Scott Varilek with Kooima Kooima Varilek says the Truth Social post from President Trump that 300,000 MT of beef imports will enter the U.S. duty free over the next 90 days to lower beef prices tanked the cattle market.
Seeking to ease historic grocery inflation, the administration opens the doors to foreign beef, but the U.S. cattle industry says the move will hurt domestic herds. The announcement on Friday sent the futures markets lower.
Naomi Blohm of Total Farm Marketing says corn, soybeans and wheat had strong technical closes on Friday and for the week. What will it take to keep going?
Joe Kooima with Kooima Kooima Varilek says the cattle were down early Friday pricing in the plant closure news, but this time seems different regarding the long term implications for the market.
Sam Hudson of Corn Belt Marketing says the grain rally on Wednesday was impressive but ran out of steam.
Kyle Bumsted of Allendale says corn was taking a breather after 20 cent report gains on Wednesday. Cattle and hogs were down hard.
Dave Chatterton of Strategic Farm Marketing says USDA provided some positive data for the corn market in the WASDE and could be headed for $5.
Rich Nelson with Allendale says grains saw selling pressure as there are plenty of questions regarding USDA’s numbers especially after last August’s yield and acreage shock.