Solid Week for Export Sales

Tariffs on EU, Canada and Mexico Imposed

The White House announced on Thursday it would enact tariffs on steel and aluminum against the EU, Mexico and Canada. The tariffs, originally proposed two months ago had been on hold, but the surprise announcement yesterday said they would be enacted today caught the global economy off guard. Canada and Mexico retaliated with levies on billions of dollars of U.S. goods from orange juice to pork and the EU Union was set to tax bourbon whiskey and Harley motorcycles after Washington risked a global trade war by imposing steel and aluminium tariffs. Lean Hog futures plunged 3% yesterday on the news as Mexico buys $1.5 billion in US pork products.

China Bought US Beans

据说最近几天，中国控制的贸易公司COFCO为我们购买了大豆，但未来的前景被重新点燃的贸易问题所掩盖。本周早些时候，白宫宣布对从中国进口500亿美元进口的关税，除非它解决了盗窃美国知识产权的问题。

EU cuts wheat crop forecast

European Commission cuts monthly forecast of 2018/19 EU common wheat production to 140.3 MMT from 141.5.
更多韩国玉米活动

The Korea Feed Association (KFA) purchased about 60,000 MT of corn to be sourced from optional origins in a tender which closed on Friday.

Export Sales

A solid week for old-crop corn coming in just below 1 MMT on the week, which was just slightly below the upper end of expectations and seasonally strong for this time of year. OC beans were light, falling below the bottom of trade expectations, but NC was slightly higher than the upper range at 771,600 MT. Nonetheless, we need to see 1 MMT of NC bean sales per week to see biz start to normalize towards historical standards.

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—Kevin McNew