Evening Report
An analysis from former USDA Chief Economist Dr. Joe Glauber
Corn conditions were unchanged, while the soybean, spring wheat and cotton crops improved.
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.
ENSO-neutral conditions likely to persist.
The latest letters were sent to six countries, which are relatively minor trading partners.
The new initiative is a key pillar of the Trump administration’s “Make Agriculture Great Again” agenda.
Trump to impose a 25% blanket tariff on all goods from Japan and South Korea starting on Aug. 1.
Ag scored some big wins, including higher reference prices, positive changes in crop insurance, a big boost in trade market development funding and a bevy of ag-friendly tax provisions.
Rumors Trump could report progress on a trade pact with China fueled strong gains in soybeans today.
The bill includes several key ag provisions but still faces a difficult path as House and Senate Republicans must agree on a unified version.