Corn Gaps Lower After Trump Confirms Tariff Plan
Corn Gaps Lower After Trump Confirms Tariff Plan  
Podcast: Grain Markets and Other Stuff
Published On: Fri Jan 31 2025
Description: Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.Trump's Tariff Plans Unfold 💥President Trump plans to impose 25% tariffs on Canadian and Mexican imports starting tomorrow, citing issues like fentanyl trafficking and trade deficits. 🌎 The tariffs could increase over time, with China also being targeted. The situation remains fluid, with Trump aides seeking last-minute deals. ⚖️Mexico Prepares Retaliation 🇲🇽Mexico is ready to retaliate with tariffs of up to 20% on U.S. products like produce, cheese, pork, and bourbon. 🍋🧀 The proposed 25% tariff on Mexican imports could cost 400,000 U.S. jobs, but for now, Mexican corn purchases remain unaffected. 🌽Brazil's Corn Planting Delays Impact Supply 🌾Delayed planting in Brazil’s top corn-producing state, Mato Grosso, could further restrict global corn supply. 🌧️ Despite the delay, planting progress is expected to pick up this week, with two-thirds of Brazil's second corn crop coming from Mato Grosso and Paraná. 📅US Corn Export Sales Strong 🚢US corn export sales were solid last week, with Japan leading the purchases. 🌍 Soybean sales fell short of expectations, while wheat exports surged. 🌾US Drought Conditions Update 🌵Drought conditions in the Corn Belt remained steady last week, with expansion in western Missouri. 🌾 29% of the region is experiencing drought, with soybeans and spring wheat also impacted. 🌱