Monday, May 16, 2022 4:05PM CDT
The National Milk Producers Federation and the U.S. Dairy Export Council called on the U.S. government to issue retaliatory tariffs against Canada after its government declined to make changes to its tariff-rate quota system. A USMCA panel found in January that Canada's TRQ system violated the trade agreement.
Monday, May 16, 2022 12:56PM CDT
Farmers of both commodity crops and specialty crops will receive a first tranche of disaster aid payments. To determine losses, USDA will use its existing crop insurance or Noninsured Crop Disaster Assistance Program (NAP) data as the basis for calculating initial payments. USDA estimates more than 220,000 producers who received crop insurance indemnities or NAP payments will receive Emergency Relief Program payments.
July corn was up 16 cents, July soybeans were up 11 3/4 cents and July KC wheat was up 48 1/2 cents.
Live cattle just could not find solid support, even though corn futures closed lower on the day. Feeder cattle capitalized on that with contracts rebounding from the lows. Hog futures had strong buyer interest as Friday progressed with June, July and August contracts posting triple-digit gains.