Trade Talks and Turnaround Pressure Hit Markets
Grain futures are weaker today as 'Turnaround Tuesday' puts pressure on prices. At 6:00 a.m. CT, December corn was down 5 cents and November soybeans were 8 cents lower. The key outside markets show the U.S. dollar index is slightly down.
The U.S.-China trade talks continue ahead of President Xi Jinping's visit to the U.S. this week. Chinese and U.S. officials wrapped up their second day of talks in New York on Monday, discussing artificial intelligence, investment, and trade. According to China's Vice Finance Minister Liao Min, 'talks focused on delivering on what's been agreed by the U.S. and Chinese lead negotiators.'
Iran wants to reopen the Strait of Hormuz if a U.S. blockade is lifted, according to an unnamed senior Iranian official. This comes as President Trump prepares to address the UN General Assembly in New York today and may meet with his Iranian counterpart.