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Wheat Export Sales Surge 📈🌾
US wheat export sales soared last week, reaching 783,400 metric tons (29 million bushels), which was 83% higher than the previous four-week average. Panama was the largest buyer. Corn and soybean sales were also strong, with corn sales at 967,300 metric tons and soybean sales surpassing expectations at 751,700 metric tons. Mexico and China were the largest buyers for corn and soybeans, respectively. 🌽🌱
Trump Threatens 200% Tariff on European Wine 🍷💥
In retaliation for the EU's proposed 50% tariff on American whiskey, President Trump threatened a 200% tariff on European wine, champagne, and spirits. This trade spat comes after Trump's steel and aluminum tariffs. The EU has also planned tariffs on various US agricultural goods. Both Canada and the EU are significant buyers of US ethanol, and the situation could have a ripple effect on ethanol exports. 🍇🇪🇺
Brazil’s Soybean Production Forecast Raised 📊🌿
Brazil's soybean production forecast was increased to 167.4 million metric tons, up 1% from February's estimate, despite hot and dry conditions in the south. China's demand for Brazilian exports is expected to rise due to the ongoing US-China trade conflict. Meanwhile, Brazil’s total corn production forecast was slightly raised to 122.8 million metric tons, marking a 6.1% increase from last season. 🇧🇷🌾
Treasury Secretary Stresses Long-Term Economic Focus 📉💼
Treasury Secretary Scott Bessent emphasized the Trump administration’s focus on long-term growth, stating that short-term market volatility is not a concern. He assured that well-implemented policies would foster economic growth and job creation in the future. This comes amid the stock market's correction due to ongoing trade tensions. 📊📈
Drought Conditions Persist in US Corn Belt 🌾🌧
Scattered rainfall across the Corn Belt led to improvements in drought conditions in some areas, but others, particularly in western Illinois and western Minnesota, saw worsening conditions due to a lack of rain. The High Plains also experienced scattered rainfall, with conditions improving in Nebraska and Kansas. However, southern Kansas and northern Oklahoma are seeing worsening drought conditions. 🌾🌞
