Evening Report
A quick recap of the day’s top news stories tied to key market developments and any advice changes.
Markets reacted sharply to reports of Trump potentially ousting Powell and then his denial.
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.
Overall market reaction was muted in what i typically the most volatile trading day of the year.
Traders gearing up for potentially market-moving reports on Monday
Export taxes are set to revert back to pre-cut levels on July 1.
USDA keeps food price outlook unchanged.
Powell resists pressure to cut interest rates as Fed remains data-dependent.
Corn and spring wheat conditions unexpectedly decline, soybean ratings unchanged.
A lot of court activity on biofuels, tariffs and EV mandates to close out the week.
The pace and timing of anticipated rate cuts will be determined by inflation readings, tariffs policy and geopolitics.
A look at diesel, fertilizer risks from Middle East tensions.