We Have a Deal With Mexico
Saturday afternoon when I was spraying I heard on the national news that the U.S. had a deal with Mexico. President Trump announced that the 5 percent tariff on all products imported from Mexico that was schedule to be implemented tonight would not happen! Remember last weekend President Trump announced that unless Mexico helped stop all the people from Central American Countries moving through Mexico to our Southern Boarder the tariffs would go into effect. They would begin at 5 percent and increase at 5 percent a month up to 25 percent.
Mexico is a huge importer of U.S. corn. In fact Mexico imports more U.S. corn than any other country in the world. So, traders assumed Mexico would buy a lot less or no corn from the U.S. This new trade war with Mexico took corn prices down pretty hard. However, to me this seemed more like an immigration war. Trade was being used as leverage. We don't know a lot of the details but at least we have a deal. So, will we see higher corn prices this evening when the overnight session opens?