The markets were quiet overnight after yesterday’s selloff with corn unchanged and soybeans down 2.
What is being viewed as positive news at the end of yesterday’s trade was comments from the Chinese delegation that said they will travel to the US this week for trade talks despite what Trump tweeted. China’s top trade negotiator Liu He will be in the US for hopefully the final talks ahead of Friday’s threat of increased tariffs. If the trade does not make progress and higher tariffs from the US go into place, future talks will fall apart. President Trump will raise tariffs to 25% Friday and add 325 billion in Chinese goods not currently covered. Virtually all Asian imports will be affected.
Last night’s crop progress report showed corn planting at 23% complete compared to 36% last year and 46% on the five year average. Wisconsin was reported at 7% complete compared to 13% last year and 24% on the five year average.
Have a Safe Day!