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Trump Imposes Tariffs on Mexico, Canada, and China 💥
President Trump followed through on his threat, imposing 25% tariffs on Mexico and Canada, and a 10% tariff on China, effective Tuesday. 🌎 These tariffs are set to stay until illegal immigration and fentanyl influx stop. Additional tariffs on steel, aluminum, chips, and pharmaceuticals are expected. Traders seem concerned, as grain markets are trading lower despite the news being telegraphed. 📉

Retaliation Plans from Mexico and Canada 🇲🇽🇨🇦
Both Canada and Mexico are preparing counter-tariffs. Canada plans 25% tariffs on $106 billion worth of U.S. goods, starting with a quarter on Tuesday. Mexico is considering retaliatory tariffs, though specifics aren't out yet. China, facing a 10% tariff, will take legal action via the WTO. 🌾 Corn and soybean retaliation remains a possibility. 🌽

Funds Increase Net-Long Position in Corn and Soybeans 📊
Large money managers increased their net-long position in both corn and soybeans last week, with the net-long corn position hitting a record high. 📈 The funds were net buyers of 22k corn contracts and 7k soybean contracts, signaling optimism about crop potential despite market volatility. 🐂

Argentina's Soybean Crop Outlook Deteriorates 🌱
Argentina’s soybean crop may be worse than expected, with satellite imagery estimating it at just 45mmt, much lower than earlier projections. 🌧️ Harvesting is behind, and rain forecasted for the coming days is expected to be light, offering little relief. 🌾

U.S. Resumes Mexican Cattle Imports Amid Tight Supply 🐄
The U.S. is set to resume Mexican cattle imports after a suspension due to the New World screwworm. The tight cattle supply has driven U.S. cattle prices to record highs, further reinforced by USDA's report showing the smallest U.S. cattle herd since 1951. 📉