DTN Closing Grain Comments    08/01 13:51
   Tariff Anxiety Grips Markets to Open August Trade

   Ag markets were mixed to close the week in a quiet session in which
macroeconomic news was in the spotlight. The Aug. 1 deadline for tariffs
arrived at midnight Friday morning, with the Trump administration announcing a
7-day grace period before newly announced sweeping tariffs will take effect.
Adding to investor worries on Friday was a surprisingly shaky July jobs report
which showed a slowdown in job creation through early summer. The thus-far
resilient labor market in 2025 has been a key pillar which the Fed has pointed
to in its decisions to hold rates steady, with the market now widely expecting
a series of cuts later this fall. As for ag markets, the direct effects of
Friday's tariff announcements remain relatively unknown, as many key trading
partners had previously struck deals with the Trump administration, while top
partners Canada and Mexico will still get exemptions for goods under USMCA. The
initial weakness for Friday stemmed heavily from the energy sector, where a
sharp moves lower in crude oil futures as well as RBOB gasoline and diesel were
felt in ag markets such as soybean oil and corn.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   September corn closed down 4 1/2 cents and December corn was down 3 cents.
September soybeans closed unchanged, and November soybeans were unchanged.
September KC wheat closed down 7 1/2 cents, September Chicago wheat was down 6
1/2 cents, September MIAX Minneapolis wheat was down 5 1/2 cents.