Restaurants in China may soon see less U.S. beef on the menu as rising tariffs cut into supplies. Meanwhile, weather premiums are fading from the corn and wheat markets this Tuesday, with traders also keeping a close eye on continued dollar fluctuations.
Weather across the Western Hemisphere is proving to be a negative influence on the markets right now, especially for corn. In Brazil, forecasts over the next 10 days show steady rainfall across major Safrinha corn-growing regions, keeping soil moisture levels high as we move into early May. According to World Weather Inc., the primary concern this season has been the vulnerability of late-planted Safrinha crops to heat and dryness as the monsoon season tapers off. While May could still bring hotter and drier conditions, current moisture levels are setting crops up to handle it well.
Mike Zuzolo with Global Commodity Analytics shares todays market wrap-up
