Agriculture News
The U.S. Court of International Trade ruled President Trump’s ‘Liberation Day’ tariffs imposed under the International Emergency Economic Powers Act were unlawful.
Cash cattle prices have posted a record high for five consecutive weeks.
Soybeans mildly weakened during overnight trade.
The initial CCI ratings for corn and spring are far below year-ago levels.
Wheat inspections during the week ended May 22 rose on the week, while corn and soybean inspections each marked declines.
Wheat and corn are under pressure to open the week, while soybeans are mildly firmer coming out of the holiday weekend.
The improvement for wheat may be short-lived as prices are under pressure to open the week.
Grain traders mostly focused on weather, but trade happenings remain on the radar.
May 1 feedlot inventory declined 1.5% from year-ago, as expected.
Part of the increase in pork stocks tied to a big downward revision to March inventories.
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Corn, soybeans and wheat poised to post strong weekly gains.
Several U.S. farm commodity groups and the American Farm Bureau Federation did not hold back in criticizing portions of the report.
Cash soybean prices weakened over the past week.
Crude oil futures are under pressure and the U.S. dollar index is firmer.
Corn and soybean basis remains much weaker than normal.
July SRW wheat futures reached a four-week high during overnight trade.
Wheat led overnight price gains after an unexpected drop in crop ratings.
The modest declines came despite improvements in the top producers for both crops – Kansas for HRW and Illinois for SRW.
During the week ended May 15, corn inspections rose 419,000 MT from the previous week, nearly topping analysts’ pre-report range. Soybean inspections were notably short of expectations.