Corn is trading higher this morning on this Holiday shortened week as the bears look to cover some short positions ahead of the 4th of July. The markets will close at 12 today and not open until 8:30 am on Thursday.
Fridays deadline for the implementation of the $38 billion of tariffs between the US and China continue to hang over the markets. At this point everyone is assuming the worst and is hoping for the best as traders expect the tariffs will go into effect as planned on the 6th. This morning President Trump tweeted out the following:
“The economy is doing perhaps better than ever before, and that’s prior to fixing some of the worst and most unfair Trade Deals ever made by any country. In any event, they are coming along very well. Most countries agree that they must be changed, but nobody ever asked!”
This appears rather upbeat considering the looming trade war and the negative impact it has had thus far on the Ag sector.
Yesterday’s crop conditions report showed corn down 1% to 76% G/E. Soybeans were down 2% on the G/E rating to 71%. Most of the drop in ratings was attributed to regional heat and dryness last week.
Have a Happy and Safe 4th of July!