From Investing.com: 2025-04-01 00:56:00

Oil prices surged as the US threatened secondary tariffs on Russian and Iranian oil, causing ICE to settle almost 2.8% higher. With Russia exporting 7.4m b/d of oil and Iran exporting 1.4m b/d, the impact on buyers like China and India could be significant. This threat could drive oil prices even higher.

The USDA projects a significant drop in US soybean acreage to 83.5m acres in 2025, compared to 87.1m acres in 2024. Corn acreage is expected to rise to 95.3m acres, while wheat planting estimates were trimmed to 45.4m acres. Chinese tariffs on US soybeans may lead to increased corn plantings.

USDA’s quarterly stocks report showed corn inventories at 8.15b bushels, soybeans at 1.91b bushels, and wheat at 1.24b bushels. Meanwhile, India’s sugar production for 2024/25 reached 24.8mt by 31 March, with 90 mills crushing cane in the second quarter. These figures impact global agricultural markets.



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