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Corn, soybeans and wheat traded on both sides of unchanged overnight but are higher and near their session highs this morning, despite the escalating U.S./China tariffs war.
Soybeans show vulnerability to tariffs war with China.
Grains remain relatively calm amid volatility in global stock indices, bonds, currencies and other markets.
Corn basis firmed over the past week but remains below average.
The grain and oilseed markets shook off extensive selling pressure in equity futures overnight, each posting gains in the overnight session.
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U.S. reciprocal tariffs kicked in at midnight; China retaliated early this morning.
How USDA handles usage forecasts in the face of the trade/tariffs turmoil adds some uncertainty to what’s normally a uneventful report.
Corn, soybeans and wheat each posted solid gains overnight alongside most risk assets.