05/29/2025 Tariff’s Out, Beef Demand In

On the Grains
Row crops continue to lack direction and have failed to gain much momentum after the courts rejected the Trump tariffs, more on that below. This is somewhat surprising since the news wires have been extremely bearish on grains regarding those tariffs from the start. Wheat futures continue to weigh on everyone, with Australia and now India reporting a bumper crop and stating that they will not need to import to fill the gap. We are a long way from having a crop in the bin here, but it is starting to appear that’s just what we will have to do with it when the harvest comes, put it in the bin. I know it sounds like a broken record, but we will need to see wheat futures do something positive for corn to break out of its range.