Back at it again!! The markets are down sharply this morning after President Trump announced another set of 10% tariffs on $200 billion in Chinese imports later yesterday. There is no proposed date on when this round of tariffs will go into effect. The last round of tariffs are expected to begin July 6th. China’s Foreign Ministry on Tuesday urged the US to stop its damaging words and deeds after Trump made the most recent threats. The Chinese ministry said that it did not want a trade war, but was not afraid of one.
Last nights crop progress report showed US corn at 78% good/excellent, up 1% from last week. This compares to 67% last year and 71% on the five year average. Wisconsin came in at 90% good/excellent compared to 71% last year and 76% for the five year average.
December corn hit a new contract low of 3.68 overnight and the front month corn hit its lowest level since January.
Corn and soybeans are trading 8 and 24 lower respectively this morning.
Have a Safe Day!