Market Analysis
Not only is USDA releasing its first survey-based acreage report of the year, but it’s the week President Trump is set to unleash reciprocal tariffs. Market analysts warn it could be an explosive week in the markets, and farmers should prepare.
Jim McCormick with AgMarket.Net says Mexico, Canada and China are the top three export customers of the U.S. and account for 40% of total exports. So, if these countries retaliate it could be devasting for trade and ag markets.
USDA is Discontinuing A Major Cattle Report, And it Could Now Spur More Volatility For Cattle Prices
USDA National Agricultural Statistics Service (NASS) announced it’s canceling the July Cattle Inventory Report. In the announcement, NASS blamed budget cuts from the most recent appropriations bills.
USDA’s final look at crop production for 2023 caught the commodity markets by surprise. The agency increased the final yield estimates for both corn and soybeans, and as a result, prices plummeted on Friday.
After two months of a waning outlook on the ag economy, economists views took a turn in the November Ag Economists’ Monthly Monitor, a survey of nearly 70 ag economists from across the country.
At the moment, price expectations for 2017 are in a good spot, according to Naomi Blohm, senior market advisor with Stewart-Peterson.
Uncertainty in Washington is sending the dollar on a week of shaky trade. However, the currency found footing Wednesday as the Federal Reserve released meeting notes, signaling a June rate hike is likely.
Read AgWeb’s full coverage from this year’s conference.
