Corn Harvest Lags Slightly Behind Expectations, Soybeans Pick Up Pace
The USDA Crop Progress report showed that the US corn crop is 54% mature and that harvest is 9% complete. These numbers are both well above the 5 year average but traders expected corn harvest to be 10% complete. Illinois and Indiana are making very good harvest progress at this point. Soybean harvest was pegged 1% higher than expectations at 6% complete for the U.S. crop. Areas of the northern Midwest like the Dakotas and Minnesota are showing an above average pace of harvest so far. The USDA also reported that spring wheat is 97% harvested, compared to 92% last week.
President Trump Announces New Round Of $200 Billion Tariffs on China
On Monday, President Trump stated that following careful deliberation and listening to public comments, he has decided to impose another round of tariffs, this time on $200 billion worth of Chinese products. These new tariffs will go into effect on Monday, Sep 24, and will begin at a 10% duty. On Jan 1, the rates will increase to 25%. The goods targeted are industrial chemicals, plastics, and certain electronics components. President Trump also said that should China retaliate in any way, particularly against farmers, he would initiate “phase 3” and tack on an additional tariff of $267 billion worth of Chinese goods, including cell phones.
Hot, Wet Weather in Forecast for Iowa, Kansas; Heavy Rains in Northern Midwest
Across Kansas and Iowa, temps are expected to be in the low 90s and humid, followed by thunderstorms later on tonight and into tomorrow. There may be a chance for hail or severe winds. Rain is also expected along the Illinois-Iowa border, where harvest was beginning to make good progress.
Nearly 3-4 inches is forecast further north in S Minnesota, E South Dakota, and Wisconsin over the coming week.
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