FX.co ★ Corn Slides as US Planting Advances and China Tariffs Persist

Corn futures have dipped toward $4.70 per bushel, nearing their lowest level since early April. This decline is attributed to swift advancements in U.S. planting activities and persistent trade tensions with China impacting market prices. According to the U.S. Department of Agriculture, as of last Sunday, 24% of the corn crop had been planted. This figure is just below analysts' projections of 25% but exceeds the five-year average of 22%. Projections indicate that U.S. farmers will increase corn acreage to reach a 12-year peak by 2025. While China recently decided to exempt certain U.S. goods from tariffs, offering some hope for alleviating trade frictions, tariffs on U.S. grain remain, likely hindering exports to the world's largest importer for the foreseeable future.