Pro Farmer
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.
Drought covers 35% of spring wheat areas, but only minor levels for corn, soybeans and cotton.
Brazil threatens reciprocal measures to Trump’s planned tariffs.
Traders failed to respond to strong weekly export sales reported near the end of overnight trade, signaling focus remains on weather.
Corrective buying in wheat futures early this morning helped pull corn and soybeans off their overnight lows.
Basis is better than average for SRW, but well below average for HRW.
The latest letters were sent to six countries, which are relatively minor trading partners.
