Markets turn around…a correction that wasn’t a Tuesday. USDA report out tomorrow. Will see a quick knee jerk reaction to the report & then the report market reaction will mellow out some. Will June report have more weight than the September report? Will the weather & warmth for first part of July be a market issue? Another pressure point has been COVID-19 & its effects on the markets of soybeans.
Why was the Monday trade so quiet? Is it the calm before the storm? Dow was up, talk of China & trade once is making the news. Is the bans on foreign trade circling back to COVID-19 & China. Cooler temps will that have any effect on the crop progress tonight? Australia gets a tariff put in place on beef from China, China turns around and buys blueberries & barley from the U.S. will this lead to more buys? Higher cattle lower boxed beef. Even though still behind on processing movement more cattle are moving through the plants. Nearby hogs lower dealing with China & taking pork…not still enough to make a dent.