Morning Comments July 11, 2018

Opening Calls:

Corn a penny lower

Beans 10 cents lower

 

Good morning!

 

Grains trading lower this morning after news the Trump administration has announced it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports. The tariffs are in addition to Trump’s 25% tariffs on $50 billion worth of Chinese goods.  Tariffs on the first $34 billion worth of goods went into place last Friday. The second round, which will apply to around $16 billion worth of Chinese goods, is set to be imposed in the coming weeks. President Donald Trump has said he may ultimately impose tariffs on more than $500 billion worth of Chinese goods, roughly the total amount of U.S. imports from China last year. This has been a huge market driver the past few months and we’ll continue to wait and see if these rumors come out to be true.

 

There is also a USDA WASDE report to be released Thursday at 11:00 AM!

 

Have a good day!