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September 19, 2018 | Grain Hedge Insights | Kevin McNew | Views: 242

China Responds to Trump’s Tariffs

Flash flood warnings are in place across Northern Midwest

China Responds to Trump's Tariffs

China Responds To Trump’s Tariffs With $60 Billion Tariffs 

Following Monday’s announcement by President Trump to implement a 10% tariff on $200 billion worth of Chinese goods, China has decided to add $60 billion worth of US goods to theis list for import tariffs. China’s new tariffs will begin at either 5% or 10% and will include goods such as aircraft, frozen vegetables, and liquified natural gas. Both these tariffs and President Trump’s latest round will go in effect Sep 24. President Trump stated Monday that if China were to retaliate against his newest tariffs in any way, he would escalate to “phase three” and add on an additional $267 billion worth of tariffs, notably targeting cell phones, among other goods.

Soybean Planting Has Begun In Brazil, Met With Good Weather

Planting for both corn and soybeans is underway in Brazil, as soil moisture is seen as adequate. This time last year saw significant planting delays due to drought in much of the Brazilian growing area. Some corn planting has also been reported in Argentina. Sep 15 marks the date for when soybean planting can begin in Brazil as the government seeks to reduce the spread of soy rust. So far, the 2nd largest soy producing state, Parana, is 9% planted, which is the fastest start in 5 years. Nationally, Brazil is 37% planted for first crop corn, compared to 12% last year.

Flash Flood Warnings And Watches Are In Place Across Northern Midwest

Parts of NE Iowa, SE Minnesota, and SW Wisconsin are under flash flood watches and warnings as heavy rains this week have soaked the area. More rain and high winds are expected in the area today into the evening, with a chance for quarter-sized hail. The Rock River has been reported to have overflowed past its banks at 10.1 feet, beyond the 10 foot flood stage. The Fox River is also swollen with recent rain. Several inches of rain are also forecast through the end of the week in central Kansas and NE Nebraska.

 

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