DTN Closing Grain Comments 03/04 13:56

DTN Closing Grain Comments 03/04 13:56 Row-Crop Prices Extend Losing Streak as Trade War Arrives After months of speculation, President Trump's promised tariffs against Mexico, Canada, and China went into effect Tuesday, officially setting off the latest escalation in the spat between the U.S. and its three largest ag trading partners. The silver lining -- if there is one -- is that at least at this point the market has concrete policy to trade, rather than speculation. Canada and China were both quick to retaliate with tariffs of their own, with Canada announcing an immediate 25% tariff on $30 billion worth of U.S. goods as outlined in the early February release from the government. This list includes U.S. products such as fruits and vegetables, alcoholic beverages, and ag products such as wheat, canola, and other small grains. Meanwhile, retaliatory tariffs from China have targeted U.S. corn and wheat for a 15% tariff, with a 10% duty on U.S. soybeans, as well as beef and pork products. Mexican President Sheinbaum announced Mexico's action will be announced in a press conference on Sunday. Unsurprisingly, Tuesday's whirlwind had equity markets tumbling, as investors grow increasingly anxious of a potential economic slowdown. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: May corn closed down 4 3/4 cents and July corn was down 4 1/2 cents. May soybeans closed down 12 1/2 cents and July soybeans were down 12 cents. May KC wheat closed down 13 1/2 cents, May Chicago wheat was down 11 cents, May Minneapolis wheat was down 11 1/4 cents.