Morning Comments July 5, 2018
Thursday, July 5, 2018, 8:07 AM
Submitted by: Landus Cooperative
Trade resumes at 8:30 am this morning. We saw a stronger close for corn on Tuesday at a nickel higher. Soybeans were weaker, closing down a nickel.
Trade wars are at the forefront of traders' minds. President Trump's first tariffs are scheduled to hit $34 billion of Chinese imports on Friday. Beijing plans to respond right away with levies on an equal amount of U.S. goods. Border officers could see an order as early as midnight to slap new tariffs on hundreds of American products, including pork, poultry, soybeans, and corn. The U.S. is set to implement another $16 billion on Chinese exports later in the summer, and China has vowed to retaliate against U.S. goods of equal value.
The weather outlook is slightly cooler and drier. Temperatures will be near average over the next 10 days with highs in the 90's for the Southern and Western U.S.
Not much news to share today with most of the trade still out on holiday — weather and trade is what the market is depending on.
Have a great day!!