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May 6, 2019 Farm Futures reports: Overnight trend: Corn: Down 9 to 11 Soybeans: Down 21 to 22 Wheat: Down 4 to 8 A new threat by President Trump Sunday to hike tariffs on China threw a curve ball into trade talks that looked like they were headed towards a deal. The new uncertainty sent everything from stocks to soybeans sharply lower overnight, turning the grain market's focus away from weather. Trump yesterday said tariffs on $200 billion in Chinese goods would increase from 10% to 25% on Friday with new penalties also imposed because China was dragging its feet in the negotiations. Talks were set to resume this week in Washington after what appeared to be progress when the two sides met in Beijing last week. Trump reaffirmed his position this morning in new comments on Twitter. The fresh trade tension comes after a fairly dry weekend over much of the Corn Belt, a respite that won't last long. More storms could bring heavy rain from the southeast Plains to the Delta and north of the Missouri River to the Twin Cities over the next week. That could add additional pressure to a river system already shut from St. Louis to Muscatine, Iowa, with force majeure in effect along the Illinois and Mississippi Rivers. Recreational traffic was moving around La Crescent, Minnesota, but no grain tows were listed by the Army Corps of Engineers. However, forecasts for the rest of May are more encouraging. Official 6 to 10 and 8 to 14-day forecasts out yesterday call for normal to below normal precipitation over much of the Plains and Midwest and the latest updates from the ensemble model are even drier, though both outlooks call for below normal temperatures that could limit drying a little. The 3- and 4-week forecast shows normal precipitation for much of the Corn Belt, outside the southeast plains and already very soggy Delta. Tweet |
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