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Following Trump's April 2 tariff announcement, lean hog and live cattle futures dipped about 1% and CBOT corn and soybeans fell on April 3. Brazil's soybean meal futures rose 2.5% on expected Chinese demand, and some US clients may shift purchases to Latin America.
Tariff uncertainty pushes buyers toward Brazilian origins, supporting South American meal prices while pressuring US grain and meat futures.
spglobal.comApr 3, 2025After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 123 past bearish trade events, Lean Hogs moved a median -0.4% over 5 sessions (43% higher; middle half -2.9% to +2.0%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Directly reports CBOT soybeans falling on April 3 after the tariff announcement, with demand expected to shift toward Brazil and Latin America.
