Trump's Cattle Import Plan Hits Markets Hard
The Pro Farmer Tour concluded this week, bringing unexpected news to the markets. Randy Martinson, president of Martinson Ag Risk Management, described the tour results as surprising, with nearly universal lower production across the Corn Belt.
Lower production numbers for corn have supported the market, while continued exports also contributed to its growth. This week saw two large sales of 700,000 metric tons of soybeans, one to China and another to an unknown destination.
The cattle market, however, came under pressure as President Donald Trump announced a plan to reduce ground beef prices by importing cattle at discounted prices. Martinson explained that increasing imports is the only way to decrease price, but this move has sent shockwaves through the system.