Trade War Intensifies
Overnight it was reported that President Trump would release a list of 800 Chinese product categories, down from 1,300 previously, that would have a combined $50 billion in tariffs. Officials state Trump no longer believes that Beijing's influence over North Korea is a compelling reason to ease up on trade talks now that his administration has opened up a direct line of communication.
China vowed on Friday to strike back quickly if the United States hurts its interests. "If the United States takes unilateral, protectionist measures, harming China's interests, we will quickly react and take necessary steps to resolutely protect our fair, legitimate rights," Chinese Foreign Ministry spokesman Geng Shuang told a regular daily news briefing.
On top of that, reports were circulating that Mexico was looking at imposing tariffs on U.S. corn and soybeans. Neither crop was on Mexico’s original list released a few weeks ago for targeting the US. But now, Mexico is thought to be studying ways to mitigate the economic pain of such a move.
Japan Halts Canadian Wheat Supplies on GMO finding
Japanese farm ministry said on Friday it has suspended its tender and sale of wheat from Canada after grain containing a genetically modified trait was discovered last summer in Canada's Alberta province. The Canadian Food Inspection Agency (CFIA) said on Thursday the wheat containing a genetically modified trait, developed by Monsanto Co BAYGn.DE to tolerate the Roundup weed-killer, was discovered in Alberta. "We are suspending the tender and sale of Canadian wheat until we confirm that the Canadian wheat that Japan buys contains no GMO," an official at the Japanese farm ministry said.
South Koreans Back in for Corn
Bargain buying continued overnight as two different feed groups from South Korean (KFA and NOFI) were both in the market tendering for around 60,000 MT of corn.
NOPA Crush Expected to be Record Large
Analysts expect at 165.1 MB crush for the National Oilseed Processors Association (NOPA) data in May. That would be 8% higher than the month's all-time high. NOPA’s report is due at 11 am CDT.
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