The U.S. is advancing trade discussions with Mexico ahead of the upcoming review of the United States–Mexico–Canada Agreement, as U.S. Trade Representative Jamieson Greer travels to Mexico City for high-level meetings. The visit will include talks with Mexican President Claudia Sheinbaum and Economy Minister Marcelo Ebrard, signaling continued engagement between the two countries on trade policy, rules of origin, and broader economic cooperation. The timing underscores efforts to align positions and manage key issues before the formal USMCA review process.
Canada is signaling a push toward a broader, more comprehensive trade agreement with the U.S., rather than resolving disputes through smaller, one-off deals. Trade Minister Dominic LeBlanc indicated that Canada is willing to address longstanding U.S. concerns raised by Jamieson Greer, including its supply-managed dairy system and regulations impacting U.S. technology firms. However, any concessions would need to be part of a larger framework that reduces tariff pressures and provides more certainty ahead of the United States-Mexico-Canada Agreement review process, underscoring Canada’s preference for a coordinated reset of trade relations rather than piecemeal negotiations.
Fertilizer prices are expected to remain elevated in the near term, with USDA Secretary Brooke Rollins indicating it could take “a couple months” before any meaningful relief materializes. The USDA is working to accelerate fertilizer movement and is preparing to deploy resources aimed at boosting production and supply, though officials caution that price declines will not happen quickly. The administration is actively engaging with major fertilizer companies, signaling a coordinated effort to address supply constraints, but the timeline suggests farmers will continue facing high input costs through much of the early growing season.
Trade estimates for the April 17 Cattle on Feed report point to a largely steady current supply picture with on-feed expected at 99.5% of last year, while placements are projected sharply lower at 92.9% following a strong February, signaling a slowdown in new cattle entering feedlots. Marketings are seen at 93.8%, reflecting solid but not aggressive movement. Overall, the setup suggests stable near-term supplies but a tightening pipeline ahead due to reduced placements, which is supportive for deferred cattle markets even if the front end remains relatively unchanged.
PepsiCo beat earnings and revenue expectations, driven by a recovery in salty snack volumes after recent price cuts. That rebound is supportive for agricultural demand, as higher snack production lifts usage of key inputs like potatoes, corn, and vegetable oils. Overall, it signals improving downstream food demand after a period of price-driven volume pressure.
Corn
B 3000 n 510 c vs s n 435 p 2 1/8 to 2 cr vs 458 1/4
B 500 k 450 c 3 7/8
B 500 sd m 510/530 cs vs s 450 p ¼ cr
B 150 u 500/520 cs 4
B 200 u 470/550 cs vs s 470 p even to 1 7/8 db
B 2000 n 450 p vs s 450 c paying 1/8 covered vs with 100 delta
B 2000 u 460 c vs s 460 p paying 1/8 covered with a 100 delta
S 3000 u 520 c vs b 3000 u 425 p collecting 1 ¾ vs 462
B 250 k 455 c 3 3/8
B 1000 m 475/500 cs 4
B 1000 sd m 490/510 cs vs s 465 p ¾ cr
B 3000 z 490/530 cs vs s z 430 p from 1 credit to even
S 1000 uz -15 cso p 3 1/4
On a block
s 1000 sd n 460p/500c strangles 19
Beans
S 1000 n 1160 p 20 ¾ to 19 3/4
B 750 sd m 1180 c 7 3/4
B 1000 k 1160p/1180c strangles 9 3/8 to 9 5/8
S 1000 n 1220 c 19 ½ vs 1185
S 500 n 1250 c 11 3/8
B 500 m 1140 p vs s 500 sd m 1120 p 2 db
B 1000 n 1070 p 2 3/8
S 500 k 1190 c 1 7/8 vs 1167
S 1000 k 1190 c 2 1/8 vs 1168
S 500 k 1180 c 4 1/8 vs 1167 1/2
B 1000 n 1220 c 19 ½ vs 1185
B 2000 k 1170/1160 ps vs 1167 and 2000 n 1170/1160 ps vs 1183 paying 9 3/8
B 200 m 1180/1160 ps vs s k 1150 put 5 ¾ db
B 1250 nx +10 cso p 5 to 5 1/2
S 1800 nx +30 cso p 15
Soymeal
B 1000 k 340 c 2.40 vs 331.4
B 700 m 310/300 ps 1.40
B 1000 m 330/360 cs 6.40 to 6.50
S 500 k 320 p .90 to .70
Bean oil
S 2000 n 6150 c 8.250 to 8.100
S 500 n 65 p 1.385
S 250 n 6650 c 4.530
B 500 n 69/64 ps 2.030 to 2.100
S 200 n 69 c 3.200
B 300 n 75 c 1.250
S 1000 k 58 c 11.205 to 11.100
B 1250 k 65 c 4.200 to 4.310
S 750 n 70/75 cs 1.475 vs 6890
S 400 k 69/74 cs 1.050
B 2000 k 73 c .095 to .175
B 400 q 72 c 1.990 to 2.085
S 300 k 6950 c .940 vs 6932
B 500 q 69/65 ps 2.085 to 2.120
B 200 k 67 c vs s m 6750 p 1.270
S 100 m 6750 p 1.470
B 500 m 71 c 1.450
B 1000 n 6150/6650 cs 3.370 vs 6795
S 500 n 66/60 ps 1.450 vs 6857
B 1000 n 70 c 2.480 to 2.570
S 300 k 6550 p .160
B 1000 k 63 p .050 to .055
On a block
B 800 z 5750 p 2.050 vs 6372
Wheat
B 500 m 580 p 11 to 11 3/8
B 500 u 700/750 cs 7 3/8 vs 667 3/4
B 500 k 580 p 4
B 1000 n 500 p 1 3/4
S 800 k 620 c 8 5/8 to 7 7/8
S 1600 n 610/650 cs 14 1/8 vs 616
B 600 n 620 c 28 ½ to 31
B 700 q 500/480 ps 1
B 150 n 630 c 27 3/8
S 400 n 610/650 cs 14 1/8 vs 616
S 400 u 620/640/770/790 call condors 5 3/8 cr
Kc wheat
B 500 k 610 p 3 ½
B 200 k 580 p 1
B 200 m 650 p vs s 400 m 600 p 12
B 300 n 670/750 cs vs s 590 p 10 ¾
B 1200 k 620 c 26 ½ to 30 5/8
B 1750 n 700 c vs s 1750 z 800 c collecting 2
B 300 m 700 c 5
S 100 n 630/600 ps 11
Crush
B 150 z 210/170 ps vs s z 280 c paying even
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