The December contract is up 20 points at 82.16 and March is up 13 points at 81.98.
New tariffs of $34 billion from both the U.S. and China went into effect early Friday and the market so far has not been reacting as one would expect. Overall demand currently remains good in the domestic and export market.
Weather has been supportive to the market as drought conditions across West Texas persist with no significant rainfall expected during the next 7 days, although isolated light showers cannot be ruled out according to DTN forecasts. As the annual monsoon slowly moves across India this year and with Australia still seeing dry weather persist, seeding progress is slowing which could affect planted acre intentions.
Thursday’s closing cash price according to the Seam showed 176 bales sold at an average price of 64.88.
