Monday, May 17, 2021 12:31PM CDT
On Sunday, a group of 67 dairy companies, the U.S. Dairy Export Council and the National Milk Producers Federation urged U.S. Trade Representative Katherine Tai to initiate a dispute settlement case with the Canadian government over its dairy tariff-rate quota (TRQ) administration if ongoing consultations and a USMCA Free Trade Commission meeting do not result in immediate resolution.
July corn is up 1/4 cent, July soybeans are up 3 1/4 cents and July KC wheat is down 10 cents.
Last week's closing in the livestock complex did not paint a positive picture for this week with the exception of feeder cattle. Otherwise, some of the fundamentals for both cattle and hogs has turned more bearish. Hogs have the benefit of tighter supplies that could provide support, but such is not the case for cattle.