Grain futures are lower following Thursday’s Washington Post report, President Trump plans to levy new tariffs on China to punish the country for their response to coronavirus. This type of action could put the Phase One trade agreement between the U.S. and China in jeopardy.
“CBOT traders will be watching closely on whether Trump points a finger at China President Xi and makes China’s virus villain struggle personal,” says AgResource.
In this week’s export sales report, China was the top buyer of soybeans. Cash traders reported soybean buying interest coming from China for August and September.