricultural Prosperity 🌱🚜
US Agriculture Secretary Brooke Rollins emphasized the long-term benefits of President Trump's policies for farmers and ranchers, despite the ongoing challenges of tariffs and market volatility. In a recent interview, Rollins acknowledged the struggles under the Biden administration but expressed confidence that, by the end of Trump's term, the agricultural industry will thrive. She highlighted the importance of short-term uncertainty for achieving long-term success. The airplane emoji in Rollins' X post could be a nod to the growing focus on sustainable aviation fuel (SAF). 

Trump Teases Flexibility on Reciprocal Tariffs 💼⚖️
President Trump suggested some flexibility regarding the upcoming reciprocal tariffs, which are set to take effect on April 2. While markets briefly rallied after the statement, the excitement quickly faded as concerns about stagflation grew. Trump also mentioned that negotiations with China remain possible, with a meeting with President Xi Jinping potentially on the horizon.

Funds Trim Corn Positions 📉🌽
The latest CFTC data shows that large money managers reduced their net-long position in corn by 28k contracts. This is part of a broader trend of funds slashing their corn positions since mid-February, cutting back a total of 255k contracts. Soybean and SRW wheat positions also saw reductions. 

Mexico's Corn Imports Set to Decline 🌽🇲🇽
Mexico's corn imports are forecast to decline by 3% in the 2025/2026 season, driven by a boost in domestic production and carryover stocks from record-high imports last year. Despite the drop, imports are expected to remain the second-highest on record. Increased demand for yellow corn, particularly for poultry feed, continues to drive the need for imports. 

Bayer Faces Legal Setback in Roundup Lawsuit ⚖️💼 

Bayer has been ordered to pay $ 2.1 billion in damages over its Roundup weedkiller, which was linked to cancer by the plaintiff. Bayer plans to appeal the ruling, and they've already spent $10 billion in settlements, part of the $16 billion allocated for Roundup-related litigation. The company has struggled since acquiring Monsanto in 2018, with stock prices dropping over 70%. 📉⚖️

Cattle on Feed Report Bullish 🐄📊 Friday
Friday's Cattle on Feed report showed a 2% decrease in cattle on feed as of March 1, compared to last year, but in line with pre-report estimates. February placements came in much lower than anticipated, suggesting a tighter supply of cattle. This is expected to be bullish for the market, as fewer cattle on feed and limited imports of Mexican feeder cattle have constrained supply. 🐄💥

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🌽 Corn Futures Rally
Corn futures surged on Thursday, with the May 2025 contract peaking near $4.70 and gaining 7 cents per bushel. However, new crop contracts saw limited gains, with the December 2025 contract rising by less than 2 cents. 📈 Strong export sales may have fueled the rally, and some analysts believe the USDA is underestimating U.S. export demand. 

🌾 Wheat and Soybean Export Sales
U.S. wheat export sales saw a major net reduction last week, with a marketing-year low of 248,800mt (9 million bushels), falling below expectations. This decline was largely due to Panama, which had been a top buyer the previous week. Net corn sales, however, rose 55% from the previous week to 1.5mmt (59 million bushels), with Japan leading purchases. 🌎 Soybean sales underperformed, totaling 352,600mt (13 million bushels), down 53% from last week, with China as the largest buyer. 

🌦 Drought Conditions in the U.S.
The latest USDA drought monitor shows mixed conditions across the Corn Belt. Rainfall improved drought conditions in Illinois, Indiana, and southern Michigan, but Missouri saw worsening conditions. 🌬 The High Plains faced dry, windy weather, leading to deteriorating conditions in Kansas and Oklahoma.
🔹 Corn: 53% in drought
🔹 Soybeans: 42% in drought
🔹 Winter Wheat: 34% in drought
🔹 Spring Wheat: 39% in drought
🔹 Cattle: 43% in drought 

🛢 Biofuel Industry Faces Uncertainty
U.S. and Canadian biofuel companies are cutting production amid uncertainty over the Trump administration's biofuel subsidies and trade policies. The lack of finalized 45Z tax credit guidance and shifting tariff policies are creating instability. 📉 Declining demand, excess soybean supply, and a 60% drop in crush margins are expected to reduce U.S. soybean acres this spring. The biofuel sector is likely to shrink further, with significant financial losses ahead. Meanwhile, the IRS and Treasury Department are accepting public comments on the 45Z Clean Fuel Production Credit until April 12. Trump's regulatory freeze could delay or halt finalization. 

🇦🇷 Argentina's Crop Forecast Cut
The Buenos Aires grains exchange lowered Argentina’s soybean crop forecast to 48.6mmt, down 1mmt due to hot and dry weather in the northeastern region, which accounts for 10% of production. ☀️ These conditions could reduce yields by 22%. Drought is also impacting Argentina's corn crop, with projected yields now expected to drop by 40%. Despite this, the exchange maintained its corn crop forecast at 49mmt due to a 7.6% increase in planted acres. 

🥃 EU Delays Whiskey Tariff
The EU has postponed its planned 50% tariff on American whiskey, originally set for April 1, now pushed to mid-April. 🍾 This aligns with broader trade negotiations in response to U.S. tariffs on steel and aluminum. U.S. distillers have been rushing shipments to Europe ahead of potential tariffs. Meanwhile, Trump has threatened a 200% tariff on European alcohol in retaliation. 🌍