05/09/25 Afternoon CommStock Report – Weekend Trade Developments Awaited

White smoke billowed from the Vatican chimney on Thursday to announce the selection of a new pope. While anticipation was building during the papal conclave, it was a similar feeling for market participants waiting to see which country would be the first to strike a new trade deal with the United States. Like the dark-horse selection of the first American-born pope, it was also somewhat surprising that the United Kingdom crossed the finish line first on a tariff reduction pact. Traders had India, Japan, and South Korea at the top of the list for being the most likely to strike an inaugural agreement this week. Those countries and others will now have more pressure to wrap up negotiations because of the U.K. deal and considering the meeting scheduled with China this weekend. Implications of the U.K. deal were covered in the morning CommStock Report, with positive leanings for ethanol standing out. Dampening some of the market enthusiasm surrounding the deal was that 10 percent tariffs kept against the U.K. could represent the best-case minimum for all countries. Consider how the ag commodity markets will be impacted by possible trade deals with other countries:   Corn: Mexico remains the top buyer…