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As Trump’s tariffs are embroiled in a legal battle, talks with China ‘a bit stalled.’
Corn sales during the week ended May 22 dipped 23%, while soybean sales declined 53%. Meanwhile, new-crop wheat sales remained firm.
Soybeans led weakness overnight while corn and wheat struggled to hold onto early overnight strength.
Corn, soybean and winter wheat markets poised for weekly losses, while spring wheat bucked the trend to trade higher.
Cattle futures led strength today as traders shored up discounts to the cash market.
Cash soybeans remain well below last year.
Only four years since 1980 have not had a summer soybean rally.
Corn and soybeans opened higher overnight but struggled to hold onto gains, while wheat saw relative strength overnight.
Trump can offset tariff ruling with other tools.
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.
India willing to offer other ‘deep’ tariff cuts to secure trade deal.
Grains saw relative strength overnight as crop conditions for corn, spring wheat and winter wheat were all below expectations.
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.