Corn, soybean, and wheat futures all ended mixed on Monday, as markets continued to come to grips with Friday’s Supreme Court ruling on US President Donald Trump’s tariffs.
The court on Friday struck down struck down the tariffs the White House had levied under the International Emergency Economic Powers Act (IEEPA). However, Trump over the weekend announced a new 15% global tariff under a different legal authority, which will require the approval of Congress if it extends beyond 150 days.
In a GrainFox podcast earlier today, Dan Basse of AgResource Company said the Supreme Court ruling has taken a “significant” policy tool away from Trump, but added markets are still trying to feel their way forward in terms of the eventual impact on prices.
“I believe it will give us markets and maybe some geopolitics that are a littlecalmer longer term. But right now, it's a lot of confusion, a lot of unknowns.
“That's what we're trying to carve through nearby,” he said.
It also remains uncertain how the trade deals the US Administration has already struck with other various countries may be impacted. In one case, the European Parliament on Monday halted the ratification process of an earlier agreed upon trade deal with the US.
Soybeans saw added pressure from Brazil harvest pressure, with the May contract down 3 ½ cents at $11.49 ¾, and November 2 ¼ cents higher at $11.17 ¼.
Corn was little changed. The May contract inched a ½ cent higher to $4.40 ¼, while December was steady at $4.64 ½.
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