Pro Farmer
Cattle futures expected to open higher, hogs lower.
Corn rebounded from fresh contract lows, while soybeans bounced from a drop below $10.
Post-report price action signals traders feel USDA’s corn yield projection of 181 bu. per acre will be increased when the agency releases its first survey-based estimate in August.
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Cut to ending stocks fails to spark corrective buying in corn, as traders remain focused on favorable weather.
An exclusion for goods covered by USMCA was expected to stay in place and 10% tariffs on energy and fertilizer were also expected to remain at that level.