Grain Market Commentary 4/3/26
CBOT:
CBOT markets closed were Friday, April 3, in observance of Good Friday. Prior day’s close included below:
Market Headlines:
President Trump adjusts tariffs on steel, aluminum, and copper:
On April 2, President Trump signed an order overhauling how tariffs are calculated on imported steel, aluminum, and copper. Going forward, duties will reflect the full US import value rather than artificially low foreign prices. Additionally, articles made entirely or almost entirely of those metals will face a flat 50% tariff, while derivative articles composed of the metals will face 25%. Products manufactured abroad using entirely US-origin metals will face a reduced 10% rate, and goods containing 15% or less of the covered metals are removed from Section 232 scope entirely. The changes will take effect on April 6.
Weekly Drought Monitor: 
Drought conditions degraded across many areas of the US, including portions of the West, Plains, South, and Southeast. Record low snowpack levels paired with above-average temperatures are expected to drive continued deterioration over the coming weeks.
Rainfall over the past week improved conditions across Iowa, Illinois, Wisconsin, and Michigan. Temperatures across the majority of the Midwest ran 2–15 degrees above average.
The National Weather Service is calling for 2–4 inches of precipitation across parts of the Southern Plains, Midwest, and Northeast over the next week, with 0.5–2 inches expected across the High Plains, Southeast, and Mid-Atlantic. The West is forecast to see light to moderate totals.
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