Written Commentary
London Wheat Report
China has American agricultural exports in its cross hairs as it prepares countermeasures against fresh U.S. import tariffs, China’s state-backed Global Times reported, raising the stakes in an escalating trade war between the world’s top two economies. U.S. President Donald Trump last week threatened China with the extra 10% duty set to take effect on Tuesday, resulting in a cumulative 20% tariff, and accused Beijing of not doing enough to halt the flow of fentanyl into America, which China said was tantamount to “blackmail.”
Brazil’s cultivated soybean area for the 2024/25 season was 50% harvested by February 27th, up from 39% a week earlier and 48% by the same time last year, AgRural data shows.
Argentina’s farm sector brought in a total $2.18 billion through exports in February, a 45% increase compared to the same month a year earlier, the CIARA-CEC chamber of oilseed and grains crushers and exporters said on Monday. The boost in export revenue was thanks to a presidential decree in late January that temporarily reduced grain export taxes, CIARA-CEC said.
Fairly busy day on London today with the market losing over £2 on both May and Nov 25. Nov 25 traded close to 500 times which is the busiest day for some time. May/ Nov spread trading close to £15.
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