Typically when it becomes too late to plant corn, farmers will instead plant soybeans, which can grow later into the fall before harvest is required.
China on Monday announced it would impose higher tariffs on $60 billion of USA goods following Washington's decision last week to hike its own levies on $200 billion in Chinese imports. The Shanghai benchmark was down 0.4 at the midday break.
The Russell 2000 index of small company stocks lost 49.99 points, or 3.2%, to 1,523. The increase is set to take effect June 1, leaving time for the countries to reach a trade deal before the tariffs are bumped up. The falling price has put pressure on US farmers.
For its part, China said on Monday it plans to set import tariffs ranging from five percent to 25 percent on 5,140 USA products on a revised $60b target list.
"We had a deal with China. But the hopes for that are a bit misplaced now", he said.
As part of steps to broaden and widen reform and opening-up, China is, in fact, cutting subsidies and simultaneously cutting the regulatory and tax burden in order to allow successful private companies greater market flexibility while utilizing market forces to incentivize reform among less productive entities.
Talks are not a one-way street and should be based on equality, he said.
Also, both countries have indicated more talks are likely. Boeing slid 4.8% and Caterpillar was 5.4% lower.
He argued that the U.S.is reaping "billions" through tariffs, so he may impose additional levies even as Republican allies and American farmers urged him to find an acceptable way out of the trade war. Officials also said they were preparing to expand tariffs to cover another $300 billion of goods. The Dow Jones Industrial Average opened down some 500 points, and was down 2.2% by midmorning. Trade exists for the very reason that there are some goods not made in one's own country or in other cases, foreign countries make better or less costly goods than goods available domestically. But data from CME Group continued to show a more than 70% chance of the Fed cutting rates by the end of 2019. The yield curve between three-month and ten-year US Treasury bonds inverted, a signal that recession is looming. A sustained inversion of this part of the yield curve has preceded every USA recession in the past 50 years.
In a statement, American Soybean Association President Davie Stevens, a soybean farmer from Clinton, Kentucky, expressed frustration that "the US has been at the table with China 11 times now and still has not closed the deal". But most analysts downplayed such a possibility. Confronted with reality, Kudlow backed down, and acknowledged that "both sides will pay in these things". "The U.S. -instigated trade war against China is just a hurdle in China's development process. So I doubt they'll try to sell Treasuries".
The dollar fell to 109.34 Japanese yen from 109.90 yen on Friday. They were trading around $9 a bushel last month and are now at their lowest price since December 2008. "Farmers continue to bear the brunt of the trade wars". "The United States' economy is in a boom", he said. USA crude dropped 1% to settle at $61.04 per barrel.
Elsewhere, gold gave up gains after earlier rising amid broader market jitters.
Gold mining companies rose as the price of gold, another safe-play asset, rose 1.1% to $1,301.80 an ounce. [GOL/] Bitcoin gained 2.2% to $7,984.11.
Bred Dogs Have Disease That Can Pass to Humans
This disease is often spread through contact with infected birthing tissue and objects that have infected fluids on them. The statement also encouraged people to thoroughly wash their hands "after handling animals - even household pets".
At least 3 dead after sightseeing planes collide in Alaska
Spokeswoman Mischa Chernick had no other information on other passengers and referred questions to the Alaska State Troopers. There were 11 people on one plane, and Petty Officer Jon-Paul Rios says the 10 injured were from that plane, one critically.