终于来了！ 越南在对等关税暂缓期只剩7天的时候，按下了暂停键。 作为受对等关税影响最大的东南亚国家，越南在经过3个月的不懈努力后，终于和美国达成了协议。 原本46%的对等关税，将被下调到20%。 越南终于迎来了喘息的空间，但事情还远没有结束。 从46%到20% 今天，特朗普在社交媒体上宣布：已经和苏林通话，达成了一个"划时代"的贸易协议。 这也是第一个和美国签订协议的发展中国家。 特朗普当时高调宣布，将对所有贸易伙伴实施所谓"对等关税"，并点名越南将被征收高达46%的关税。 2024年越南从美国赚走了1230亿美元的贸易顺差，按照46%的对等税率，那就是566亿美元的税金。 面对这个"天价账单"，越南立刻反应，迅速成立了高级谈判团，三轮飞往美国展开磋商，谈判背后伴随 着大力度的"示好"。 谈判期间，越南主动下调了多项美国产品的进口关税：包括汽车、大豆粕、饲料用玉米、樱桃、葡萄 干、木材和乙醇； 按照特朗普本人的说法，这项协议规定有3个重点： 1. 所有越南对美出口商品将征收20%关税； 2. 经过越南转运的第三国商品，将被征收高达40%的关税； 3. 美国销往越南的所有商品，将享受"零关税待遇"，越南市场将" ...

巴西全国谷物出口商协会（ANEC）：预计今年6月巴西大豆粕出口量将达到129万吨，而去年同期为 205万吨。 ...

Summary of The Andersons (ANDE) Conference Call Company Overview - The Andersons is a diversified agribusiness operating in grain trading, ethanol production, and plant nutrients, with a strong presence in the Eastern Corn Belt and recent expansion into the Western Corn Belt through the Skylin grain investment [2][6] Key Points and Arguments Leadership Transition - CEO Bill Krueger has been in the role since October, succeeding Pat Bo, and has been with the company since the Lansing acquisition [3] - The company has tripled in size since January 1, 2019, indicating significant growth and transformation [3] Business Segments and Strategy - The Andersons has combined its nutrient business with its trade group to enhance operational efficiency [5] - The company has adopted a more asset-light model since 2019, allowing for greater flexibility and nimbleness in operations [7][8] - The Skylin investment has filled gaps in the company's asset footprint, particularly in Southwest Kansas and the Texas Panhandle [6][21] Market Dynamics - The wheat market is currently balanced, with the U.S. showing a slight oversupply at a carryout of 1.6 million bushels [10][11] - Global corn demand is well-structured, but competition from Milo and wheat is affecting corn demand in the U.S. [11][12] - Fertilizer demand remains high despite a weaker financial position for some farmers, attributed to precision agriculture practices [14][15] Tariffs and Trade - Recent changes to tariffs and port fees have reduced risks for The Andersons, particularly regarding exports from the Great Lakes [18][20] - The company is well-positioned to navigate the current tariff environment, especially concerning fertilizer and wheat imports [18] Financial Performance and Outlook - The Skylin investment is expected to contribute $30 million to $40 million in EBITDA on a run-rate basis [25] - Ethanol margins are expected to improve through Q2 and Q3, driven by increased gasoline demand and potential E15 mandates [31][32] - The company anticipates a stable inventory level for ethanol, similar to the previous year, with a positive outlook on exports [36] Renewable Diesel and Feedstock Opportunities - The Renewable Volume Obligation (RVO) is expected to drive demand for feedstocks, positively impacting The Andersons' renewable diesel feedstock business [40][41] - The company has a target to increase its renewable diesel feedstock trading from 1.5 billion pounds to 2 billion pounds [42] Capital Expenditure and Growth Strategy - The company plans to invest approximately $200 million in CapEx for 2025, focusing on efficiency improvements and potential acquisitions [52] - The current environment is seen as favorable for acquisitions, with a preference for larger deals (doubles and triples) rather than smaller ones [53][54] Key Milestones and Monitoring - Investors should monitor the growing season, proposed legislation, and the company's carbon sequestration permit filing in Indiana [63][64] - The company is focused on optimizing its portfolio and addressing underperforming profit centers [66][67] Additional Important Insights - The Andersons has a robust internal growth project pipeline, with significant investments planned for the Port of Houston and other projects [51] - The company is considering share repurchase options, balancing this with potential acquisition opportunities [59][60] This summary encapsulates the key discussions and insights from The Andersons' conference call, highlighting the company's strategic direction, market dynamics, and financial outlook.