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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.
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.
Pasture and range conditions are worst in Nebraska and in other High Plains states. Missouri and Iowa lead the Midwest with 78%-80% rated good to excellent.
