News

Soybeans lower, corn mixed following Liberation Day

Soybean futures closed lower, and corn was mixed a day after President Trump announced tariffs on dozens of U.S. trading partners.

Farm management analyst Kent Thiesse with Green Solutions Group says the market is most likely reacting to new 34 percent tariffs on Chinese imports.

“China has kind of indicated that they’re probably going to be a little more aggressive with reciprocal tariffs, and of course that hits soybeans pretty hard. Corn, we do send some corn to China, but Mexico is a lot bigger market for corn for us.”

Trump excluded both Mexico and Canada when announcing new tariffs Wednesday.

Thiesse tells Brownfield it’s too soon to grasp potential fallout, and says farmers should plan for an extended period of volatility.

“So I think whether you still have some old crop to market or new crop is, if we do get some strength in the market, reward the strength in the market (and) take advantage.”

Thiesse encourages growers to be aggressive marketing old crop corn or soybeans this spring.