Market News Blog

President Trump announced new tariffs for nearly 70 countries

President Trump announced new tariffs for nearly 70 countries, mostly effective as of Aug. 8. Canada and Brazil were singled out for special tariffs. Talks with China continue ahead of an Aug. 12 deadline. The Federal Circuit Court of Appeals is hearing oral arguments on challenges to Trump’s tariffs under IEEPA.

Benchmark Oct-25 #11 world raw sugar remained in its two-month trading range this week, moving slightly lower to close Thursday and Friday below its 20-day average. Oct-25 #5 London white traded lower in the last three sessions to settle Friday at a one-month low. Nov-25 #16 domestic raw closed the week unchanged at 36.95 cents, with technicals pointing to downside potential.

Cane mills in Brazil’s center south swung more crush to sugar and away from ethanol, which, if maintained, will add pressure to the world sugar market. The outlook for key Southeast Asia crops is still favorable.

Cumulative 2024/25 corn exports accounted for 88 percent of USDA’s current forecast for the season as of Jul. 24, a bit above the average share for week 47 of the marketing year. We could see another modest increase to the forecast in the August WASDE. Competitive U.S. pricing is encouraging 2025/26 export sales.

Some improvement in egg product supply: Four-week production of egg products as of Jul. 19 was a bit higher for dried eggs, liquid whole, and liquid yolk and almost unchanged for liquid white vs. the four weeks ending Jun. 21. During the most recent four-week period, the volume of eggs broken was up 2 percent compared to four weeks earlier and was up 13 percent from a year ago.

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