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USTR Katharine Tai testified to Congress on May 12 and 13 outlining the Biden administration's trade policy. Agricultural topics discussed included USMCA enforcement, renewing Trade Promotion Authority and pursuing further trade agreements.
The testimony signals a shift in US trade approach but sets no new tariffs or purchase commitments, so the near-term price impact on feed commodities is limited.
farmprogress.comJacqui FatkaMay 13, 2021After 1,982 past trade events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.3% to +1.6%), and +0.4% over 20.
After 1,802 past trade events, Soybeans moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.7%), and +0.7% over 20.
After 1,079 past trade events, Wheat (SRW) moved a median -0.0% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
