Weekly Market Update 5/1/2025

Here is your weekly market update from the Garden City Co-op Grain Origination Team.

Trivia

1. Where is the "Mona Lisa" painting on display?

2. Which athlete has won the most Olympic medals?

Answers at the bottom.

Market News

OUTSIDE MARKETS: Stocks were up to start the month, with the DOW Jones up 246 points (0.6%) and the S&P 500 up more than 1%, getting back close to levels from before the Trump administration’s tariffs were announced in early April. The Nasdaq was up more than 2% today. Strong quarterly results from Meta and Microsoft seem to have eased investor fears that current economic turmoil could slow down tech companies and artificial intelligence. Despite stocks being up, weekly jobless claims were higher than estimates at 241,000 and GDP fell at an annualized pace of 0.3% in Q1 according to the Commerce Department. This was the first quarter of negative growth since Q1 of 2022.

PRO ETHANOL: On Monday, the Trump administration issued an emergency waiver allowing the nationwide sale of a higher-ethanol gasoline blend known as E15 this summer. E15 contains 15% ethanol and is designed to increase fuel supply during the U.S.’s peak driving season while helping reduce costs. This decision is expected to benefit biofuel producers and corn farmers by expanding the market for their products, as both industries have advocated year-round sales of E15. Increasing the available options at the gas pump will likely drive demand for domestically grown, processed, and used corn. Currently, E15 gasoline sales are restricted during the summer months due to environmental concerns about smog, which the biofuel industry disputes. The waiver takes effect today and is issued by the EPA, which plans to extend it as necessary. Similar waivers have been granted in previous years, which could help address potential fuel shortages and stabilize gas prices this summer. The EPA announced it will maintain the April 28 date for year-round E15 fuel sales requested by Midwestern governors. It also waived specific provisions that would have required stricter standards for E10 gasoline in Illinois, Iowa, Minnesota, Missouri, Nebraska, South Dakota, and Wisconsin compared to conventional gasoline elsewhere. 

CROP PROGRESS UPDATE: After some rainfall throughout portions of the Midwest last week, winter wheat conditions represented 49% good/excellent across the US versus 45% seen last week. Kansas represented 47%, 44% from OK, and 31% out of TX. Despite the added moisture last week, planting progress continues - 24% of the United States’ corn crop has been planted this week, increased from 12% planted last week. Kansas sits at 39% planted, 21% planted in Nebraska, and 74% planted in Texas. Soybeans are reported as 18% planted this week, up 10% from last week. Sorghum was reported as 21% planted, up 4% from last week, with the largest portion of planting progress coming out of Texas at 67% planted.

EXPORTS: In line with USDA trade estimates but decreased compared to the numbers seen last week, O/C corn sales were reported at 39.9 million bushels this morning. New crop corn sales were reported at 9.6 million bushels. Soybean sales totaled 15.7 million bushels this week, in line with USDA trade estimates. New crop soybean sales were reported at 1.8 million bushels. Wheat sales totaled 2.6 million bushels this morning, with 8.8 million bushels of N/C wheat sales reported. Total export inspections for the week included 65.1 million bushels of corn, 16.1 million bushels of soybeans, and 23.8 million bushels of wheat.

WEATHER: I'm feeling uncertain about what the weather might bring lately. As we transition into spring, we can typically expect temperatures to heat up. However, today looks decent, with highs near 70 degrees and a good cloud cover. Looking ahead to the weekend, we can anticipate temperatures in the range of 70 to 80 degrees, with lows in the 40s. Wind is expected as usual, along with a good chance of rain at the beginning of the week. Fingers crossed for some rain from Monday through Wednesday!
 

Trivia Answers

1. The Louvre Museum

2. Michael Phelps (28 medals).