News

Ag Commodity Prices Rally Despite Tariffs


The reports of my death have been greatly exaggerated,” Mark Twain once famously quipped. The same could be said of soybean prices Friday – staring down freshly imposed Chinese tariffs, they nonetheless rocketed ahead more than 4.5% to close a holiday-shortened week. Corn and wheat prices also gained about 2% to finish the week strong.

Drought’s affliction on the U.S. continues to be fairly consistent, covering between 40% to 50% of the country for the past 16 weeks, according to the latest U.S. Drought Monitor. That trend could reasonably be expected to hold moving forward, with NOAA’s outlook for July/August/September calling for seasonally warm weather with not many regional precipitation anomalies predicted for the next three months.

Wall St. began Friday’s session with some “trade war jitters” but rebounded on solid job growth data, with the U.S. adding 37,000 more jobs than expected in June. The Dow closed up 100 points in early afternoon trading to 24,456. Energy futures were mixed, with crude oil up another 1% Friday afternoon to nearly $74 per barrel, while gasoline and diesel futures trended moderately lower. The U.S. Dollar softened moderately.

Source: AgriMarketing

ProAg Quick Links

Agent Toolbox Grower Toolbox Careers

ProAg News

2019 fall cover crop considerations

In our business, we have seen some excellent soil health and erosion benefits from cover crops and encourage growers to take a look at the rewards cover crops can provide. Whether you plan to interseed into a standing crop or wait to plant until after harvest, there are many options and variables to consider....

Dicamba Injury Study

Research has shown that soybeans entering the reproductive phase are most vulnerable to injury from dicamba. That reproductive time is now across the major production areas, according to the latest U.S. Department of Agriculture (USDA) Crop Progress and condition reports....

Bill would protect U.S. domestic food supply

U.S. Senators introduced bipartisan legislation to address the shortage of agricultural inspectors who protect our food supply and agricultural industries at the border. Agricultural inspectors work to prevent the intentional or unintentional entry of harmful plants, food, animals and goods into the United States....
Get ProAg updates via email
Your browser is out-of-date!

Update your browser to view this website correctly. Update my browser now

×