After presidential tariff notices, a bearish USDA outlook report, improved South American weather, and a softening economy, the only major agricultural futures contract to end the week on gains were nearby meal and feeder cattle. The feeder cattle contract contrasts with live cattle, which has closed lower for five straight weeks. Meanwhile, soymeal has closed lower for three straight weeks, though the hemorrhaging has shallowed out.  USDA’s anticipation of 94 million acres of corn this spring was oppressive and caused rare back-to-back weekly losses. 

The market is positioning for 25 percent tariffs next week imposed on Canada and Mexico, plus an additional 10 percent tariff on China. The retaliation will hurt U.S. ag comm...