Latest Round of Chinese and American Tariffs Are In Effect Today
Sep 24, 2018
Latest Round Of Chinese And American Tariffs Are In Effect Today
Last week, President Trump announced that he would be enacting another tariff on China for $200 billion worth of goods. China responded with tariffs of their own on $60 billion worth of American goods. Both sides saw their tariffs go into effect this morning. China has also decided to not send Vice Premier Liu He to Washington DC for talks with his American counterparties. China believes that the US is being insincere during negotiations and wishes to engage in talks “based on mutual respect and equality”. Previously, both the US and China had enacted tariffs on $50 billion worth of products. Last week, President Trump stated that if China were to retaliate against his latest tariffs, he would issue another tariff on $267 billion worth of goods, effectively targeting all Chinese imports.
Export Sales Announcement
Private exporters reported to the U.S. Department of Agriculture export sales of 162,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.
Managed Money Continues To Sell Corn, Wheat, Hold Steady On Soybeans
For the week ending on Sep 18, managed money added to their net short position in corn by 77,806 to 141,276 contracts. This week would mark the largest volume of selling since March and the most bearish since January. Money managers saw their net short position for soybeans increase only slightly, adding 1,544 to total 69,813 contracts. The overall outlook for soybeans remains bearish, with an expected yield of 52.8 bpa and ending stocks of 845 million bushels looming. Managed money officially became net short for Chicago SRW, falling by 19,794 to 1,379 contracts. Funds remain net long for KC HRW but cut their position by 6,455 to 37,084 contracts.
Eastern Iowa, Western Illinois Have More Rain In The Forecast As Flooding Threats Remain
Areas along the Mississippi River in E Iowa and W Illinois continue be under flood watches and warnings as tributaries have swollen past their banks.
Over the past week, nearly six times the normal precipitation has fallen over this area and thunderstorms with a chance of large hail are forecast for Tuesday, according to the National Weather Service. Areas of S Ohio, S Indiana, Kentucky, and Tennessee are expecting thunderstorms to bring as much as 5 inches of rain from today through Wednesday.
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