Day 1 of the Wheat Quality Council's 68th Annual Hard Winter Wheat Tour
concluded Tuesday, May 12, with a total weighted average yield estimate of 38.3
bushels per acre.
BWinter Wheat Tour Day 1 Yields 38.3 BPA
Farmers highlighted their frustrations over fertilizer price moves, while
senators drilled into questions over price reporting and expanding fertilizer
supplies during a Senate Agriculture Committee hearing on Tuesday. At least one
witness called on Congress to consider more aid relief for producers to deal
with the price impacts caused by the war in Iran.
FHow Does Congress Deal With Fertilizer?
The USDA WASDE report on May 12 featured shockingly low wheat production
numbers, especially for hard red winter wheat and the Kansas City futures
specifically. The months-long drought, combined with a series of frost events,
sent wheat production well below pre-report trade expectations. The market
reacted accordingly, with the already long managed money funds likely adding to
their tally by the end of Tuesday.
BUSDA Reports Review
The Wall Street Journal first reported that President Donald Trump would
sign an executive order to waive tariff-rate quotas for all beef imports into
the U.S. The move would allow importers to buy more foreign beef without facing
higher tariffs for 200 days. The order comes as beef imports are already
soaring compared to last year.
BTrump Delays Plan to Waive Beef Tariffs
USDA released its May Crop Production and World Agricultural Supply and
Demand Estimates (WASDE) reports on Tuesday.
BUSDA Reports Summary
