Tidbits, EU Tariffs, PMI, Australian Drought, FOB 5/26/25

Highlights

The CBOT ag markets will reopen this evening at their normal times. Crude oil is trading normal hours today. 

President Trump announced Sunday the 50% tariff on everything from the EU was delayed from 1 June until 9 July as the EU asked for more time to prepare a comprehensive economic and trade proposal for a long term trade deal with the United States. Corn and beans were lower Friday supposedly because Trump announced the 50% tariff on everything from the EU beginning 1 June. However, the weakness on Friday most certainly included some end of the week profit taking after a strong up week.

Over the weekend the Yemen Houthis launched two missile attacks on Israel 48 hours apart. None-the-less, Trump said Sunday discussions with Iran last week are progressing well. Iran provides the money and weapons for the Yemen Houthis.

Russia launched a barrage of 367 drones and missiles at Ukrainian cities Sunday morning before dawn, including the capital of Kyiv, in the largest aerial attack of the war so far. At least 12 people were killed and dozens were injured, officials said.

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