Tidbits, Deficit & Confidence, Trades, SA Estimates, Spain, Deliveries 4/30/25
- Wright team
- Apr 30
- 5 min read
Tidbits
The only excuse given for corn’s sharp losses yesterday was the planting progress being 2% more than a year ago. No doubt, yesterday being the last trading day before first notice day for deliveries on May futures had something to do with the decline.
Yesterday morning, the USDA announced the sale of 120,000 mts of old crop corn to Spain and 110,000 mts of old crop soybeans to unknown. Also, an importer in Taiwan purchased 65,000 mts of U.S. corn and a South Korean importer purchased 66,000 mts of corn in a tender yesterday.
The EPA announced they are approving a waiver that will allow for sales of E15 this summer.
In March, the U.S. trade deficit hit a record high of $162 billion, a 9.6% increase driven by a 5% rise in imports to $342.7 billion, including a 27.5% spike in consumer goods. This surge in imports, ahead of President Trump's tariffs, is expected to significantly dampen GDP, with Goldman Sachs projecting a 0.8% contraction and JPMorgan anticipating a 1.75% decline for Q1. The overall economy grew 2.4% in Q4 2024. The rising trade deficit and uncertainty from tariff policies contributed to consumer confidence dropping to nearly a five-year low of 86 points in April, and a decline in March job openings to the lowest since September at 7.2 million, though employment so far remains stable. This marks the fifth consecutive month of decline of consumer confidence. Economists warn that these trends signal a weaker economic outlook for the first half of 2025.
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