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Corn, soybeans and wheat each showed resilient strength overnight with wheat rebounding from yesterday’s weakness and posting the strongest gains.
NGFA analysis: ‘When U.S. uses trade policy to restrict agricultural exports, U.S. agriculture pays the price’ | Impacts of a declining U.S. dollar
Corn, soybeans and wheat traded on both sides of unchanged overnight but are higher and near their session highs this morning, despite the escalating U.S./China tariffs war.
The plunge in the U.S. dollar to the lowest since April 2022 has far-reaching implications, including good and bad impacts for agriculture.
Markets showed a relatively muted response to the report data.
Corn ending stocks for 2024-25 were lowered to 1.465 billion bu., notably lower than the average pre-report estimate of 1.510. Soybean ending stocks were pegged at 375 million bu., 4 million bu. below the average pre-report estimate.
USDA estimated 32% of the U.S. winter wheat crop was experiencing D1-D4 drought conditions.
Some U.S. farmers link new farm bill as must-pass goal for a much-improved safety net to deal with trade war and other woes | CPI report: Core inflation at 4-year low