President Trump Threatens China with Additional $200 Billion In Tariffs
On Tuesday afternoon, President Trump proposed to escalate the trade war with another 10% tariff on $200 billion worth of Chinese goods. The White House’s list of proposed goods include tires, coal, aluminum, steel, and industrial chemicals, as well as various consumer goods such as golf bags, women’s make-up, and baseball gloves. US Trade Representative Robert Lighthizer said that China is not taking the US’s “legitimate concerns” seriously and that China’s decision to retaliate against last week’s $34 billion tariffs had “no justification”.
Brazil To Import 10% More Wheat From Argentina In 2019
Brazil is expected to import 5.5 MMT of Argentine wheat in 2019, according to the Buenos Aires provincial agricultural minister Leonardo Sarquis, whom had just met with Brazilian importers in Sao Paulo. As of the end of March, Brazil had already imported 2.5 MMT of wheat of their projected 4 MMT. The Argentine expected wheat acreage is 15.07 million acres and the crop is currently 69.2% planted.
Heat Advisory In Effect For Parts Of The Western Corn Belt
An existing heat advisory that covered E Kansas and W Missouri has been expanded to include E Nebraska, E South Dakota, and W Iowa. Temps are expected to be in the mid 90s with the heat index to reach 105 degrees F.
While the parts of KS and MO affected have seen some significant drought stress, according to the National Weather Service, E NE/SD and W IA have seen 6 times the normal amount of rainfall.
USDA WASDE Report to be Released Thursday, July 12 At 11 PM CST
Analysts expect a slight build in old crop stocks for both corn and soybeans and a more significant build-up of new crop for corn, beans, and wheat. The USDA is also expected to increase their corn yield and production numbers, likely due to the excellent growing conditions seen across the Midwest. This Monday, the USDA pegged corn at 75% G/E and 37% silked.
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